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New Hampshire Auctioneer Bond: A Comprehensive Guide
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This guide provides information for insurance agents to help their customers obtain a New Hampshire Auctioneer Bond.
At a Glance:
- Lowest Cost: $250 per year or $25 per month
- Bond Amount: $25,000
- Who Needs it: All auctioneers operating in New Hampshire
- Purpose: To ensure the public is compensated for damages should the auctioneer commit fraud or fail to provide all goods that have been purchased
- Who Regulates Auctioneers in New Hampshire: The New Hampshire Secretary of State
Background
New Hampshire Statute 311-B:4 requires all auctioneers operating in the state to obtain a license with the Board of Auctioneers. The New Hampshire legislature 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 $25,000 surety bond to be eligible for licensure.
What is the Purpose of the New Hampshire Auctioneer Bond?
New Hampshire 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 New Hampshire Statute 311-B:8. Specifically, the bond protects the public in the event the auctioneer fails to provide consumers with 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 New Hampshire Auctioneer Bond?
BondExchange makes obtaining a New Hampshire Auctioneer 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 New Hampshire Auctioneer Bond?
No, a credit check is not required for the New Hampshire Auctioneer bond. Because the bond is considered relatively low risk, the same low rate is offered to all auctioneers and auction houses operating in the state, regardless of their credit history.
How Much Does the New Hampshire Auctioneer Bond Cost?
The New Hampshire Auctioneer bond costs either $250 per year or $25 per month.
Who is Required to Purchase the New Hampshire Auctioneer Bond?
New Hampshire requires auctioneers to purchase a surety bond as a prerequisite to obtaining a business license. To paraphrase New Hampshire Statute Section 311-B:1, an auctioneer is a person that sells property to the highest bidder at an 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 New Hampshire?
Auctioneers in New Hampshire must navigate several steps to secure their license. Below are the general guidelines, but applicants should refer to the application form for details on the process.
License Period – All New Hampshire Auctioneer Licenses expire two years from the date of issuance and must be renewed before the expiration date.
Step 1 – Meet the Experience Requirements
To become a licensed auctioneer in New Hampshire, applicants must ensure that they satisfy all of the following criteria:
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- Be at least 18 years old
- Completed an apprenticeship program under a licensed auctioneer and participated in at least 10 auctions in 6 months or completed an 80 hour course at an approved auction school
Step 2 – Pass the Exam
Applicants are required to pass an exam administered or approved by the Board of Auctioneers before being issued their license. To register for the exam, applicants must submit a completed registration form to the following address:
Office of the Secretary of State
107 North Main Street
Concord, NH 03301
The registration form must be submitted at least two weeks before the applicant’s desired exam date. Additionally, there is a $75 examination fee that must be paid each time the exam is taken. Auctioneers must pass the exam to receive their license.
Step 3 – Complete the Application
After passing the exam, auctioneers may submit their license application. All New Hampshire Auctioneer License applications should be mailed to the following address:
Office of the Secretary of State
107 North Main Street
Concord, NH 03301
Auctioneers must complete the application in its entirety, and submit the following items:
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- $200 application fee
- Recommendations for two business references
- Current government issued ID
- Certified copy of the applicant’s criminal history
- One of the following:
- Proof of completion of auction school
- Apprenticeship Affidavit
- Exam results
Step 4 – Purchase a Surety Bond
Auctioneers and auction houses must purchase and maintain a $25,000 surety bond.
How Do New Hampshire Auctioneers Renew Their Licenses?
Auctioneers should submit their completed renewal applications, including the $200 renewal fee, to the following address:
Office of the Secretary of State
107 North Main Street
Concord, NH 03301
All New Hampshire Auctioneer Licenses expire two years from the date of issuance and must be renewed before the expiration date.
What are the Insurance Requirements for Auctioneers in New Hampshire?
New Hampshire 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 $25,000 surety bond.
How Do New Hampshire Auctioneers File Their Bonds?
Auctioneers should mail their completed bond forms, including the power of attorney, to the following address:
Office of the Secretary of State
107 North Main Street
Concord, NH 03301
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 and address of the entity/individual(s) buying the bond
- Surety Company’s name and state of incorporation
- Date the bond is signed
- Date the bond expires
What Can New Hampshire Auctioneers do to Avoid Claims Made Against Their Bonds?
To avoid claims on their bond, auctioneers in New Hampshire must follow all license regulations in the state, including some of the most important issues below that tend to cause claims:
- Do not engage in any acts of fraud
- Do not breach any contracts made with consumers
- Provide all goods that have been paid for
What Other Insurance Products Can Agents Offer Auctioneers in New Hampshire?
New Hampshire 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 New Hampshire Auctioneer Customers?
New Hampshire conveniently provides a public database to search for active auctioneers in the state. The database can be accessed here. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.
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