A written sworn application and Massachusetts auctioneer bond are the primary prerequisites for operating an auction company within the state. The law defines an “auctioneer” as any person who, for a fee, commission, profit or any other valuable consideration by means of, or process of an auction or sale at auction, offers, negotiates or attempts to negotiate, a listing contract, sale, purchase or exchange of goods, chattels, merchandise, real or personal property, or of any other commodity which may lawfully be kept or offered for sale by or at public auction. The Massachusetts auctioneer bond must be issued in the sum of ten thousand dollars, or such other amount as provided by regulation, payable to the deputy director or his successors with sureties approved by the deputy director. Pursuant to Massachusetts General Laws Chap. 100, Sec. 3, the Massachusetts auctioneer bond must guarantee the payment of all fines and penalties incurred by applicant as a licensee for his violations of the said provisions, and also guarantee the payment or satisfaction of any final judgements on claims by creditors against the licensee arising in connection with business conducted under a license granted under Chapter 100. The obligation does not contain a forfeiture provision and is limited to its face amount regardless of the number of claims made. To effectively pursue a claim against a Massachusetts auctioneer bond the claimant must have duly filed his or her claim in writing with the deputy director prior to the expiration of sixty days from the return or surrender of a license or date of the filing of an affidavit of loss of the license held by the auctioneer against whom the claim is made. Massachusetts surety leader, Surety One, Inc. executes auctioneer license bonds in ALL states where required by law. EVERY applicant is quoted terms regardless of his or her credit condition. Need a fidelity bond to protect your auction operation from employee dishonesty? We can help with that too! Visit us at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for a Massachusetts auctioneer bond, or for information about any surety bond need.
