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A California Auctioneer Bond in the amount of $20,000 is required to be filed with the California Secretary of State, as set forth in the California Civil Code Section1812.600, for each and every auctioneer and auction company.
The California Auctioneer Bond requirement is set forth in the California Business and Professions Code section 1812.60, to be in favor of, and payable to, the people of the State of California and shall be for the benefit of any person or persons damaged by any fraud, dishonesty, misstatement, misrepresentation, deceit, unlawful acts or omissions, or failure to provide the services of the auctioneer of auction company performance of the auction by the auctioneer or auction company or its agents, representatives, or employees while acting within the scope of their employment. If an auctioneer or auction company fails to perform any of the duties specifically imposed upon him or her pursuant to this title, any person may maintain an action for enforcement of those duties or to recover a civil penalty in the amount of one thousand dollars ($1,000), or for both enforcement and recovery.
Consumers of the auctioneer or auction company who have enlisted their services. It guarantees the Principal’s faithful performance of obligations as prescribed by statute by remitting to the proper parties the proceeds from an auction.
Upon approval and payment of the bond, the original bond will be mailed to you. A copy of the bond must be filed with the Secretary of State.
* Please be advised that the quote you obtain for this bond may include a fee charged and retained by The Bond Exchange.