New Alabama Bond Required for Real Estate Appraisal Management Companies
Alabama SB 320
Real estate appraisal management companies will be required to register and post a $25,000 surety bond. Under the regulations of this bond it will insure the company’s compliance with the law. The surety’s aggregate liability would not exceed the principal sum of the bond through this bill. The real estate company could also post cash or other appropriate security in lieu of the bond. Illinois SB 1539 will regulate real estate management companies and require the same bond amount under the existing law.
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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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