What Is a Michigan Auctioneer Bond?
Auctioneers in Flint and Detroit, Michigan 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 Michigan Auctioneer Bonds Cost?
Auctioneers in Flint, MI need a $2,000 surety bond and Detroit, MI auctioneers need a $1,000 surety bond. With SuretyBonds.com, you can get your Michigan auction bond instantly online for a flat rate of $100.
How Does a Michigan Auctioneer Bond Work?
Auctioneer surety bonds create a legally-binding contract between three parties:
- Principal: The Michigan auctioneer purchasing the bond from the surety
- Obligee: The local licensing authority requiring the bond
- 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 losses. The surety guarantees payment for these claims.
Who Needs an Auctioneer Bond?
Auctioneers who wish to be licensed in the following cities in Michigan must buy a surety bond:
- Detroit
- Flint
If you need a bond not listed here, please call 1 (800) 308-4358 for assistance.
How Do I Get an Auctioneer Bond in Michigan?
You can get your Michigan 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 a copy of your official bond. The Flint auctioneer bond requires physical mailing and the Detroit auctioneer bond form is delivered via email.
Once you receive the bond documentation, file it with your obligee as instructed to become officially bonded.
