What is a Virginia Auctioneer Bond?
Know the importance of this surety bond and how to get one fast!
What is an Auctioneer Bond?
Every auctioneer license applicant is required to procure a surety bond as stated in the Auctioneers Board Regulations.
Compliance of the auctioneer to the conducts at auction is one of the reasons for this requirement. This includes the following:
- The auctioneer must carry their pocket cards at all times.
- The auctioneer cannot escalate the bidding through fraudulent practices or techniques.
- The auctioneer cannot bid or accept a bid on the owner’s behalf until a notice has been given that will allow the auctioneer to do so.
- The auctioneer cannot bid on his own behalf or accept a bid on his behalf.
As part of the bond’s condition, any person who will suffer damages from the auctioneer’s misconduct will be rightfully compensated by filing a bond claim.
This prerequisite is in pursuance of Section 54.1-603 of the Code of Virginia.
What is the Auctioneer Bond amount?
The bond amount is $10,000.
If you have an excellent credit score, you will be eligible for a very low bond premium! Bond premium starts at $100.
Know what you need to pay right now! GET YOUR FREE QUOTE HERE today!
How can I get an Auctioneer Bond?
To secure this type of bond, the auctioneer license applicant must seek the assistance of a surety bond company.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate your financial strength, job/business performance history, and your credit score.
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
What are the surety bond conditions?
- The surety bond agent or company should be authorized to conduct business in the Commonwealth of Virginia
- The surety bond should be made payable to the Commonwealth of Virginia
- The licensed auctioneer is obligated to obey the provisions of Sections 54.1-600 until 54.1-607 of the Code of Virginia as well as the rules and regulations of the Auctioneers Board of the Department of Professional and Occupational Regulation of the Commonwealth of Virginia
- If the licensed auctioneer commits a violation, the aggrieved party will be eligible to file a claim against the bond