Louisiana Appraisal Management Company License Bond
Effective January 2010, the State of Louisiana enacted the Louisiana Appraisal Management Company Licensing and Regulation Act (The Act) under Title 37, Chapter 51-a of the Louisiana Revised Statutes (LARS Title 37, Ch 51-A). "The Act" requires that any corporation, partnership, sole proprietorship, subsidiary, unit, or other business type entity that actively engages in any of the following activities:
(a) Administers a network of independent contract appraisers to perform real estate appraisal services for lenders or other clients.
(b) Receives requests for residential appraisal services from clients and enters into agreements, written or otherwise, with one or more independent appraisers to perform the real estate appraisal services contained in the request.
must be licensed as an Appraisal Management Company (AMC) by the LA Real Estate Appraisers Board.
Applicants for a license or the renewal of a license shall obtain and maintain a $20,000 Appraisal Management Company License surety bond for the benefit of a claimant, against the registrant, to secure faithful performance of the licensees obligations under "The Act".
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