Current through Register Vol. XLI, No. 50, December 13, 2024
Section 190-5-5 - Surety Bond Requirements5.1. All appraisal management companies shall maintain surety bonds that conform to W. Va. Code § 30-38A-9 to secure the faithful performance of their obligations.5.2. All appraisal management companies shall be in conformance with all relevant West Virginia statutory requirements.5.3. The applicant or appraisal management company shall post with the board at the time of application a $50,000 surety bond. The board may in its discretion accept an appropriate deposit of cash or security in lieu of a surety bond.5.4. Following any claims reducing the face amount of the bond, cash or securities shall be restored to $50,000 within ten (10) business days of being drawn down.5.5 The board shall be notified immediately by the controlling person, if the surety bond is cancelled or terminated.5.6 The appraisal management company shall notify the board in writing of any claims made on the bond, cash, or securities.5.7. The surety bond shall remain in place for no less than one year after the appraisal management ceases operations in this state.5.8 Claims against a surety bond. 5.8.a. The surety accrues to the state for the benefit of a claimant against the appraisal management company.5.8.b. The board may bring suit on behalf of the party having a claim against the appraisal management company.5.8.c. The Board shall give consumer claims priority in recovering from the surety bond; and5.8.d. Claimants may make claims under the bond up to one year after the appraisal management company ceases to do business in this state.