Baltimore County Auctioneer Bond: A Comprehensive Guide
This guide provides information for insurance agents to help their customers obtain a Baltimore County Auctioneer bond.
This page focuses exclusively on the bonding and license requirements for auctioneers operating in Baltimore County. For information on the bonding and licensing requirements for auctioneers in the city of Baltimore, click here.
At a Glance:
- Lowest Cost: $100 per year or $10 per month
- Bond Amount: $5,000
- Who Needs it: All auctioneers operating in Baltimore County, Maryland
- Purpose: To ensure the public is compensated for damages if the auctioneer fails to comply with licensing law
- Who Regulates Auctioneers in Baltimore County: The Baltimore County Department of Permits, Approvals, and Inspections
Background
Baltimore County Code 21-5-101 requires all auctioneers operating in the county to obtain a license from the Department of Permits, Approvals, and Inspections. The Baltimore County Council enacted the licensing laws and regulations to ensure that auctioneers engage in ethical business practices. To provide financial security for the enforcement of the licensing law, auctioneers must purchase and maintain a $5,000 surety bond to be eligible for licensure.
What is the Purpose of the Baltimore County Auctioneer Bond?
Baltimore County requires auctioneers to purchase a surety bond as part of the application process to obtain a business license. The bond ensures that the public will receive compensation for financial harm if the auctioneer fails to comply with the regulations set forth in Baltimore County Code 21-5-103. Specifically, the bond protects the public from financial harm in the event the auctioneer does not maintain an accurate record of all transactions or fails to provide all goods that have been paid for. In short, the bond is a type of insurance that protects the public if the auctioneer violates the terms of their license.
How Can an Insurance Agent Obtain a Baltimore County Auctioneer Surety Bond?
BondExchange makes obtaining a Baltimore County Auctioneer surety bond easy. Simply login to your account and use our keyword search to find the “Auctioneer” bond in our database. Don’t have a login? Gain access now and let us help you satisfy your customers’ needs. Our friendly underwriting staff is available by phone (800) 438-1162, email or chat from 7:30 AM to 7:00 PM EST to assist you.
At BondExchange, our 40 years of experience, leading technology, and access to markets ensures that we have the knowledge and resources to provide your clients with fast and friendly service whether obtaining quotes or issuing bonds.
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Is a Credit Check Required for the Baltimore County Auctioneer Bond?
No, a credit check is not required for the Baltimore County Auctioneer bond. Because the bond is considered relatively low risk, the same low rate is offered to all auctioneers operating in the county, regardless of their credit history.
How Much Does the Baltimore County Auctioneer Bond Cost?
The Baltimore County Auctioneer bond costs either $100 per year or $10 per month.
Who is Required to Purchase the Bond?
Baltimore County requires auctioneers to purchase a surety bond as a prerequisite to obtaining a business license. To paraphrase Baltimore County Code 21-5-101, any person who sells property to the highest bidder is required to be licensed as an auctioneer.
BondExchange now offers monthly pay-as-you-go subscriptions for surety bonds. Your customers are able to purchase their bonds on a monthly basis and cancel them anytime. Learn more here.
How Do Auctioneers Apply for a License in Baltimore County?
Auctioneers in Baltimore County must navigate several steps to secure their licenses. Below are the general guidelines, but applicants should refer to the application form for details on the process.
License Period – All Baltimore County Auctioneer Licenses expire on May 31 of each year and must be renewed before the expiration date.
Step 1 – Purchase a Surety Bond
Auctioneers must purchase and maintain a $5,000 surety bond.
Step 2 – Complete the Application
Auctioneers should submit their completed applications to the following address:
Department of Permits, Approvals, and Inspections
111 West Chesapeake Avenue, Room 101
Towson, Maryland 21204
Applicants should complete the application in its entirety, and submit a $180 license fee by check made payable to Baltimore County, Maryland.
How Do Baltimore County Auctioneers Renew Their Licenses?
To renew their license, auctioneers should contact the county’s Department of Permits, Approvals, and Inspections. The department will walk the auctioneer through the renewal process, provide them with all required forms, and answer any questions they may have. All Baltimore County Auctioneer Licenses expire on May 31 and must be renewed before the expiration date. Renewals submitted after May 31 will be charged a late fee of $90.
What are the Insurance Requirements for Auctioneers in Baltimore County?
Baltimore County does not require auctioneers to obtain any form of liability insurance as a prerequisite to obtaining a business license. Auctioneers must purchase and maintain a $5,000 surety bond.
How Do Baltimore County Auctioneers File Their Bonds?
Auctioneers should mail their completed bond forms, including the power of attorney, to the following address:
Department of Permits, Approvals, and Inspections
111 West Chesapeake Avenue, Room 101
Towson, Maryland 21204
The bond requires signatures, including witness signatures, from both the surety company that issues the bond and the applicant. The surety company should include the following information on the bond form:
- Legal name and address of the entity/individual(s) buying the bond
- Surety company’s name and state of incorporation
- Dates the bond goes into effect and expires
What Can Baltimore County Auctioneers do to Avoid Claims Made Against Their Bonds?
To avoid claims on their bonds, auctioneers in Baltimore County must follow all license regulations in the county, including some of the most important issues below that tend to cause claims:
- Maintain an accurate record of all transactions
- Provide all goods that have been paid for
- Do not breach any contracts made with consumers
What Other Insurance Products Can Agents Offer Auctioneers in Baltimore County?
Baltimore County does not require auctioneers to purchase any form of liability insurance as a prerequisite to obtaining a business license. However, most reputable auctioneers will obtain this insurance anyway. Bonds are our only business at BondExchange, so we do not issue liability insurance, but our agents often utilize brokers for this specific line of business. A list of brokers in this space can be found here.
How Can Insurance Agents Prospect for Baltimore County Auctioneer Customers?
Baltimore County unfortunately does not provide a public database of active auctioneers. We suggest contacting the Department of Permits, Approvals, and Inspections to obtain this information. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.
