Nebraska legislators have recently enacted a new surety bond requirement concerning real estate appraisal management companies. The new law is named LB 410 and requires all real estate appraisal management companies to acquire a $25,000 surety bond in order to operate within the state legally. Should a claim go out on the bond because the principal didn’t follow state regulations, the surety company is only liable up to the total bond amount; in this case $25,000. The surety bond must stay active for one year after the company with the bond closes up shop.
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.