WHAT IS A MARYLAND AUCTIONEER SURETY BOND?
In the state of Maryland, any individual who wishes to do business as an auctioneer in Baltimore County must be licensed. Before a license can be issued, applicants must file a surety bond in the amount of $5,000 with the county as security.
At this time, there is no state requirement for an auctioneer license or auctioneer bond in Maryland.
HOW DOES A MARYLAND AUCTIONEER SURETY BOND WORK?
Maryland Auctioneer Surety Bonds guarantee that the auctioneer (principal) complies with Article 21, Title 5 of the Baltimore County Code of Ordinances and is for the use and benefit of any person dealing with the principal as an auctioneer. It also ensures the principal’s proper handling of accounting, payment and delivery of money or property entrusted to their care and possession while acting as an auctioneer. If the principal does not comply with the terms of the bond, a claim can be filed with the surety company for relief. 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 any attorney fees incurred by the surety.
WHAT ARE THE TERMS OF THE BOND?
Maryland Auctioneer Surety Bonds are filed with the Baltimore County Department of Permits, Approvals and Inspections (DPAI). The bond has an annual term and expires every December 31. The surety will renew the bond via a continuation certificate submitted to the DPAI. The aggregate liability of the surety will not exceed the penal sum of the bond in any event.
CAN I GET A MARYLAND AUCTIONEER SURETY BOND WITH BAD CREDIT?
Pacific Surety offers a wide-range of approvals, regardless of credit, for Maryland 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 MARYLAND AUCTIONEER SURETY BOND COST?
Maryland 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 MARYLAND 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.
- Baltimore County Department of Permits, Approvals and Inspections
- Article 21, Title 5 of the Baltimore County Code of Ordinances
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Auctioneer Surety Bonds – Maryland
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