Mass. General Laws c.112 § 284

Appraisal management companies; surety bond

This is an unofficial version of a Massachusetts General Law. For more information on this topic, please see law about professional licensing.

Updates

Added by St.2019, c.43, § 2, effective July 31, 2019

Section 284

In addition to the filing fee, each applicant for registration shall post with the board and maintain a surety bond in an amount to be determined by the board. The bond shall: (i) be in the form prescribed by the board; and (ii) accrue to the commonwealth for the benefit of a claimant against the registrant to secure the faithful performance of the registrant’s obligations pursuant to sections 276 to 289, inclusive.

The aggregate liability of the surety shall not exceed the principal sum of the bond. A party having a claim against the registrant may bring an action directly on the surety bond or the board may bring an action on behalf of the party having a claim against the registrant. A deposit of cash or security may be accepted in lieu of a surety bond. If a claim is made on a bond, the registrant shall not have the registrant’s registration renewed until the bond is restored to the full amount required under this section.

Last updated:	August 15, 2019