A. In order to qualify for registration or renewal of registration, an appraisal management company shall maintain a bond underwritten by a corporate surety authorized to transact business in New Mexico, or other equivalent means of security. The board shall set by rule the amount and conditions of the surety bond or other equivalent means of security required by this section, provided that the amount of the bond or security required shall not exceed twenty-five thousand dollars ($25,000).
B. The bond or other equivalent means of surety shall secure payment for any administrative or judicial penalties that may be imposed by the board or the state and for any penalties or costs required by a board disciplinary action, and also as indemnity for any loss sustained by any person damaged as a result of a violation by the appraisal management company, of any provision of the Appraisal Management Company Registration Act or of any rule of the board adopted pursuant to that act. Consumer claims shall be given priority in recovering from the bond or equivalent surety.
C. An appraisal management company shall notify the board in writing of any claim made on the appraisal management company's bond or equivalent surety.
D. A deposit of cash or security may be accepted in lieu of the surety bond.
History: Laws 2010, ch. 13, § 7.
Effective dates. — Laws 2010, ch. 13, § 8 made the provisions of Laws 2010, ch. 13, § 7 effective July 1, 2010.
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