HB 3624a is a new bill that was presented in the State of Oregon concerning real estate appraisal management companies. The new bill requires real estate appraisal management companies to register and attain a surety bond or letter of credit in the amount of $25,000. The surety bond is conditioned on the imbursement of all sums that arose for all individuals executing real estate appraisal services for the company and all funds owed as a result of a judgment opposing the company for negligent real estate appraisal actions which violates its contracts. The surety has the option to terminate the surety bond with 30 days of advance written notification.
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Oregon Real Estate Appraisal Management Bond
September 2, 2010 by Eric WeisbrotDiscuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: bond requirements, legislation, OR, Oregon, Real Estate Appraisal Management Bond, surety bond
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New Mexico Real Estate Appraisal Management Bond
September 1, 2010 by Eric Weisbrot
New Mexico presented new legislation concerning real estate appraisal management companies. The new law is labeled SB 138 and requires real estate appraisal management companies to acquire a $25,000 surety bond or alternative security in relation to registration. The surety bond guarantees the payment of administrative or judicial punishments that the Real Estate Appraisers Board imposes and any penalties or expenses imposed under punitive action from the Board. The surety bond must indemnify any individual who suffered losses that were a result of the company’s infringement of the law or the Board’s policy. The Board will establish the surety bond quantity required through regulations.Discuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: bond requirements, legislation, New Mexico, NM, Real Estate Appraisal Management Bond, surety bond
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Missouri Real Estate Appraisal Management Bond
August 31, 2010 by Eric Weisbrot
HB 1692 is a new law that was enacted in Missouri State relating to real estate appraisal management companies. The new legislation requires real estate appraisal management companies to acquire a $20,000 surety bond. HB 1692 states that additional particulars regarding the surety bond requirement will be established through regulations. The SFAA and AIA cooperated with the bill sponsors of HB 2152/SB 991, which if enacted would have required real estate appraisal management companies to attain a $250,000 surety bond in relation to registration. HB 1692 was the law and surety bond quantity settled on that was enacted. Discuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: bond requirements, legislation, Missouri, MO, Real Estate Appraisal Management Bond, surety bond
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Florida Surety Bond Rate and Form Filing
August 30, 2010 by Eric Weisbrot
The State of Florida introduced a new bill concerning specified commercial lines and their rate and form filing procedures. The new bill is named SB 2176 and excuses particular commercial lines from Florida’s rate and form filing requirements. Both surety and fidelity are included in the lines for notice to the insurance department that must be submitted within 30 days of the effective date of any modification (Use and File). Both burglary and theft are not included in the lines excused of the requirements.Discuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: bond requirements, FL, Florida, legislation, surety bond, Surety Bond Rate and Form Filing
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Arizona Real Property Appraisal Management Bond
August 27, 2010 by Eric Weisbrot
The State of Arizona enacted new legislation relating to real property appraisal management companies. The new law, which is referred to as SB 1351, requires real property appraisal management companies to become registered and acquire a $20,000 surety bond. When SB 1351 was originally introduced, the surety bond quantity was $50,000. Discuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: arizona, az, bond requirements, legislation, Real Property Appraisal Management Bond, surety bond
