Rhode Island Auctioneer Bond
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As of July 2015, Rhode Island Auctioneers are no longer required to be licensed and bonded by the state.
How much does my bond cost?
All auctioneers who conduct business within the State of Rhode Island are required to post a surety bond. Bond amounts are determined by your specified license type.
- Apprentice auctioneers must post a bond in the amount of $2,000.
- Resident and non-resident auctioneers must have a $10,000 surety bond.
Why do I need this bond?
By posting a bond, the principal (auctioneer) guarantees to comply with all the provisions of Title 5, Chapter 5-58 of the General Laws of Rhode Island. Furthermore, the principal promises to pay over all monies received at auction to the owners and to pay all duties to the State.
More specifically, this bond offers a form of reimbursement to any person harmed by unethical acts of the principal.
What’s the fine print?
All bonds will remain in full force unless canceled by the surety. If the surety chooses to cancel a bond, a written cancellation notice must be mailed to the Director of the Department of Business Regulation and the principal 30 days prior to the deemed cancellation date.
How to become an auctioneer in Rhode Island
To conduct legal business as an auctioneer within Rhode Island, you must be licensed. All auctioneer license applications must be sent to the Department of Business Regulation. Applications must be completed in full and include the following attachments:
- $10 application fee
- 2 1x1 color photos
- tax affidavit
Apprentice auctioneer licensees must also include the following with their submitted applications:
- $60 license fee
- Rhode Island criminal history record
- $2,000 surety bond
- supervising auctioneer affidavit
Resident auctioneer licensees should attach the following information to sent applications:
- $600 license fee
- Rhode Island criminal history record
- $10,000 surety bond
- $15 examination fee
Non-resident auctioneer license applications must have the following attachments:
- $900 license fee
- national criminal history record
- $10,000 surety bond
- uniform consent to service of process
- $15 examination fee
Additional Resources
State of Rhode Island Department of Business Regulation Auctioneer
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