Appraisal Management Company ($25,000) Bond - Statewide in Oregon

Brief Summary

Oregon will not register an appraisal management company until a $25,000 bond, letter of credit or deposit is on file with the Appraiser Certification and Licensure Board. A surety bond is usually the easiest of the three. You pay a premium instead of tying up $25,000 in cash or a bank letter of credit, and the bond stays in force from one renewal to the next.

Under ORS 674.210, every appraisal management company registering with the Oregon Appraiser Certification and Licensure Board must keep $25,000 in security continuously on file with the Board. It can be a surety bond from a corporate surety authorized in Oregon, an irrevocable letter of credit, or a cash or securities deposit. The bond pays appraisers the AMC owes and judgments for negligent or improper appraisal management work or breach of contract.

We can help with all Oregon bonds!

How to Apply for a Appraisal Management Company ($25,000) Bond:

• Confirm your appraiser panel meets the Oregon AMC definition of more than 15 Oregon appraisers or at least 25 nationwide.
• Have the legal name of the company exactly as it will appear on the Board registration.
• Owner or principal information for the surety's credit review.
• Complete the bond application and review the quoted premium.
• Pay the premium and receive the executed $25,000 bond.
• File the original bond with the Appraiser Certification and Licensure Board along with the AMC registration application.

Detailed Information About the Oregon Appraisal Management Company ($25,000) Bond:

Who has to post this bond

Oregon regulates appraisal management companies under ORS 674.200 through 674.250. An AMC, as Oregon defines it, is a third party that oversees a panel of more than 15 appraisers in Oregon or at least 25 appraisers in the United States, and recruits, selects and manages those appraisers or reviews their work. If your panel is below both thresholds you are not an AMC under the statute.

ORS 674.205 requires every AMC to register with the Appraiser Certification and Licensure Board before doing business or advertising as an AMC in Oregon. The one carve out is an AMC owned and controlled by an insured depository institution and regulated by a federal financial institution regulatory agency. Those companies do not register with the Board, so they do not file this bond.

What the bond covers

The security exists for two purposes only. It pays amounts the AMC owes to the appraisers who performed appraisal work for it, and it pays amounts adjudged against the AMC for negligent or improper appraisal activity, negligent or improper appraisal management services, or breach of contract. Unpaid appraiser fees are the claim most AMCs do not expect.

Three ways to satisfy the requirement

The statute accepts a surety bond with one or more corporate sureties authorized to do business in Oregon, an irrevocable letter of credit issued by an insured institution, or a deposit of cash or negotiable securities acceptable to the Board. Whichever you choose, it must be continuously on file in the amount of $25,000. If a surety cancels, it must give the Board written notice by registered or certified mail at least 30 days in advance, and the registration is at risk unless replacement security is filed.

Term and renewal

An Oregon AMC registration expires two years after it is issued. Renewal requires the same information and certifications as the original application, so the bond needs to remain active and on file through each cycle.

Eligibility and Requirements for a Oregon Appraisal Management Company ($25,000) Bond:

• A corporate surety authorized to do business in Oregon.
• Bond amount of exactly $25,000, kept continuously on file with the Board.
• Appraiser Certification and Licensure Board as obligee.
• Company name on the bond matching the registration application exactly.
• Coverage of unpaid appraiser fees and judgments for negligent or improper work or breach of contract, as set out in ORS 674.210.

Oregon Appraisal Management Company ($25,000) Bond FAQs:

Official and Additional Resources for the Oregon Appraisal Management Company ($25,000) Bond: