Maine Auctioneer Bond Guide
If you’re applying for an auctioneer license in Maine, you’ll need this surety bond.
Bond Overview
- Purpose: To ensure auctioneers operate ethically and uphold state laws and regulations
- Who Needs It: All auctioneers in Maine
- Regulating Body: The Treasurer of the State of Maine
- Required Coverage: $10,000
- Premium Rate: $100 for a 1-year term
Learn all about the bond requirements and process in this guide.
What Is a Maine Auctioneer Bond?
A Maine auctioneer bond protects consumers against fraudulent substitution of goods and misrepresentation of items by auctioneers.
The Treasurer of the State of Maine requires this bond to guarantee licensed auctioneers comply with state regulations.
How Much Do Auctioneer Bonds Cost in Maine?
A $10,000 Maine auctioneer bond costs a flat rate of $100 for a 1-year term. Since these bonds expire on March 31, your premium may be prorated based on when you purchase the bond.
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How Do I Get My Bond?
With SuretyBonds.com, you can buy your Maine auctioneer bond instantly online. Just enter your information and checkout in minutes.
We’ll email you the bond shortly after purchase. Be sure to file the bond with the Treasurer as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Maine Auctioneer Bond Work?
As with all surety bonds, an auctioneer bond creates a legal contract between three parties:
- Principal: You, the auctioneer filing the bond
- Obligee: The Treasurer of the State requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the provisions of Maine Code Title 32, Chapter 5-B.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire annually on March 31. To renew your auctioneer bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
After renewing, you’ll receive a continuation certificate to file with the Treasurer of the State of Maine as proof of ongoing coverage.
