Alabama real estate appraisal management companies have new legislation to abide by. The new law is titled SB 320 and requires real estate appraisal management companies to obtain a $25,000 surety bond to guarantee the company’s compliance with state law. SB 320 states that the surety’s aggregate liability can’t surpass the sum of the bond. This new law will become effective on October 1, 2011.
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.