Arkansas Appraisal Management Company Bond Requirements
Appraisal management companies in Arkansas are required to obtain a surety bond as part of their licensing process. The bond amount is set at $20,000 and must be maintained throughout the company's operation in the state.
This bond protects consumers and the state against financial losses due to violations of regulations or unethical practices by the appraisal management company. It ensures that the company will operate in compliance with Arkansas laws and regulations governing the appraisal industry.
Obtaining an AR Appraisal Management Company Bond
To obtain an Arkansas Appraisal Management Company Bond, applicants must work with a licensed surety company. The cost of the bond, known as the premium, typically ranges from 1% to 5% of the total bond amount, depending on the applicant's financial history and creditworthiness.
Applicants will need to provide basic information about their business, including financial statements and licensing details. Once approved, the surety company will issue the bond, which must then be filed with the Arkansas Appraiser Licensing and Certification Board.
