Who needs an Ohio auctioneer bond?
To become an auctioneer or run an auction in the state of Ohio, you must complete the following:
- Become licensed by the Ohio Department of Agriculture.
- Attend an approved auction school.
- Serve a year as an apprentice.
- Act as a bid caller in 12 auctions prior to applying for an auctioneer license.
- Post a $25,000 surety bond.
You can also post a one-time (as opposed to biennial) auctioneer bond for $50,000. An auctioneer bond protects the people of Ohio from misrepresentation, fraud, substitution, and other illegal activities that may occur during the auction process. If an auctioneer performs unethical business practices, the bond guarantees financial protection to clients experiencing harm. Unlawful activities may include the following:
- False advertising
- Deceptive practices
- Selling products pre-auction
- Providing misinformation about pricing or sales
Your Ohio auctioneer bond must have a bond number and be signed. For new applicants, a surety bond or irrevocable line of credit is required as part of the licensure.
Get Your Ohio Auctioneer Bond:
How much does an auctioneer bond cost in Ohio?
Your bond cost (premium) will be a small percentage of the total bond amount (penal sum). The premium rate often falls around 1-5% for auctioneer bonds. The cost may vary based on your personal and business financials and credit history. If you have poor credit, you may pay more, possibly closer to 5-10% of the penal sum.
The $25,000 Ohio auctioneer bond is valid for two years: from July 1 of the year you purchase the bond to June 30, two years after. Renew your auctioneer bond before its expiration to continue operating your business. If you want to cancel your bond, you must provide your obligee (the state of Ohio) with a written notice beforehand. The $50,000 one-time auctioneer bond is valid until canceled.
How to Become an Auctioneer in Ohio
To become an auctioneer in Ohio, follow this general process:
- New applicants must purchase a surety bond or provide an irrevocable letter of credit.
- Pay appropriate license and exam fees. If applying at the beginning of the biennium, your auctioneer license fee is $200 plus a $3.50 processing fee. If applying halfway through the biennium, the license fee is $100 plus a $3.50 processing fee. The one-time license fee is $500 plus a $3.50 processing fee.
- If you are qualified through a regular apprenticeship, provide 12 completed “Certification of Participation in Auction” forms endorsed by your sponsor.
- Provide an original letter on your school’s stationery verifying your attendance and graduation from school. The school must be approved by the Ohio Auctioneers Commission.
- If you seek a waiver of standard apprenticeship, refer to specific instructions and submit all additional required forms and proofs with your application.
- If applying from out of state, provide a current original certification letter from an out-of-state licensing board. One-time license applicants must provide proof of twelve auctions in the previous two years.
- After you’ve filed all forms and proofs and met the requirements, you will be notified by email of your examination date, time, and place. The exam is administered four times a year, each quarter.
- Your license will be issued once you meet all requirements and pass the written and oral pieces of the examination.
You must submit your application within 30 to 14 days before your examination.
Apply for an Ohio Auctioneer Bond
To fulfill the bonding requirement in your Ohio license application as a new auctioneer, fill out our simple bond application. Once you are approved, you can pay for and print your bond. Our application process is simple, and auctioneer bonds are usually issued instantly.
Founders Ryan Swalve and Zach Mefferd formed the vision for ZipBonds.com when they realized how overly complicated it was to help clients place surety. The frustration of being unable to incorporate the technology they’d used in other insurance-focused projects left them thinking “there has to be a better way.”
Fast forward a couple of years, and that better way is the impetus of everything we do at ZipBonds. We constantly look for innovative ways to improve the bonding process for our clients and agents. Our team comprises individuals who understand all angles of surety – for companies, agencies, and individuals. Incorporating everyone’s point of view to improve the process while simultaneously integrating cutting-edge technology is what sets our business apart.