Minnesota Auctioneer Bond

What Is a Minnesota Auctioneer Bond? 

Any auctioneer operating in Minnesota must file a bond with their local licensing authority. Surety bonds hold auctioneers financially liable for following all licensing laws and regulations, including:  

• Selling goods of a minor
• Selling in unauthorized locations 
• Selling at an auction without a license 
• Improper advertising 
• Changing address without notifying the country auditor

How Do Minnesota Auctioneer Bonds Work? 

Auctioneer surety bonds create a legally-binding contract between three parties: 

1. Principal: The auctioneer purchasing the bond from the surety
2. Obligee: The licensing authority requiring the bond from the principal
3. Surety: The surety provider issuing the bond to the principal 

Within this contract, the auctioneer is responsible for upholding the bond terms. If they fail to do so, the obligee can file a claim to recover damages. The surety guarantees payment for these claims. 

How Much Do Auctioneer Bonds Cost?

Minnesota auctioneer bonds have a set price of $100 per year for every applicant. To save $25 on your bond premium, select a three-year term.

How Do I Get an Auctioneer Bond in Minnesota? 

You can get your Minnesota auctioneer bond in minutes with SuretyBonds.com. Just fill out our quick and easy online application.

After purchasing, you’ll receive an email copy of your bond. Then, you must file the physical bond form with your obligee. Request next-day or overnight shipping if you’re in a rush. 

How to Become an Auctioneer in Minnesota?  

According to the Minnesota Department of Employment and Economic Development, any individual over the age of 18 who has resided in the county they are applying within for at least 6 months is eligible to apply for auctioneer’s license. 

It only takes two simple steps to get your auctioneer’s license: 

1. File a surety bond for $1,000–$3,000, as determined by the country treasurer
2. Submit your auctioneer license application and $20 registration fee

Contact your local county auditor’s office for more specific details.

How Do I Renew My Minnesota Auctioneer Bond?

You can purchase a Minnesota auctioneer bond with a 1–3 year term. If your bond is in its renewal period, a SuretyBonds.com account manager will contact you to make sure you maintain an active policy. 

Can I Get a Minnesota Auctioneer Bond With Bad Credit? 

Yes! We instantly approve all Minnesota auctioneer bond applicants, regardless of credit score.