543E.19 Surety bond.
1. The administrator shall require that an appraisal management company be covered by a surety bond in the amount of twenty-five thousand dollars.
2. The surety bond shall be in a form as prescribed by the administrator. The administrator may, pursuant to rule, determine requirements for such surety bonds as are necessary to accomplish the purposes of this chapter. The requirements for a surety bond shall only relate to liabilities, damages, losses, or claims arising out of the appraisal management services performed by the appraisal management company involving real estate located in this state. The bond shall provide that a person having a claim against an appraisal management company may bring suit directly on the bond or the administrator may bring suit on behalf of such person.
2016 Acts, ch 1124, §19, 32
Structure Iowa Code
Chapter 543E - REAL ESTATE APPRAISAL MANAGEMENT COMPANIES
Section 543E.2 - Purpose and scope.
Section 543E.4 - Registration required.
Section 543E.6 - Ownership — restrictions and requirements.
Section 543E.7 - Designation of controlling person.
Section 543E.8 - Registration — application requirements.
Section 543E.9 - Registration renewal.
Section 543E.11 - Appraiser, appraisal review, and employee restrictions.
Section 543E.12 - Adherence to standards — mandatory reporting.
Section 543E.13 - Recordkeeping — payment.
Section 543E.14 - Appraiser independence — compensation.
Section 543E.15 - Prohibited acts.
Section 543E.16 - Display of registration number.
Section 543E.17 - Grounds for disciplinary action.
Section 543E.18 - Unlawful practice — complaints and investigations — remedies and penalties.