As of January 1, 2014, the state of Minnesota requires businesses conducting estate sales to post a $20,000 surety bond.
The following excerpt is from a press release about HF 131 dated December 30, 2013:
“Surety bonds ensure the family receives payment, even if the estate sale business defaults. It does not require a guarantee of $20,000 in proceeds from any given sale. It simply provides that amount of protection should anything happen throughout the estate sale process.”
Read the press release in its entirety here.
The bonding requirement is stated in subdivision 1 of the legislation. Exemptions to the bond requirement are listed in subdivision 3.
“Subd. 2. Estate sale conductor bonding requirement. (a) Before entering into an agreement to conduct an estate sale, the estate sale conductor shall give or previously have filed a corporate surety bond to the county in which the estate sale will take place, or in which the estate sale resides, in a penal sum of at least $20,000, conditioned that the estate sale conductor will pay all sums required by law or contract and in all things conform to the contract and to all laws relevant to the estate sale or to persons who conduct estate sales. The county treasurer, for approval, shall endorse the bond and file it in the county treasurer’s office.”
“Subd. 3. Exemption. This section shall not apply to licensed certified public accountants or licensed attorneys.
EFFECTIVE DATE. This section is effective January 1, 2014, and applies to the estate sales conducted on or after that date.”
Read HF 131 in its entirety here.
If you need a surety bond in Minnesota or any other state, contact SuretyBonds.com online 24/7 or by phone at 1 (800) 308-4358 Monday through Friday between 8 a.m. and 7 p.m. CST. You’ll be connected with an expert surety specialist who will walk you through each step of the bonding process and get you a free, no-obligation bond price quote.