California Auctioneer Bond | AmeriPro Surety Bonds | 844-589-9732
What is a California Auctioneer Bond?
An auctioneer bond is a type of commercial bond, mandated by the California Secretary of State. This surety bond is a financial pledge that the auctioneer will conduct business as an auctioneer according to all established rules and regulations.
The auctioneer bond is not an insurance policy. Therefore, this surety bond does not protect the buyer (aka principal). Rather, the bond protects those whose services have been rendered to by an auctioneer.
In California, the auctioneer bond is for $20,000. While there is no license in California to be an auctioneer, a bond is still required to lawfully engage in the business of auctioning. In addition to buying a $20,000 auctioneer bond, the Secretary of State requires an additional $30 fee for filing the bond with its office.
The 3 Parties to an Auctioneer Bond
As with all surety bonds, the auctioneer bond has 3 parties:
The principal:
This is the person, business, or entity who is purchasing the auctioneer bond. It is likely that YOU, the reader, are the principal;
The obligee:
The obligee is the person, entity on whose behalf the auctioneer bond is being purchased. In California, the Secretary of State is the obligee on an auctioneer bond;
The surety:
The surety is the financial entity which issues the auctioneer bond which has been purchased by the principal, to fulfill the licensing and legal requirements of the obligee.
How to get your California auctioneer bond….
With AmeriPro Surety Bonds, the purchase of an auctioneer bond is simple.
For this surety bond, there is the completion of an easy application, along with a credit check. The amount of a California auctioneer bond will be determined almost entirely based on your credit score.
Once the bond has been approved and the premium paid, AmeriPro Surety Bonds will issue you the bond immediately. A California auctioneer bond is good for 2 years, after which it must be renewed .
