Auction bond cost
The Washington Business and Professions Division requires auction companies and auctioneers to post surety bonds. Auctioneers must post a $5,000 bond, and the required amount of an auction company’s bond depends on the gross value of goods sold during the previous calendar year. New auction companies should base their bond amount on an estimate of gross sales during the current calendar year.
We can issues auctioneer and auction company surety bonds instantly without a credit check! This means that all applicants pay the same low, flat rate regardless of financial credentials.
Why this bond
By posting a Washington auctioneer or auction company surety bond, principals (auctioneers/auction companies) pledge to comply with all provisions of Chapter 18.11 RCW of the State of Washington and with all rules and regulations adopted by the Director of the Department of Licensing.If the principal fails to conduct business according to these terms, the bond protects harmed parties from financial loss.
Auctioneer/auction company bonds in Washington remain in full force and effect until violated or canceled. The surety can cancel the bond at any time by giving written notice of cancellation and the reason for cancellation to the Business and Professions Division 30 days prior to the effective termination date.These bonds remain valid for a 1-year term.
Become an auctioneer
To become licensed as an auction company/auctioneer in Washington, applicants must:
- submit an auctioneer/auction company registration application
- submit a financial certification affidavit
- post a surety bond in the proper amount
- provide their tax registration number
- have a trust account if client funds are held for more than 24 hours
- pay the required fees
- and more
Apply for your surety bond
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