Flint Auctioneer Bond: A Comprehensive Guide
This guide provides information for insurance agents to help their customers obtain a Flint Auctioneer bond.
At a Glance:
- Lowest Cost: $100 per year or $10 per month
- Bond Amount: $2,000
- Who Needs it: All auctioneers operating in Flint, Michigan
- Purpose: To ensure the public is protected from financial harm if the auctioneer fails to comply with licensing law
- Who Regulates Auctioneers in Flint: The Licensing Division of the Flint City Clerk’s Office
Flint Code of Ordinances 10-5 requires all auctioneers operating in the city to obtain a license from the Licensing Division of the Flint City Clerk’s Office. The Flint City Council enacted the licensing laws and regulations to ensure that auctioneers engage in ethical business practices. To provide financial security for the enforcement of the licensing law, auctioneers must purchase and maintain a $2,000 surety bond to be eligible for licensure.
What is the Purpose of the Flint Auctioneer Bond?
Flint requires auctioneers to purchase a surety bond as part of the application process to obtain a business license. The bond protects the public from financial harm if the auctioneer fails to comply with the regulations set forth in Flint Code of Ordinances 10-7. Specifically, the bond protects the public if the auctioneer engages in any acts of fraud or breaches consumer contracts. In short, the bond is a type of insurance that protects the public if the auctioneer violates the terms of their license.
How Can an Insurance Agent Obtain a Flint Auctioneer Surety Bond?
BondExchange makes obtaining a Flint Auctioneer surety bond easy. Simply login to your account and use our keyword search to find the “Auctioneer” bond in our database. Don’t have a login? Gain access now and let us help you satisfy your customers’ needs. Our friendly underwriting staff is available by phone (800) 438-1162, email or chat from 7:30 AM to 7:00 PM EST to assist you.
At BondExchange, our 40 years of experience, leading technology, and access to markets ensures that we have the knowledge and resources to provide your clients with fast and friendly service whether obtaining quotes or issuing bonds.
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Is a Credit Check Required for the Flint Auctioneer Bond?
No, a credit check is not required for the Flint Auctioneer bond. Because the bond is considered relatively low risk, the same low rate is offered to all auctioneers operating in the city, regardless of their credit history.
How Much Does the Flint Auctioneer Bond Cost?
The Flint Auctioneer bond costs either $100 per year or $10 per month.
Who is Required to Purchase the Bond?
Flint requires auctioneers to purchase a surety bond as a prerequisite to obtaining a business license. To paraphrase Chapter 10 of Flint Code of Ordinances, an auctioneer is a person that publicly sells real or personal property to the highest bidder.
How Do Auctioneers Apply for a License in Flint?
Auctioneers in Flint must navigate several steps to obtain a license. Below are the general guidelines, but applicants should refer to the licensing statutes and regulations for details on the process.
License Period – All Flint Auctioneer Licenses expire on April 30 of each year and must be renewed before the expiration date.
Step 1 – Purchase a Surety Bond
Auctioneers must purchase and maintain a $2,000 surety bond.
Step 2 – Complete the Application
Auctioneers are required to submit their initial application, including a $135 licensing fee, in person to the Licensing Division of the City Clerk’s Office located at the following address:
2nd Floor City Hall, 201-C
1101 S. Saginaw St.
Flint, MI 48502
The division will walk the auctioneer through the application process, provide them with all required forms, and answer any questions they may have.
How do Flint Auctioneers Renew Their Licenses?
All Flint Auction Licenses expire on April 30 and must be renewed before the expiration date. To renew their license, auctioneers should contact the city’s Licensing Division. The division will walk the auctioneer through the renewal process, provide them with all required forms, and answer any questions they may have. There is an annual renewal fee of $135.
What are the Insurance Requirements for Auctioneers in Flint?
Flint does not require auctioneers to purchase any form of liability insurance as a prerequisite to obtaining a business license. Auctioneers must purchase and maintain a $2,000 surety bond.
How Do Flint Auctioneers File Their Bonds?
Auctioneers should mail or deliver their completed bond forms, including the power of attorney, to the City Clerk’s Office at the following address:
2nd Floor City Hall, 201-C
1101 South Saginaw Street
Flint, MI 48502
The bond requires signatures from both the surety company that issues the bond and the applicant. The surety company should include the following information on the bond form:
- Legal name and city of the entity/individual(s) buying the bond
- Surety company’s name, city, and state of incorporation
- Date the bond is signed
What Can Flint Auctioneers do to Avoid Claims Made Against Their Bonds?
To avoid claims on their bonds, auctioneers in Flint must follow all license regulations in the city, including some of the most important issues below that tend to cause claims:
- Do not engage in any acts of fraud
- Faithfully honor all consumer contracts
What Other Insurance Products Can Agents Offer Auctioneers in Flint?
Flint does not require auctioneers to purchase any form of liability insurance as a prerequisite to obtaining a business license. However, most reputable auctioneers will obtain this insurance anyway. Bonds are our only business at BondExchange, so we do not issue liability insurance, but our agents often utilize brokers for this specific line of business. A list of brokers in this space can be found here.
How Can Insurance Agents Prospect for Flint Auctioneer Customers?
Flint unfortunately does not provide a public database of active auctioneers in the city. We suggest contacting the Licensing Division of the City Clerk’s Office to obtain this information. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.