One method of complying with Section 40-60-330(B)(11) of the South Carolina Code of Laws, is to provide a SC Appraisal Management Company Surety Bond. The bond is to be posted with the South Carolina Real Estate Appraisers Board for Appraisal Management Companies choosing to submit a bond in lieu of a financial statement to the Board. The Board has approved the surety bond in the amount of $25,000.
Appraisers do not have to post the SC Appraisal Management Company Surety Bond, only Appraisal Management Companies do. The state of South Carolina defines an Appraisal Management company as:
“an external third party, in connection with valuing properties, collateralizing mortgage loans, or incorporating mortgages into a securitization. The third party must be authorized either by a creditor of a consumer credit transaction secured by a consumer’s principal dwelling or by an underwriter or by other principal in the secondary mortgage markets that oversees a network or panel of more than 15 certified or licensed appraisers in a state or 25 or more nationally within a given year in order to:
(a) require, select, and retain appraisers;
(b) contract with licensed and certified appraisers to perform appraisal assignments;
(c) manage the process of having an appraisal performed, including providing administrative duties such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided, and reimbursing appraisers for services performed; or
(d) review and verify the work of appraisers.”
On May 11, 2017, the Governor of South Carolina signed into law the South Carolina Appraisal Management Company Registration Act (“Act”) which requires appraisal management companies (“AMCs”) to register with the South Carolina Real Estate Appraisers Board. Registrants must show financial stability and one way to do that is to provide a $25,000 SC Appraisal Management Company Surety Bond.
Surety Solutions Insurance Services, Inc. (Surety1) makes it easy to obtain this, and all surety bonds. Simply complete our easy to navigate, online application and within one business day a surety bond professional will contact you with a firm quote for the bond. Then you will complete some paperwork, make payment and your SC Appraisal Management Company Surety Bond will be delivered UPS ground, or USPS priority mail. As it is a legal document, we only mail using delivery methods that can be tracked. Overnight Shipping is also available.
Surety1 has been providing surety bonds nationwide since 2003. The company is licensed in all 50 states and maintains an A+ rating from the Better Business Bureau. Surety1 is your 1 stop shop for all your surety bond needs. Surety1 represents over a dozen A rated surety companies to provide you with a competitive price for the bond.