What is an Alabama Auctioneer Bond?
Get your cattle rattle in action fast through this surety bond!
If you fall under any of the four categories below, the Alabama State Board of Auctioneers will require you to submit and maintain a surety bond before you can start thumping your hammer down!
- Resident Auctioneer
- Non-Resident Auctioneer (Non-Reciprocal)
- Reciprocal Auctioneer
An Auctioneer Bond is a licensure requirement that will serve as an assurance that the licensed auctioneer will lawfully perform his or her duties.
The surety bond will also be conditioned that any person who has been injured because of, but not limited to, the following misconducts committed by the licensed auctioneer will be financially compensated:
- Engages in fraudulent dealings
- Making false promises
- Failure to remit the money that belongs to others
- Failure to furnish copies of written instruments
This prerequisite is in strict compliance with the surety bond provision of the Alabama Auctioneers License Act No. 811-1973.
What is the bond amount?
|Resident Auctioneer||$ 10,000|
|Non-Resident Auctioneer (Non-Reciprocal)||$ 10,000|
|Reciprocal Auctioneer||$ 10,000|
If you have an excellent credit score, you may be eligible to pay a very low bond premium! Bond premium starts at $100.
Find out you need to pay for this bond today! Get your FREE QUOTE HERE!
What are the Auctioneer Bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in Alabama
- The surety bond should be made payable to the Alabama State Board of Auctioneers
- The auctioneer is required to abide by the provisions of the Alabama Auctioneers License Act No. 811-1973, the rules and regulations of the Alabama State Board of Auctioneers, and all the other applicable rules
- If the licensed auctioneer violated any of the provisions of the Alabama Auctioneers License Act No. 811-1973, the aggrieved party will be eligible to file a claim on the bond
- The surety bond will remain valid until canceled. In case of cancellation, a 60-day notice is required
How can I obtain an Auctioneer Bond?
You can easily get this type of bond from us! Don’t worry. We will guide you through the whole process. We will make sure that you will understand what you will be getting into.
First, you need to submit an application.
If you are ready to do that now, you may APPLY HERE!
Once we have received your application, we will ask you to provide us with a couple of important information needed for the underwriting process. These will include the following:
- Your financial history
- Your business history
- Your credit score
An underwriter will carefully evaluate all the information that you will give us. Once this process has been fulfilled, we will immediately issue the bond and send it to you!
Need more information about this bond? Talk to one of our experts at 800-333-7800!