Without having posted the required Washington auctioneer bond and met other important statutory requirements, it is unlawful for any person to act as an auctioneer or for an auction company in the state. Washington statute defines an “auctioneer” as any individual who calls bids at an auction, and an “auction company” as a sole proprietorship, partnership, corporation, or other legal or commercial entity that sells or offers to sell goods or real estate at auction or arranges, sponsors, or manages auctions. Both license types require the mandatory Washington auctioneer bond however pursuant to RCW 18.11.050 the term “auction company” shall exclude any sole proprietorship owned by an auctioneer licensed under the auctioneer law whose gross annual sales do not exceed twenty-five thousand dollars. The Washington auction company surety bond is written on the same standardized form as the Washington auctioneer bond. The surety bond is required under RCW 18.11.121, which states that each auctioneer and each auction company shall as a condition to the granting and retention of a license have on file with the department an approved surety bond. The bond or other security of an auction company shall be in an amount not less than five thousand dollars and not more than twenty-five thousand dollars. The Washington auction company bondshall be based on the value of the goods and real estate sold at auctions conducted, supervised, arranged, sponsored, or managed by the auction company during the previous calendar year or, for a new auction company, the estimated value of the goods and real estate to be sold at auction during the current calendar year. The Washington auctioneer surety bond must be executed by the person seeking the license as principal and by a corporate surety licensed to do business in the state, be payable to the state, be conditioned on compliance with all provisions of Chapter 18.11 RCW and the agency rulesadopted pursuant to the same chapter, including payment of any administrative fines assessed against the licensee, and remain in effect for one year after expiration, revocation, or suspension of the license. The Washington auctioneer bond obligation states that the licensee will comply with all the provisions of Chapter 18.11 RCW of the State of Washington and with all rules and regulations adopted by the Director of the Department of Licensing, of said state pursuant to the provisions of Chapter 18.11 RCW and will pay all amounts that may be adjudged against principal by reason of violation of Chapter 18.11 RCW or any rules or regulations adopted pursuant thereto in the conduct of principal’s business as an Auctioneer/Auction Company. Washington surety leader, Surety One, Inc. writes auctioneer license bonds in ALL states where statutorily required. EVERY applicant is quoted terms regardless of his or her credit condition. Need a fidelity bond to protect your auction company from 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 Washington auctioneer bond, or for information about any surety need.
