Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Mississippi auctioneer bond needs. Learn how to obtain an auctioneer license in Mississippi, below.
What Is a Mississippi Auctioneer License?
A Mississippi auctioneer license permits an auctioneer to do business legally anywhere in the state. It’s not to be confused with the license that allows auto dealers to buy and sell vehicles at auction. Auctioneer licenses are valid for two years and expire on March 2 of odd-numbered years.
Who Needs a Mississippi Auctioneer License?
Auction firms, galleries, and individual auctioneers are required to be licensed by the Mississippi Auctioneers Commission, whether or not they are residents of Mississippi. Mississippi has reciprocity agreements with certain other states, which reduces the cost of obtaining a Mississippi auctioneer license as a non-resident firm or individual.
The licensing requirement now applies to people who conduct online auctions as well as those who conduct traditional auctions.
What Are the Steps in the Licensing Process?
To obtain a Mississippi auctioneer license, complete the following steps:
- Meet specific pre-licensing education and examination requirements (non-resident applicants with reciprocity are exempt)
- Complete the application form
- Purchase a $10,000 Mississippi auctioneer bond
- Pay the appropriate application, examination, and out-of-state vendor fee (if applicable)
- Submit the required documents and a 2” x 2” head-and-shoulders photograph
There must always be a Mississippi auctioneer bond in place to avoid revocation of an auctioneer’s license.
Why is a Mississippi Auctioneer Bond Required?
A Mississippi auctioneer surety bond is an auctioneer’s guarantee to operate in compliance with all applicable state laws and regulations governing the auctioneering profession. It protects the Mississippi Auctioneers Commission (the bond’s “obligee”) against liability for financial losses resulting from the unlawful or unethical conduct of auctioneers licensed by the Commission. It also provides a source of funds to compensate the injured party in such circumstances.
How Are Auctioneer Bond Claims Paid?
The terms of the surety bond agreement for a Mississippi auctioneer bond legally obligate the auctioneer (the bond’s “principal”) to pay all valid claims.
When a claim is filed against a Mississippi auctioneer bond, the surety company (referred to simply as the “surety”) will first make sure it’s valid and may try to negotiate an amicable settlement. When that’s not possible, the surety will pay the claim on behalf of the principal. That payment creates a debt that the principal, who bears full legal responsibility for paying claims, must subsequently repay.
How Much Does a Mississippi Auctioneer Bond Cost?
Typically, Mississippi auctioneer bonds are not subject to underwriting and are sold for a relatively small flat fee ($200 to $500) regardless of the principal’s credit history.
Get A Quote
Our surety bond professionals will get you the Mississippi auctioneer bond you need at a competitive rate.
