Illinois Appraisal Management Company Bond Overview
- Purpose: To protect real estate buyers and sellers from financial harm
- Who Needs It: All residential real estate AMCs in Illinois
- Regulating Body: The Illinois Department of Financial Professional Regulation, Division of Mortgage Banking Regulations
- Bond Amount: $25,000
- Premium Price: $250
What Is an Illinois Appraisal Management Company Bond?
An Illinois appraisal management company (AMC) bond is a type of surety bond required for residential real estate AMCs to operate legally.
Under the Illinois Appraisal Management Company Registration Act, all Illinois real estate appraisers need $25,000 bond coverage. This protects the state and the public from financial harm.
How Much Do AMC Bonds Cost in Illinois?
An Illinois appraisal management company bond costs $250 for a 1-year term. Because these bonds expire on December 31 of even years, your initial bond price will be prorated based on the term length.
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How Does an Illinois AMC Bond Work?
An appraisal management company bond creates a financial guarantee that you will perform honest and legal residential real estate appraisals. As the bond principal, you enter a three-party contract with the obligee and the surety.
| Bond Party | Description |
|---|---|
| 1) Principal | The appraisal management company owner(s) |
| 2) Obligee | The Illinois DFPR, Division of Mortgage Banking Regulations |
| 3) Surety | The issuing surety provider |
By signing the bond form, you promise to:
- Follow state laws
- Pay applicable fees
- Protect clients from financial harm
If you break these regulations, the state or harmed consumers can file claims for reimbursement. The surety pays valid claims then collects repayment from you, the principal.
How Do I Get an Appraisal Management Company Bond in Illinois?
You can get your Illinois AMC bond instantly online. Enter your information and complete the online purchase. We’ll email you the official bond form within 5–10 minutes.
How Do I File My Bond?
Once you receive your bond, make sure to include it with your initial license application packet or submit to the IDFPR as instructed.
Can I Get Bonded With Bad Credit?
Yes, personal credit score does not impact your price or eligibility for this bond.
How Do I Renew My Bond?
Illinois AMC bonds expire on December 31 of even years. We’ll provide renewal reminders before your bond expires.
Pay your renewal invoice and file the continuation certificate with the IDFPR as proof of continued coverage.
How to Become a Real Estate Appraiser in Illinois
To register with the Illinois Department of Financial and Professional Regulation, all real estate appraisal companies must meet these prerequisites:
- Be at least 18 years of age
- Hold a high school diploma or GED
- Find a mentor who will co-sign all of your appraisal work
- Complete 75 hours of qualifying education (Basic Appraisal Principles - 30 Hours, Basic Appraisal Procedures - 30 Hours, The 15-Hour National USPAP Course - 15 Hours)
- Complete 6 hours of supervisor trainee courses (6-hr Illinois Supervisor-Trainee Course, or 3-hr AQB Only Supervisor-Trainee Course and 3-hr Illinois-Specific Supervisor-Trainee Course)
Then, you complete the following steps to apply with the Illinois DFPR:
- Designate a control person who will be responsible for compliance
- Submit the paper application form and pay the $2,500 fee (by mail or online)
- Be fingerprinted by an approved vendor
- Trainees and supervisors must both submit SUP-2015 forms
- If out-of-state, fill out the Uniform Consent to Service of Process Form
- Buy and attach your $25,000 surety bond form
Once the application is approved, you’ll get an email with your appraisal management company license.
