A Rhode Island auctioneer bond is required the the Department of Business Regulation when filing an application for an auctioneer license in the state. Rhode Island License Regulations define an auctioneer as any person who for a fee, commission, profit or any other valuable consideration, or with the intention or expectation of receiving same, 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. A Rhode Island auctioneer bond is also required fo apprentices, defined as any person who for compensation or valuable consideration or otherwise, is employed directly or indirectly, by an Auctioneer to deal or engage in the business of Auctioneering and who holds a Permit. In addition to the surety bond requirement the Department also requires a criminal history report and examination of an applicant for a license. The Rhode Island Bond of Auctioneer must be written in the amount of $10,000 for full licensees. The surety bond obligation guarantees that the auctioneer will comply with all of the provisions of Title 5, Chapter 5-58 of the General Laws of Rhode Island, An Act Relating to the Licensing of Auctioneers, will faithfully observe and honestly comply with such statutes, rules and regulations, and any amendments thereto, pay over all monies received by him for goods sold at auction to the owners thereof, and pay over all duties to the State and to any town which shall accrue on goods sold by him. The Rhode Island auctioneer bond for apprentices is written on the same surety bond form however the amount must only be $2,000. The regulations, license and renewal applications and other helpful information about licensing and auctioneer conduct can be reviewed on the state website here. Rhode Island surety leader, Surety One, Inc. writes auctioneer license bonds in ALL states where they are required by law. All experienced applicants are quoted terms regardless of credit condition. Need a fidelity bond to employee dishonesty risks? We can help with that too! Visit SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for a Rhode Island auctioneer bond, or for information about any bonding need.
