In Arkansas, a new law was written concerning appraisal management companies. HB 1694 is the new law’s name and requires appraisal management companies to post a surety bond, cash or securities in the sum of $20,000 in relation to registration. The surety bond guarantee’s an individual appraiser’s cooperation with the new law. HB 1694 authorizes direct actions on the surety bond, but the aggregate liability for the surety is restricted to the surety bond quantity. The new law was enacted on March 27th, 2009.
Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.