Real estate appraisal management companies have a new surety bond requirement to meet in the state of Kentucky in order to stay legal. The new law is called HB 288 and requires real estate appraisal management companies to acquire a surety bond in order to guarantee the responsibilities and duties expected of them. The bond amount required will vary based on regulations and the real estate appraisal company itself, but the bond can’t surpass $500,000. As always, the liability of the surety who provides the bond can’t surpass the bond amount itself. This bond requirement benefits anyone who will be doing business with real estate appraisal management companies because they will be covered by a maximum $500,000 surety bond.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.