The State of Washington has implemented a new law concerning appraisal management companies. The new law is titled HB 3040 and requires appraisal management companies to be licensed and acquire a surety bond that can be no less than $30,000. The surety bond must be from a state authorized surety company and the aggregate liability of the surety could not surpass the penal sum of the surety bond. The bond is conditioned on the licensee’s cooperation with the applicable legislation and policy. HB 3040 allows the licensee to preserve unimpaired capital, surplus and long-term subordinated debt in the place of a surety bond.
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.