Maine Auctioneers May Need New Surety Bond

Maine’s Office of Professional and Occupational Regulation released the following statement today.

Notice to auctioneers regarding surety bond requirements

Please be certain that the required surety bond (32 M.R.S.A. c. 5-B §292 [5]) correctly identifies the statutory reference for the Maine Auctioneer License Act. Board staff has noted that some surety bonds reference the former Board statute; in those instances the insurance company has been contacted and a new bond is required to be issued.

The correct statutory reference is: 32 M.R.S.A. c. 5-B; you may want to check with your insurance company to be sure the surety bond is issued correctly and to avoid any delay in the renewal or issuance of your license.

Maine auctioneers are required to file a $10,000 auctioneer bond with the state.