Auctioneer Bond

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Bond Description

The State of California requires a surety bond that mandates all individuals/businesses must be licensed and bonded to act as a professional auctioneer or auction house operator. Auctioneer bonds protect consumers in the event of fraud or other ethical breaches. With this particular bond, consumers are typically protected against the substitution of goods and/or the misrepresentation of auction items by the auctioneer. By posting a California auctioneer/auction company bond, principals (auctioneers/auction companies) pledge to conduct business in compliance with the provisions of Title 2.95, Part 4 of Division 3 of the Civil Code of the State of California.

Bond Amount

$20,000

Requiring Entity

State of California Secretary of State

Underwriting Criteria

Instant Issue, No Credit Check 

Premium Rate(s)

$350 two year term

Who is Required to Secure this Bond

An Auctioneer Bond in the amount of $20,000 is mandatorily required to be filed with the State of California Secretary of State, as set forth in the California Civil Code Section1812.600, for each and every auctioneer and auction company.

Bond Requirement Specifics

The Auctioneer Bond requirement is set forth in the California Business and Professions Code section 1812.60, to be in favor of, and payable to, the people of the State of California and shall be for the benefit of any person or persons damaged by any fraud, dishonesty, misstatement, misrepresentation, deceit, unlawful acts or omissions, or failure to provide the services of the auctioneer of auction company performance of the auction by the auctioneer or auction company or its agents, representatives, or employees while acting within the scope of their employment. If an auctioneer or auction company fails to perform any of the duties specifically imposed upon him or her pursuant to this title, any person may maintain an action for enforcement of those duties or to recover a civil penalty in the amount of one thousand dollars ($1,000), or for both enforcement and recovery.

Who is protected Under this Bond

Consumers of the auctioneer or auction company who have enlisted their services. It guarantees the Principal’s faithful performance of obligations as prescribed by statute by remitting to the proper parties the proceeds from an auction.

Underwriting Process

The Auctioneer Bonds require a signed application, which can be found through our web-site. They are instant issue so long as the application does not indicate a bankruptcy or felony conviction and the bond amount does not exceed $25,000. Upon approval for the bond, the original signed application must be forwarded to our office.

What you Need to do Once you have your Bond

Upon approval and payment of the bond, the original bond will be mailed to you. A copy of the bond must be filed with the Secretary of State.

* Please be advised that the quote you obtain for this bond may include a fee charged and retained by The Bond Exchange.