What is a Maine Auctioneer Surety Bond?
The Maine Auctioneer License Act requires all auctioneers to have a valid license before conducting business in the state. Per the act, an auctioneer is any person who conducts, advertises or offers services to conduct auctions of real, personal or mixed property. A surety bond in the amount of $10,000 must be submitted before a license will be granted.
Why do I need a Maine Auctioneer Surety Bond?
Maine Auctioneer Surety Bonds guarantee that the principal (auctioneer/auction house) complies with the Maine Auctioneer License Act and protects against any unlawful actions of the principal. If the principal does not comply with the terms of the bond, a claim can be filed with the surety company. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. The principal is then required to reimburse the surety for all monies paid out, including but not limited to any attorney fees incurred.
What are the terms of the bond?
Maine Auctioneer Surety Bonds are filed with the State of Maine Professional & Financial Regulation – Board of Licensing of Auctioneers and the run concurrently with the license, expiring every March 31. The bond renews annually and may be canceled by the surety at any time by providing a 30-day written notice to the Department of Business Regulation by certified mail. The aggregate liability of the surety will not exceed the penal sum of the bond in any event.
Can I get a Maine Auctioneer Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Maine Auctioneer Surety Bonds. Our strong surety relationships help get your price down as low as possible each year. There is no need to shop your rate – we do that for you! If you have any specific questions, feel free to contact our knowledgeable underwriting staff.
How much does a Maine Auctioneer Surety Bond cost?
Maine Auctioneer Surety Bonds are subject to underwriting and the price you will pay depends on a review of your personal credit report. Pacific Surety is proud to offer rates starting at $100 annually for well-qualified applicants. It typically takes just a few hours from quote to issuance of the bond, and we have the ability to beat any competitors pricing. If you have any specific questions, feel free to contact our knowledgeable underwriting staff.
How do I get a Maine Auctioneer Surety Bond?
The first step is to complete our quick online application for your free bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.