A surety bond is required for appraisal management companies (AMCs) to conduct business in the Commonwealth of Pennsylvania in accordance with the provisions of the Appraisal Management Company Registration Act. The surety bond secures that upon issuance of registration, the registered appraisal management company faithfully observes the provisions of the laws of the Commonwealth and the rules and regulations set out by the State Board of Certified Real Estate Appraisers as a registrant. If the bonded principal violates the Act or the rules and regulations established by the the Department, the Commission of the Commonwealth, the State Board of Certified Real Estate Appraisers, or the applicable rules and regulations of the laws of this Commonwealth, an action may be taken against the bond, as specified at ยง13(c) of the Act.
