Date Published: March 20, 2013
Wyoming has a proposal that has passed the house that will require Appraisal Management Companies to post a $25,000 surety bond as part of the licensing requirements. During the real estate meltdown that began in 2007,appraisal management companies were often identified as one of the parties that allowed the real estate bubble in the first place. As a result, over a dozen states have put in place surety bond requirements for real estate appraisal companies.
Wyoming HB 26 would require real estate appraisal management companies to post a $25,000 surety bond or letter of credit in connection with licensure. The bond would be conditioned on the payment of all amounts due to persons performing appraisal services for the company, and the payment of all amounts due as a result of a judgment against the company for negligent or improper real estate appraisal services or appraisal management services or breach of contract in performing real estate appraisal services or appraisal management services. The bill has passed the House.
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