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2013 House Bill 1012: Increasing the penal sum of a surety bond required to be maintained by an appraisal management company
  1. Introduced by Rep. Derek Stanford (Bothell) (D) on January 14, 2013, Increases the amount of the surety bond that an appraisal management company must maintain from $25,000 to $100,000.
    • Referred to the House Business & Financial Services Committee on January 14, 2013.
      • Substitute offered in the House on January 23, 2013, increases the amount of the surety bond that an appraisal management company must maintain from $25,000 to $100,000. Permits the Department of Licensing to accept a cash bond or other security in lieu of a surety bond.
    • Referred to the House Rules Committee on January 25, 2013.
  2. Passed 98 to 0 in the House on March 4, 2013, Increases the amount of the surety bond that an appraisal management company must maintain from $25,000 to $100,000. Permits the Department of Licensing to accept a cash bond or other security in lieu of a surety bond.
    Who Voted "Yes" and Who Voted "No"

  3. Received in the Senate on March 6, 2013.
    • Referred to the Senate Rules Committee on March 20, 2013.
  4. Passed 48 to 0 in the Senate on April 17, 2013, requires applicants for licensure as an appraisal management company to file and maintain a surety bond of at least $100,000. The Director of the Department may accept a cash bond or other security in lieu of a surety bond if the Director determines that surety bonds are not readily available to appraisal management companies. The security must be in the same amount as the required surety bond, and all obligations and remedies relating to surety bonds apply to the security.
    Who Voted "Yes" and Who Voted "No"

  5. Signed by Gov. Jay Inslee on May 1, 2013.

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