Auctioneer bond cost
The California Secretary of State requires auctioneers and auction companies to post $20,000 surety bonds. These bonds are subject to underwriting consideration, so the price you’ll pay depends on a review of your personal credit report.
These bonds remain valid for a 2-year term, so your bond premium will be doubled. Don’t let bad credit stop you from purchasing the surety bond you need quickly, easily and accurately. We offer an exclusive bad credit bonding program through which we approve 99% of all applicants.
Why this bond
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.
If the principal fails to comply with these terms and an individual suffers financial loss as as a result, the bond protects the person from damages up to the full amount of the bond ($20,000). The auctioneer/auction company must reimburse the surety for all damages paid out.
Auctioneer/Auction Company Bond details
Auctioneer/auction company surety bonds in California remain in full force and effect for the term of the initial bond (2 years). The surety can cancel the bond in accordance with the provisions of Section 996.310 of the Code of Civil Procedure. Applicants must specify whether they’re an auctioneer or auction company on the surety bond form.
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