Pennsylvania Code
Title 49 - PROFESSIONAL AND VOCATIONAL STANDARDS
Part I - DEPARTMENT OF STATE
Subpart A - PROFESSIONAL AND OCCUPATIONAL AFFAIRS
Chapter 36 - STATE BOARD OF CERTIFIED REAL ESTATE APPRAISERS
Subchapter E - APPRAISAL MANAGEMENT COMPANIES
SURETY BONDS AND LETTERS OF CREDIT
Section 36.452 - Amount of surety bond or letter of credit

Universal Citation: 49 PA Code § 36.452

Current through Register Vol. 54, No. 44, November 2, 2024

(a) A registrant who maintains a surety bond to satisfy the requirements of AMCRA and § 36.451 (relating to requirements for surety bond or letter of credit) shall maintain a bond in the amount of $40,000.

(b) A registrant who maintains a letter of credit to satisfy the requirements of AMCRA and § 36.451 shall maintain a letter of credit in the amount of $40,000.

(1) As a penalty for a violation of AMCRA or this subchapter regarding the nonperformance of services or nonpayment of fees, or a violation of a similar law or regulation of another jurisdiction.

(2) A change in a company's authorization to transact surety business in this Commonwealth or a change in the financial strength or rating of the issuer of the letter of credit.

(3) A failure to maintain the bond or letter of credit in the minimum amount required by AMCRA or this subchapter, whichever is greater.

This section cited in 49 Pa. Code § 36.404 (relating to content of application); 49 Pa. Code § 36.422 (relating to early termination of registration); and 49 Pa. Code § 36.451 (relating to requirements for surety bond or letter of credit).

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