Surety Bond News

Real estate appraisal management companies in the State of Tennessee must abide by a new law. The new law, which is referred to as SB 3155/HB 3191, requires real estate appraisal management companies to register and acquire a surety bond in the quantity of $50,000. The particulars of the surety bond requirement will be established via regulations.

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.

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.

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.

The State of Georgia enacted a new law concerning real estate appraisal management companies. The new law, which is referred to as HB 1050, requires real estate appraisal management companies to acquire a surety bond or alternative security in relation to registration in order to guarantee compliance with the applicable legislation. The law would authorize direct actions on the surety bond and lead the Georgia Real Estate Appraiser Board to implement regulations regarding the other criteria for the surety bond.