How much does an auctioneer surety bond cost in Virginia?
The Department of Professional and Occupational Regulation in the Commonwealth of Virginia requires auctioneers and auction firms to post $10,000 surety bonds to work within the state.
SuretyBonds.com issues these two-year bonds instantly for just $175! Simply click Buy Now to visit our secure bond checkout and purchase your bond online today. In just a few minutes you can be on your way to getting bonded as an auctioneer in Virginia
|Bond Type||Bond Amount||Cost|
|$10,000 Auctioneer Bond 2-year term||$10,000||$175|
|$10,000 Auction Firm Bond 2-year term||$10,000||$175|
Why do I need this bond?
By purchasing an auctioneer bond in Virginia, the principal (auctioneer) guarantees to comply with the provisions of Title 54.1, Chapter 6 of the Code of Virginia (1950). If the applicant conducts business unethically, this bond will protect harmed parties from financial loss up to the full bond amount.
What’s the fine print?
Auctioneer bonds in Virginia remain continuous unless otherwise canceled by the surety. To cancel the bond, the surety must give written notice of cancellation to the principal and to the Virginia Auctioneers Board at the address of the Department of Professional and Occupational Regulation in Richmond, Virginia. This notice must be received by all parties at least 60 days prior to the effective date of cancellation.
If a Virginia auctioneer surety bond is purchased within five days of the end of a calendar month, the expiration or effective-through date will be two years and one month from the end of the month in which the bond is purchased. The Virginia Auctioneers Board Regulations require that the bond must commence no later than the effective date of the license and must not expire sooner than the expiration date of the license.
How to become an auctioneer in Virginia
To become a licensed auctioneer in Virginia, applicants must meet the following requirements:
- Minimum 18 years of age
- No previous violations of applicable regulations or laws while performing auctioneer duties; no convictions or guilty verdicts in the U.S. of a misdemeanor involving moral turpitude or a felony
- Successful completion of a course of study at a school of auctioneering approved by board or equivalent course
- Pass Virginia Licensed Auctioneer’s Examination administered by Auctioneers Board or its designee