Ohio Auction Bond Overview
- Purpose: To hold auctioneers financially liable for following licensing laws
- Who Needs It: All auctioneers and auction firms in Ohio
- Regulating Body: The Ohio Department of Agriculture
- Required Coverage: $25,000–$50,000
- Premium Rates: $250 for auctioneers, $500 for auction firms
What Is an Ohio Auctioneer or Auction Firm Bond?
An Ohio auctioneer bond requires licensed auctioneers to comply with Ohio Revised Code and refrain from prohibited conduct. Individual auctioneers need a $25,000 bond and auction firm owners need a $50,000 bond. These surety bonds provide financial security to protects customers and the state from fraud and financial harm. The bond is required for at least the first three years of licensure.
How Much Do Auctioneer Bonds Cost?
The $25,000 Ohio auctioneer bond costs $250 annually. The $50,000 Ohio auction firm bond costs $500 annually. The state requires these bonds expire annually on June 30th, so your exact cost will be prorated based on the date that you purchase your bond.
How Do I Get My Ohio Auction Bond?
You can purchase your Ohio auctioneer or auction firm bond online 24/7. Simply select the bond needed for your licensing requirement and provide your auctioneer or auction firm name for Department of Agriculture filing approval.
Once you checkout, your official Ohio surety bond will be delivered to your email instantly.
How Soon Can I Get My Bond?
SuretyBonds.com offers instant Ohio auctioneer license or auction firm license bond delivery 24/7. Purchase now to receive your official auctioneers board bond in minutes by email.
Who Is Exempt from the Bond Requirement?
Ohio requires auctioneer or auction firm licensing for those who only provide auction services. Ohio Revised Code specifically excludes the following from the state's license and surety bond requirement.
- Individuals licensed as a motor vehicle auction owner who exclusively sell motor vehicles and otherwise use licensed auctioneers for their auctions
- Livestock dealers who exclusively sell livestock and otherwise use licensed auctioneers for their auctions
Can I Edit My Bond Form?
If the Ohio Department of Agriculture requires your bond form to be updated for any reason, contact your surety bond company. If you purchased your auction service bond from SuretyBonds.com, email [email protected] to explain the needed change.
The most common changes requested are updating your auctioneer or auction firm name to match your licensed auction service or auctioneer application.
How to Get an Auctioneer or Auction House License in Ohio
The Ohio Department of Agriculture Auctioneer Program enforces licensing requirements for auctioneers and auction firms. Complete the steps below to apply for your license:
- Create an account and fill out your application on the eLicense Portal.
- Purchase and file your $25,000 or $50,000 required bond amount.
- Pay your license and exam fees.
- Provide a letter on school stationery confirming your school attendance and graduation from a school approved by the Ohio Auctioneers Commission.
- If a nonresident, provide a current original certification letter from your out-of-state licensing board.
- Pass your state examination.
If you have questions, you can contact the Auctioneer Program by calling 1(614)728-6240 or by emailing [email protected].
