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Legislation watch
2013 House Bill 1012: Increasing the penal sum of a surety bond required to be maintained by an appraisal management company
Introduced by Rep. Derek Stanford (Bothell) (D) on January 14, 2013
Increases the amount of the surety bond that an appraisal management company must
maintain from $25,000 to $100,000. Official Text and Analysis.
Referred to the House Business & Financial Services Committee on January 14, 2013
Substitute offered in the House on January 23, 2013
Increases the amount of the surety bond that an appraisal management company must maintain from $25,000 to $100,000.
Permits the Department of Licensing to accept a cash bond or other security in lieu of a surety bond.
Referred to the House Rules Committee on January 25, 2013
Increases the amount of the surety bond that an appraisal management
company must maintain from $25,000 to $100,000.
Permits the Department of Licensing to accept a cash bond or other security
in lieu of a surety bond.
Received in the Senate on March 6, 2013
Referred to the Senate Rules Committee on March 20, 2013
Requires applicants for licensure as an appraisal management company to file and maintain a surety bond of at least $100,000. The Director of the Department may accept a cash bond or other security in lieu of a surety bond if the Director determines that surety bonds are not readily available to appraisal management companies. The security must be in the same amount as the required surety bond, and all obligations and remedies relating to surety bonds apply to the security.
Signed by Gov. Jay Inslee on May 1, 2013