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Cecil County Auctioneer Bond: A Comprehensive Guide
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This guide provides information for insurance agents to help their customers obtain a Cecil County Auctioneer bond.
At a Glance:
- Lowest Cost: $100 per year or $10 per month
- Bond Amount: $5,000
- Who Needs it: All auctioneers operating in Cecil County, Maryland
- Purpose: To ensure the public is compensated for damages if the auctioneer fails to comply with licensing law
- Who Regulates Auctioneers in Cecil County: The Cecil County Office of the Clerk of the Circuit Court
Background
Cecil County Code 148-1 requires all auctioneers operating in the county to obtain a license from the Office of the Clerk of the Circuit Court. The Cecil 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 Cecil County Auctioneer Bond?
Cecil 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 Cecil County Code 148-5. Specifically, the bond protects the public from financial harm in the event the auctioneer commits fraud, 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 Cecil County Auctioneer Surety Bond?
BondExchange makes obtaining a Cecil 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.
Not an agent? Then let us pair you with one!
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Is a Credit Check Required for the Cecil County Auctioneer Bond?
No, a credit check is not required for the Cecil 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 Cecil County Auctioneer Bond Cost?
The Cecil County Auctioneer Bond costs either $100 per year or $10 per month.
Who is Required to Purchase the Bond?
Cecil County requires auctioneers to purchase a surety bond as a prerequisite to obtaining a business license. An auctioneer is defined as any person who publicly sells property to the highest bidder at auction.
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 Cecil County?
Auctioneers in Cecil County must navigate several steps to secure their licenses. Below are the general guidelines, but applicants should refer to the licensing statutes for details on the process.
License Period – All Cecil County Auctioneer Licenses expire one year from the date of issuance 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 contact the Office of the Clerk before applying for a license. The clerk will walk the auctioneer through the application process and provide them with all required application forms which must be completed and returned to the following address:
Circuit Court for Cecil County
129 E. Main Street
Elkton, Maryland 21921
Auctioneers must complete the application in its entirety, and submit the following items:
-
- Surety bond
- Licensing fee
- $26 for auctioneers located in Cecil County
- $51 for auctioneers located in another county in Maryland
- $101 for auctioneers located outside the state of Maryland
How do Cecil County Auctioneers Renew Their License?
To renew their license, auctioneers should contact the Office of the Clerk of the Circuit Court. All Cecil County Auctioneer Licenses expire one year from the date of issuance and must be renewed before the expiration date.
What are the Insurance Requirements for Cecil County Auctioneers?
Cecil County does not require auctioneers to purchase 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 Cecil County Auctioneers File Their Bonds?
Auctioneers should mail or deliver their completed bond forms, including the power of attorney, to the following address:
Circuit Court for Cecil County
129 E. Main Street
Elkton, Maryland 21921
The bond requires 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 of the entity/individual(s) buying the bond
- Surety company’s name and state of incorporation
- Name of the obligee and the license type applied for
- Date the bond goes into effect
- Date the bond is signed
- Bond amount
What Can Cecil County Auctioneers do to Avoid Claims Made Against Their Bonds?
To avoid claims on their bonds, auctioneers in Cecil County must follow all license regulations in the county, including some of the most important issues below that tend to cause claims:
- Do not engage in any acts of fraud
- Maintain an accurate record of all transactions
- Provide all goods that have been paid for
What Other Insurance Products Can Agents Offer Auctioneers in Cecil County?
Most reputable auctioneers will purchase liability insurance. Bonds are our only business at BondExchange, so we do not issue any other types of 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 Cecil County Auctioneer Customers?
Cecil County unfortunately does not provide a public database of active auctioneers in the county. We suggest contacting the Office of the Clerk of the Circuit Court to obtain this information. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.
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