What Is a Maryland Auctioneer Bond?
Auctioneers in Baltimore, Maryland and several Maryland counties 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 Maryland Auctioneer Bonds Cost?
Auctioneers in the counties of Baltimore, Cecil and Harford County need a $5,000 surety bond. With SuretyBonds.com, you can get your bond instantly online for a flat rate of $100.
To work in the city of Baltimore, you’ll need a $25,000 Baltimore auctioneer bond which costs $250. Select your bond below to buy now.
How Does a Maryland Auctioneer Bond Work?
Auctioneer surety bonds create a legally-binding contract between three parties:
- Principal: The Maryland 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
In this contract, the principal/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 losses. The surety guarantees payment for these claims.
Who Needs an Auctioneer Bond?
Auctioneers who wish to be licensed in the following locations in Maryland must buy a surety bond:
- Baltimore
- Baltimore County
- Cecil County
- Harford County
If you need an auctioneer bond for a location not listed, please call 1 (800) 308-4358 for assistance.
How Do I Get an Auctioneer Bond in Maryland?
You can get your Maryland auctioneer bond in minutes with SuretyBonds.com. Simply select your bond type, enter your information information, and check out instantly online.
After purchasing, you’ll receive an email copy of your bond. File the bond with your obligee as instructed.
