SURETY BOND FORM
Appraisal Management Companies
Know All Men by These Presents
That We, __________________________________, with principal offices at ____________________________, as
an applicant for registration or as a registrant as an Appraisal Management Company in the State of Illinois (“Principal”), and _______________________, a surety company with principal offices at _________________,
authorized to conduct business in the State of Illinois (“Surety”), are indebted to the Illinois Department of Financial and Professional Regulation, 320 West Washington Street, Springfield, Illinois 62786 (“Obligee”), in the sum of $25,000.00 to be paid to the Obligee or its legal representatives, successors, or assigns, for which payment we bind ourselves and our legal representatives and successors, jointly and severally.
The condition of this obligation is that Principal has applied for registration with Obligee as an Appraisal Management Company in order to conduct business in the State of Illinois in conformance with the laws of the State of Illinois. Upon registration and at all times thereafter, Principal shall faithfully comply with the Illinois Appraisal Management Company Registration Act (225 ILCS 459) and all rules and regulations thereunder (“Act”).
The purpose of this bond shall be for payment of expenses, fines, or fees due to or levied by Obligee against Principal in accordance with the Act for failure to comply with any provision of the Act. If Principal fails to make payment, in whole or in part, within sixty (60) days, to Obligee of any sum due, Surety shall provide payment under this Surety Bond to Obligee for any sums due and owing.
Maintaining a surety bond is a continuing obligation of registration.
This Surety Bond will expire on ___________________ but may be continued by renewal certificate signed by
Principal and Surety. Surety shall give written notice to Obligee within ten (10) business days upon termination of this Surety Bond for any reason.
In the event that any action or proceeding is initiated with respect to this Surety Bond, the parties agree that the venue thereof shall be the State of Illinois.
Signed, Sealed and Dated this ________________ day of ____________________________________ , 20__________.