The Illinois Appraisal Management Company Bond is a $25,000 bond. The surety bond is required by the Illinois Department of Financial and Professional Regulation. The bond has a common renewal date of 12/31 on even-numbered years.
The bond is required as part of (225 ILCS 459/) passed in 2011. The purpose of which is:
It is the intent of the General Assembly that this Act provides for the regulation of those persons or entities engaged as appraisal management companies for the protection of the public and for the maintenance of high standards of professional conduct by those registered as appraisal management companies and to ensure appraisal independence in the determination of real estate valuations.
Since the passage of the act, all appraisal management companies operating within the state of Illinois must be licensed by the state.
An appraisal management company, as defined by the state, means any corporation, limited liability company, partnership, sole proprietorship, subsidiary, unit, or other business entity that directly or indirectly performs the following appraisal management services:
All who wish to be in this business must complete the Appraisal Management Company – Registration Form and also comply with the following requirements:
At Surety Solutions Insurance Services, Inc. (Surety 1), we make it easy to obtain your Illinois Appraisal Management Company Bond. We offer an easy-to-use online application, fast service, and competitive prices. Just complete our online application form, and one of our agents will get back to you within one business day. Once you pay the bond premium and sign the agreement, you have the option of receiving your surety bond via USPS Priority Mail or overnight delivery.
Surety1 was established in 2003. Our headquarters are located in California, but issue surety bonds for all 50 states. We also maintain an A+ rating with the Better Business Bureau.