Virginia Auctioneer Bond
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What Is a Virginia Auctioneer Bond?
Any auctioneer operating in Virginia must file a surety bond. By purchasing a bond, the auctioneer promises to comply with the provisions of Title 54.1, Chapter 6 of the Virginia Administrative Code. If the applicant conducts business unethically, this bond will protect harmed parties from financial loss up to the full bond amount.
How Do Virginia Auctioneer Bonds Work?
Auctioneer surety bonds create a legally-binding contract between three parties:
- Principal: The auctioneer purchasing the bond from the surety
- Obligee: The Virginia Department of Professional and Occupational Regulation
- Surety: The surety provider issuing the bond to the auctioneer
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?
Virginia auctioneer bonds have a set price of $175 for every applicant. We instantly approve all Virginia auctioneer bond applicants, regardless of credit score.
How Do I Get an Auctioneer Bond in Virginia?
You can get your Virginia auctioneer bond in minutes with SuretyBonds.com. Simply click “Buy Now,” enter your information, then purchase your bond instantly online.
After checkout, you’ll receive an email copy of your bond. Then, you must file the digital bond form with the Department of Professional and Occupational Regulation.
What Are the Requirements for Licensed Auctioneers in Virginia?
To become a licensed auctioneer in Virginia, you 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
How to Become an Auctioneer in Virginia
Follow these steps to get your auctioneer’s license:
- Complete an 80-hour auctioneering course
- Pass the Virginia Licensed Auctioneer's Examination
- File a $10,000 auctioneer surety bond
- Submit your application and registration fee ($25 for individual license or $55 for auctioneer firm license)
How Do I Renew My Virginia Auctioneer Bond?
Virginia auctioneer bonds require renewal every two years. If your bond is in its renewal period, a SuretyBonds.com account manager will provide a renewal invoice. You can then email your bond continuation certificate to the Auctioneer’s Board at [email protected].
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