Wyoming has joined the cadre of states that require real estate appraisal companies to post a surety bond. Wyoming HB 26 establishes a surety bond requirement of $25,000 as part of the licensing process. 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.
There are many markets available for this type of surety bond. If the principal(s) of the real estate appraisal company have good credit, the bond is available at rates as low as 1% per year.