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 toaccomplish the purposes of this chapter. The requirements for a surety bond shall only relateto liabilities, damages, losses, or claims arising out of the appraisal management servicesperformed 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 managementcompany may bring suit directly on the bond or the director may bring suit on behalf of suchperson. 2016 Acts, ch 1124, §19, 32; 2023 Acts, ch 19, §1692Section amended Sat Dec 23 01:46:29 2023 Iowa Code 2024, Section 543E.19 (9, 1)
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