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Why is a California Auctioneer Bond Required?
The surety bond ensures that the bonded principal complies with the provisions of Title 2.95 (commencing with Section 1812.600), Part 4 of Division 3 of the Civil Code of the State of California, and pays all monies due to third parties when the principal, its representative or agent has received such funds. The bond also guarantees that the bonded principal pays all damages due to any person resulting from unlawful acts or omissions of the principal, its representative or agent while conducting employment related activities.
Auctioneer Bonds And Getting Your California Business License/Registration
A license is not required for Auctioneers and Auction Companies. However, a surety bond is required.
What You Need to Know from the California Civil Code
All auctioneers and auction companies must maintain a surety bond issued by a surety company admitted to conduct business in California. The surety bond must be in an amount of $20,000) and the bond must be filed with the Secretary of State.
The surety bond is written for the benefit of the people of the State of California for the benefit of any person or persons damaged by any fraud, dishonesty, misstatement, misrepresentation, deceit, unlawful acts or omissions, or failure to provide the services of the auctioneer or auction company in performance of the auction while acting within the scope of employment.
Auctioneers and auction companies may not conduct any business without having an in force surety bond on file with the Secretary of State.
If you fail to obtain and file a new Auctioneer or Auction Company Bond by the effective date of the cancellation or termination of the previous bond, you must cease to conduct business until a new surety bond is obtained and filed with the Secretary of State.