Ohio Auctioneer and Auction Firm Bonds
Ohio Auctioneer or Auction Firm Bond Information
The Ohio Department of Agriculture, Auctioneer Program, Enforcement Division requires professional auctioneers and auction firms to post surety bonds in order to protect the public from fraud, misrepresentation, substitution or other ethical breach in the process of auctioning property. Auctioneers must post a $25,000 bond and auction firms must post a $50,000 bond.
What does an Auctioneer Bond Protect Against?
The bond protects any person that may be financially damaged due to violations by the licensee or its representative of the regulations set out by the Ohio Department of Agriculture or as outlined in the Ohio Revised Code Chapter 47407.
Getting Your Ohio Business License or Registration
Anyone who performs the function of an auctioneer as defined in in the Ohio Revised Code 47407 and anyone who conducts an auction must be licensed by the Ohio Department of agriculture. General licensing requirements are as follows:
- Serve a one year apprenticeship, act as a bid caller in twelve auctions
- Attend a state approved auction school.
- Pass auctioneer exam consisting of a written and verbal examination.
- Provide proof of financial responsibility in the form of an irrevocable letter of credit or a surety bond.
- Complete Auctioneer License Application
- Additional requirements may exist for Non-Resident or Reciprocal Applicants
Licensing Contact Information: