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.
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.