La. Admin. Code tit. 46 § LXVII-30302
Current through Register Vol. 50, No. 12, December 20, 2024
Section LXVII-30302 - Surety Bond Required; Amount and Conditions; FilingA. Applicants for licensing as an appraisal management company shall submit proof of a surety bond in the amount of $20,000 with a surety company qualified to conduct business in Louisiana.B. Bonds shall be in favor of the state of Louisiana and conditioned for the benefit of a claimant against the licensee for a violation of the Appraisal Management Company Licensing and Regulation Act and/or the rules and regulations of the board.C. Bonds shall remain effective and in force throughout the license period of the appraisal management company.D. Proof of surety bond renewal shall be provided to the board in conjunction with the annual renewal of the appraisal management company license.E. Failure to maintain a surety bond shall be cause for revocation or suspension of a license.F. A licensee who elects to submit a cash deposit or security in lieu of a surety bond, as provided in R.S. 37:3515.3(D)(5), shall restore the cash deposit or security annually upon license renewal, if a claim has reduced the deposit amount or security below $20,000.G. The board may file suit on behalf of a party having a claim against a licensee or a party having a claim may file suit directly against the surety bond. Suits shall be filed within one year after the claim arises.La. Admin. Code tit. 46, § LXVII-30302
Promulgated by the Office of the Governor, Real Estate Appraisers Board, LR 39:3072 (November 2013).AUTHORITY NOTE: Promulgated in accordance with R.S. 37:3415.1 et seq.