Overview of Ohio Auctioneer Bond Requirements
Auctioneer is among the list of professions whose businesses are regulated by the state of Ohio with the use of surety bonds. The Ohio auctioneer bond is required by the Department of Agriculture, Auctioneer Program, Enforcement Division and ensures that all auctioneers comply with Chapter 4707 of the Ohio Revised Code. The goal of this bond is essentially to protect the state and the public from any unlawful actions on behalf of the auctioneer or the auctioneer firm.
The auctioneer bond is one of the requirements for the Ohio auctioneer license. Auctioneers can get licensed if they present a letter verifying the attendance and graduation from an auction school, along with the surety bond and the rest of the documents. The bond expires on an annual basis, every June 30, so auctioneers must renew it in order to continue their licenses.
Need assistance in the bonding process? You can speak to one of our bond experts personally at (866)-450-3412!
Cost of Ohio Auctioneer Bond
Auctioneers in Ohio are required to post a $25,000 bond, while the bond required for auctioneer firms is in the amount of $50,000. The total bond amount, however, differs from the actual bond cost you will be paying on a regular basis.
As a rule, the final cost of your bond is a small fraction of the full amount. The factors taken into account when estimating your bonding rate are of financial nature: statements, assets and most importantly, your credit score. Applicants with higher credit score of 700 FICO or more will get lower rates on their bond. Similarly, auctioneers who come from a worse financial background will probably get a higher bonding rate and premium.
For a more specific estimate of your bond cost, check the table below:
|Surety bond amount||Above 700||Between 650-699||Between 600-649||Below 599|
|Ohio Auctioneer Bond||$25,000||$187.5- $375||$250-$625||$625-$1250||$1250-$1875|
|Ohio Auctioneer Firm Bond||$50,000||$375-$750||$500-$1250||$1250-$2500||$2500-$3750|
Getting Bonded with Bad Credit
The lack of credit history or the low credit score affect the bonding rates. However, Bryant Surety Bonds has established partnerships only with A-listed, T-rated surety companies. That means that we will work our way around your financial situation in order to get the best possible rates for you.
Our Bad Credit Program is designed for applicants with low or no credit score or those having other issues such as tax liens, civil cases, bankruptcies. The bonding rates for such applicants will vary between 5% and 15%, slightly higher than otherwise.
Our experts will work closely with you to apply for as many surety companies as possible. Our personalized approach will not only get you the best rates available but will help you move away from the high-risk profile and improve your finances with time.
In Case of a Bond Claim
By posting an auctioneer bond, the principal agrees to fully comply with Chapter 4707 of the Ohio Revised Code. That means, the auctioneer pledges to conduct their business according to the laws and regulations of the Ohio Department of Agriculture.
If the principal fails to comply with these regulations, a claim can be filed against them by the affected party. If the claim is approved then the surety will compensate the claimant. Eventually, however, it’s up to the auctioneer to reimburse the full amount of the bond.
Apply for Your Bond Today!
To begin with, fill out our online application form. We will quickly get back to you with a free quote and additional details on finalizing your application.
Once you have completed our application it will take a couple working days for us to have your bond ready and mail it back to you.
Call us at (866)-450-3412 for additional information on the Ohio auctioneer bond or any other question that you may have!