As of November 11, 2017, New Jersey began requiring licensed real estate appraisal management companies to obtain a surety bond. The change is a result of Assembly Bill 1973 which was passed in May. With this new law, New Jersey becomes one of over 20 states that require the Appraisal Management Company (AMC) bond. These states include Alabama, Arizona, Arkansas, Colorado, Georgia, Illinois, Iowa, Louisiana, Mississippi, Missouri, Nebraska, New Mexico, North Carolina, Oregon, Pennsylvania, Tennessee, Utah, Virginia, Washington, West Virginia and Wyoming.
What does an AMC Bond do? Like many other license and permit bonds, the AMC Bond provides indemnification to the state as well as the companies’ clients for loss or damage resulting from the license holder’s non-compliance with the state’s law or regulation.
Goldleaf Surety Services works with a number of surety companies who are excellent markets for the AMC bond. If you need assistance placing the AMC bond (or any type of bond) for your client, Goldleaf Surety Services’ knowledgeable and experienced staff is available to assist you.