Iowa Code 543E.19 – Surety bond
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Terms Used In Iowa Code 543E.19
- Appraisal: A determination of property value.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- Rule: includes "regulation". See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
543E.19 Surety bond.
1. The director 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 director. The director 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 director may bring suit on behalf of such person.
2016 Acts, ch 1124, §19, 32; 2023 Acts, ch 19, §1692
Section amended
1. The director 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 director. The director 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 director may bring suit on behalf of such person.
2016 Acts, ch 1124, §19, 32; 2023 Acts, ch 19, §1692
Section amended