Surety Bond News

A new bill was enacted affecting real estate appraisal management companies in the State of Tennessee. The new bill, which is titled HB 3191, requires real estate appraisal management companies to register and acquire a $50,000 surety bond. The new legislation states that the particulars regarding the surety bond would be established by regulation. HB 3191 became active upon enactment for the purposes of implementing such regulations, but the registration requirements will not be active until July 1st, 2011.

Real estate appraisal management companies must abide by a new law in New Mexico State. The new law is labeled SB 138 and requires real estate appraisal management companies to register and acquire a $25,000 surety bond or other security. The surety bond guarantees the payment of any administrative or judicial penalties that the Real Estate Appraisers Board imposes including penalties or expenses under a disciplinary action from the Appraisers Board. The surety bond also must indemnify any individual suffering damages as a result of the company’s infringement of the legislation or the Board’s policy. The Board will establish the actual surety bond quantity required through regulations. SB 138 became active on July 1, 2010.