Illinois Bond Requirement for Real Estate Appraisal Managment Companies
Illinois HB 2956/SB 1539
Under this bill real estate appraisal management companies will be required to register and post a $25,000 surety bond. This will be conditioned upon the compliance with the law. This bond was created to ensure the recovery of expenses, fines or fees due to the Department of Financial and Professional Regulation.
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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.
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