How much does an auctioneer or auction company bond cost in Washington?
The Washington Business and Professions Division requires auction companies and auctioneers to post surety bonds. Auctioneers must post a $5,000 bond, and the required amount of an auction company’s bond depends on the gross value of goods sold during the previous calendar year. New auction companies should base their bond amount on an estimate of gross sales during the current calendar year. To calculate the amount of your bond, please see the table below.
Auctioneer and auction company surety bonds are issued instantly for $100-$164, depending on the bond amount. Simply click Buy Now to purchase your bond online via our secure bond checkout. It only takes a few minutes to be on your way to getting bonded as an auctioneer or auction company in Washington.
|Bond Type||Bond Amount||Cost|
|$5,000 Auctioneer or Auction Company Bond: Less than $25,000 in gross sales||$5,000||$100|
|$10,000 Auction Company Bond: $25,000-49,999.99 in gross sales||$10,000||$100|
|$15,000 Auction Company Bond: $50,000-99,999.99 in gross sales||$15,000||$100|
|$20,000 Auction Company Bond: $100,000-499,999.99 in gross sales||$20,000||$131|
|$25,000 Auction Company Bond: $500,000 or more in gross sales||$25,000||$164|
Why do I need this bond?
By posting a Washington auctioneer or auction company surety bond, principals (auctioneers/auction companies) pledge to comply with all provisions of Chapter 18.11 RCW of the State of Washington and with all rules and regulations adopted by the Director of the Department of Licensing.
If the principal fails to conduct business according to these terms, the bond protects harmed parties from financial loss.
What’s the fine print?
Auctioneer/auction company bonds in Washington remain in full force and effect until violated or canceled and must be renewed annually. The surety can cancel the bond at any time by giving written notice of cancellation and the reason for cancellation to the Business and Professions Division 30 days prior to the effective termination date.
How to become an auctioneer in Washington
To become licensed as an auction company/auctioneer in Washington, applicants must complete the following requirements:
- Submit application
- Submit financial certification affidavit
- Post surety bond in the proper amount
- Provide tax registration number
- Have trust account if client funds are held for more than 24 hours
- Pay required fees