Colorado Appraisal Management Company (AMC) Bond Information
Surety bonds are required for real estate appraisal management companies (AMCs) in Colorado. The bond amount is $25,000 and it is required by the State of Colorado, Colorado Division of Real Estate. AMCs typically serve as third party managers for a network of appraisers involved in the residential home sale process. In light of the real estate market turmoil in recent years, state legislative bodies have been actively reassessing the risks inherent in this industry. In many cases, this leads to changes in bonding obligations and amounts required.
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What does an Appraisal Management Company Bond Protect Against?
The bond ensures that the principal complies with all provisions of the law and any regulations promulgated thereunder, including payment of damages incurred by persons as a result of the principal's acts of fraud, forgery, criminal impersonation or fraudulent impersonation while conducting business as an Appraisal Management Company or under any other occupation which requires licensure as an appraisal management company.
Other Helpful Information and Links
Colorado Department of Regulatory Agencies Division of Real Estate AMC Licensing Procedures & FAQs