A Minnesota auctioneer license bond is required by the state for any party wishing to be a fully licensed auctioneer or auction house operator. The fastest way to receiving a license is securing the right auctioneer license bond. Jurisco works with clients in Minneapolis, Edina, Rochester, St. Paul, Bloomington, and every corner of the state on auction bonds.
The state of Minnesota regulates auctioneer bonds for the same reason they require so many other surety bonds. Bonds offer a high level of protection with minimal effort. This means that an auction house can operate as a business and the state can still protect citizens from wrongful action on the part of the auction house.
Please note that surety bonds are not the only license requirement for auctioneers in Minnesota. The state holds the individual responsible for knowing, and complying with, every state guideline.
Each Minnesota auctioneer license bond is written in compliance with state statute 330.02 for a value no less than $1,000 and no more than $3,000. Local jurisdiction, as well as a court order, can cause the value of the bond to change.
A surety bond may be valued at $1,000, but that doesn’t mean it costs $1,000. Only a small percentage of the total value is due to secure the bond. Surety bonds are the most cost-effective option since they offer full protection for literally a fraction of the cost.
Need help understanding Minnesota auctioneer license bond requirements? A surety bond expert at Jurisco can help. Contact Jurisco to learn more about auctioneer bond requirements and how they apply to an auctioneer license bond application.