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.
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.