Posts Tagged ‘New Mexico Surety bond’

New Mexico Surety bond Appraisal Management Bond

Wednesday, May 19th, 2010

S 138 was just passed requiring Appraisal Management Companies to register their business and become license and bonded. The State of New Mexico will requirer real estate management companies to post a surety bond not less than.  S 138 will also limit the amount of appraisal fees charged.  July 1, 2010 the bonding requirement will go into effect

More information from the state about the bond requirements

“In order to qualify for registration or renewal
of registration, an appraisal management company shall
maintain a bond underwritten by a corporate surety authorized
to transact business in New Mexico, or other equivalent means
of security. The board shall set by rule the amount and
conditions of the surety bond or other equivalent means of
security required by this section, provided that the amount
of the bond or security required shall not exceed twenty-five
thousand dollars ($25,000).”