Nebraska Real Estate Appraisal Bonds

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.