What Is a Hawaii Auctioneer Bond?
Auctioneers in Honolulu City and County and Hawaii County must file a bond with their local licensing authority. Surety bonds hold auctioneers financially liable for following all licensing laws and regulations, such as:
- Managing auction funds properly
- Delivering goods and funds appropriately
- Conducting auctions according to local and state laws
If auctioneers break the bond terms, the public is protected from financial harm by the surety.
How Much Do Hawaii Auctioneer Bonds Cost?
Auctioneers in Honolulu County, Hawaii need a $5,000 surety bond. With SuretyBonds.com, you can get your bond instantly online for a flat rate of $100.
County of Hawaii auctioneer bond coverage amounts vary. Verify your bond requirement with the Department of Finance, Vehicle Registration and Licensing Division. You can expect to pay around 1–5% of the total bond amount based on your personal credit score. Request your free quote today.
How Does a Hawaii Auctioneer Bond Work?
Auctioneer surety bonds create a legally-binding contract between three parties:
- Principal: The Hawaii auctioneer purchasing the bond from the surety
- Obligee: The licensing authority requiring the bond from the principal
- Surety: The surety provider issuing the bond to the principal
Within this contract, the auctioneer is responsible for upholding the bond terms to the obligee. If they fail to do so, harmed consumers can file a claim to recover financial damages. The surety guarantees payment for these claims.
Who Needs an Auctioneer Bond?
Auctioneers who wish to be licensed in the following locations in Hawaii must buy a surety bond:
- City and County of Hawaii
- Hawaii County
If you need a Hawaii auction bond not listed here, call 1 (800) 308-4358 for assistance.
How Do I Get an Auctioneer Bond in Hawaii?
You can get your Hawaii auctioneer bond in minutes with SuretyBonds.com. Simply select your bond type, enter your information information, and check out instantly online.
After purchasing, we’ll mail you the original bond documentation per your preferred shipping method. Then, you must file the bond with your obligee as instructed.
