Illinois Appraisal Management Company (AMC) Bond

Illinois appraisal management companies must file a $25,000 bond with the Department of Financial and Professional Regulation. The bond pays any expenses, fines or fees owed to the state and must run concurrently with the two‑year registration. Registrations expire on December 31 of even‑numbered years and both the license and bond are renewed together. Lance Surety’s online application and flexible underwriting make it easy to secure coverage even with challenged credit.

For information on other types of surety bonds in the state, see our Illinois surety bonds page.

An appraisal management company bond is a surety bond required for every AMC operating in Illinois. It is a three‑party agreement among the principal (the AMC), the obligee (IDFPR) and a surety company. The bond ensures payment of any expenses, fines or fees due to the Department if the AMC fails to comply with the Appraisal Management Company Registration Act. 

It does not compensate consumers; instead it protects the regulator’s ability to enforce the law. To learn more about how surety bonds work, visit our surety bond guide. For statutory details, review the AMC Registration Act and the official bond form.

Though the bond amount is $25,000, your premium is only a small portion of that value. Surety companies typically charge between 1–5% of the bond amount, so most AMCs pay $250 to $1,250 for a two‑year term. Premiums are paid once every two years because the bond and registration run together. Registration fees paid to the IDFPR are separate from the bond premium and vary depending on the size of your appraiser panel. Lance Surety shops multiple surety markets to ensure you receive a competitive quote.

Getting your AMC bond is straightforward. Start by gathering the information required for registration, such as ownership details and the number of appraisers on your panel. Complete our online application to obtain a quote; an underwriter will review your credit and business profile to determine the premium. Once you pay, the surety issues the bond and we provide the AMC‑1003 form for your signature. File the signed bond with your registration materials at the IDFPR’s Real Estate Appraisal Division in Springfield. Since the bond term must match the registration, plan ahead to renew both together.

Renewal Appraisal management company registrations and bonds expire on December 31 of even‑numbered years. Registrants must renew during the month preceding expiration to maintain continuous coverage. Section 1452.80 requires the bond term to run concurrently with the registration and allows the surety to continue the bond with a renewal certificate. The AMC‑1003 form requires the surety to notify the Department within 10 business days of any termination or non‑renewal. If the bond lapses, the IDFPR will cancel your registration without a hearing. Keep your contact information current and work with Lance Surety to obtain a continuation certificate on time.

Yes. Lance Surety can help AMCs with challenged credit obtain the required bond. Applicants with lower credit scores may pay premiums at the higher end of the 3–5% range, but we often secure approval by presenting your financial statements and business plan to our underwriting partners. Transparent pricing means you’ll understand why your premium is set at a particular level, and improving your credit can lower costs at renewal. Because the bond is mandatory, our flexible programs ensure that AMCs with less‑than‑perfect credit can still operate legally. For general bonding questions, see our surety bonds questions page.

Is a bond required for AMC registration in Illinois? 

Yes. Section 50 of the Appraisal Management Company Registration Act requires every registrant to maintain a $25,000 surety bond payable to the Department. The bond is a condition of obtaining and renewing your AMC registration, and failure to maintain coverage can result in license cancellation.

What does the AMC bond cover? 

The bond covers payment of any expenses, fines or fees assessed by the IDFPR for violations of the Act. It does not reimburse consumers; instead, it ensures the Department can enforce the law. Maintaining the bond is a continuing obligation of registration.

Can the bond be canceled mid‑term? 

Not effectively. The bond must run concurrently with the registration. The surety may give written notice within 10 business days of termination, but you must replace the bond immediately or the IDFPR will cancel your registration.

Illinois General Assembly. (n.d.). 225 ILCS 459/50 – Bonds of registrants. Retrieved September 12, 2025, from
https://ilga.gov/documents/legislation/ilcs/documents/022504590K50.htm 

Illinois Department of Financial and Professional Regulation. (2013). AMC‑1003 surety bond form. Retrieved September 12, 2025, from
https://idfpr.illinois.gov/content/dam/soi/en/web/idfpr/forms/dre/amc1003.pdf 

Illinois Department of Financial and Professional Regulation. (2021). Section 1452.40 – Renewal of a registration; reinstatement; restoration; expiration date. Retrieved September 12, 2025, from
https://www.ilga.gov/agencies/JCAR/EntirePart 

Illinois Department of Financial and Professional Regulation. (2021). Section 1452.80 – Bonding requirements. Retrieved September 12, 2025, from
https://www.ilga.gov/agencies/JCAR/EntirePart 

Cornell Law School. (2025). Surety bond. Legal Information Institute. Retrieved September 12, 2025, from
https://www.law.cornell.edu/wex/surety_bond 

Lance Surety Bonds. (n.d.). Illinois surety bonds.
https://www.lancesuretybonds.com/bonds-by-state/illinois

Lance Surety Bonds. (n.d.). Surety bond.
https://www.lancesuretybonds.com/learn/what-is-a-surety-bond

Lance Surety Bonds. (n.d.). Surety bonds questions.
https://www.lancesuretybonds.com/learn/faqs

Lance Surety Bonds. (n.d.). online application.
https://www.lancesuretybonds.com/surety-bond-quote