Minnesota Auctioneer and Auction Firm Bonds
What is a Minnesota Auctioneer Bond?
As required by Minnesota Statute 330.02, all auctioneers must furnish a corporate surety bond to the county. The bond amount or coverage is set by the county treasurer and typically ranges between $1,000 to $3,000. The bond ensures that the auctioneer will comply with all applicable guidelines and statutes, and pay all monies as lawfully required by the state of Minnesota. Surety Bonds Direct is approved and fully authorized to issue Auctioneer Bonds in Minnesota. Once the official corporate surety bond is received, it shall be filed in the treasurer's office.
Auctioneer Bonds And Getting Your Minnesota Business License/Registration
Auctioneer license and bond requirements in Minnesota are set at the county level. The following is a general overview of the key rules and requirements pursuant to Chapter 330, Minnesota Statutes.
- Surety Bond - A Surety Bond must be provided as described on this page
- City or Town License - A city or town may require an auctioneer who intends to conduct an auction in the jurisdiction to submit proof of licensure and compliance with the surety bond requirements at least 14 days before the date of the auction.
- Account of Sales - Auctioneers must maintain an accurate account of all property sold, sale price, and names of sellers and buyers
- Advertisements - Advertisements for auction sales must include the name names, addresses, and the license numbers of the auctioneer or auctioneers conducting said sales.
- Penalties - Any person violating the provisions of this Chapter 330, Minnesota Statutes is guilty of a misdemeanor.