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Have a question? +1 815-826-6324 (815-8-BondAI) phil@AmericasSuretyBonds.com
Army Veteran Owned | Expert Surety Bonds Since 2004
Florida does not require a $10,000 auctioneer surety bond. Chapter 468, Part VI, which governs auctioneers, apprentices and auction businesses, contains no bonding section at all. What Florida uses instead is the Auctioneer Recovery Fund at sections 468.392 through 468.399, paid for by a surcharge added to the license fee, capped by the board at $300. If a bond has been quoted to you for a Florida auctioneer license, ask which statute or rule it comes from, because the state's own licensing pages point to the recovery fund rather than to a bond.
Florida licenses auctioneers, auctioneer apprentices and auction businesses through the Board of Auctioneers under Chapter 468, Part VI. That part sets qualifications, examination and apprenticeship requirements, conduct standards and the Auctioneer Recovery Fund, but it does not impose a surety bond on licensees. Consumers who obtain a final board order or court judgment against a licensee may claim from the recovery fund, which pays up to $50,000 per claim and $100,000 in the aggregate for any one licensee.
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Part VI of Chapter 468 runs from 468.381 to 468.399 and covers purpose, definitions, exemptions, the board, licenses and examination, renewal, reactivation, apprenticeship training, fees and local licensing, licensure of nonresidents, conduct of an auction, prohibited acts, penalties, and then the Auctioneer Recovery Fund sections. There is no surety bond section in that list, and 468.385 sets out licensure without a bond.
The Auctioneer Recovery Fund. Under 468.393 each licensee pays, in addition to the application and license fee, a surcharge in an amount determined by the board, not to exceed $300. If the fund including principal and interest exceeds $500,000 at the end of a fiscal year after claims and expenses, the excess stays in the fund to delay future surcharge increases. If the fund falls below $200,000 at fiscal year end, the board assesses an additional surcharge on licensees receiving initial or renewal licenses in the following year, calculated by dividing the shortfall from $500,000 by the number of initial and renewal licenses issued in the prior year.
Under 468.395 a claimant must have a final board order directing restitution that cannot be enforced, or a final court judgment against the licensee, and must show reasonable collection efforts first. Payment may not exceed $50,000 per claim, with an aggregate cap of $100,000 for any one licensee. Claims must be filed within two years of discovery of the wrongful act and never more than four years after the act. When valid claims against a single licensee exceed the cap, 468.396 distributes the money among claimants in the ratio their claims bear to the aggregate of all valid claims.
468.388 requires all sale proceeds received for another person to be deposited in an escrow or trust account in an insured bank or savings and loan located in Florida within 2 working days after the auction. Separate ledgers must be maintained for at least two years and reconciled monthly with bank statements. Funds received from the seller or the seller's agent for expenses, including advertising, must be spent for the purpose advanced or refunded to the seller at final settlement. That is the practical financial control on an auction business in Florida, and it is where most discipline starts.
Under 468.385 an applicant must be at least 18, pass a written examination covering Florida law, the Uniform Commercial Code and agency law, and either complete one year as a licensed apprentice or finish at least 80 classroom hours of board approved instruction. An apprentice application names the licensed auctioneer who has agreed to supervise, and an apprentice may not conduct an auction without the supervisor's express approval. No business may auction or offer to auction property in Florida unless licensed as an auction business or exempt under the act. Licenses are not transferable.
DBPR lists a $155 renewal fee for auctioneer apprentice, auctioneer and auction business licenses, with no continuing education required, and states that licenses expire November 30 in odd numbered years.
The likeliest explanations are a local government licensing requirement, a private contract term from a seller or venue, or a different state's rule. Ask for the citation before buying anything, and check 468.386 on fees and local licensing requirements if a city or county is the one asking.
No. Chapter 468, Part VI, which governs auctioneers, apprentices and auction businesses, contains no surety bond section. Consumer protection is handled through the Auctioneer Recovery Fund at sections 468.392 through 468.399.
The Auctioneer Recovery Fund, funded by a surcharge added to each licensee's application and license fee in an amount the board sets, not to exceed $300.
Up to $50,000 per claim, with an aggregate cap of $100,000 for any one licensee. Where valid claims against a licensee exceed the cap, the money is distributed among claimants in the ratio their claims bear to the aggregate of all valid claims.
A final board order directing restitution that cannot be enforced, or a final court judgment against the licensee, plus reasonable efforts to collect from the licensee. Claims must be filed within two years of discovering the wrongful act and never more than four years after the act.
Yes. If the fund falls below $200,000 at fiscal year end, the board assesses an additional surcharge on licensees receiving initial or renewal licenses in the following year, calculated by dividing the shortfall from $500,000 by the number of initial and renewal licenses issued the prior year.
Section 468.388 requires all sale proceeds received for another person to be deposited into an escrow or trust account at an insured bank or savings and loan located in Florida within 2 working days after the auction, with separate ledgers kept at least two years and reconciled monthly. Funds advanced by a seller for expenses such as advertising must be spent for that purpose or refunded at final settlement.
DBPR states that auctioneer apprentice, auctioneer and auction business licenses expire November 30 in odd numbered years, with a $155 renewal fee and no continuing education requirement.
Ask for the citation. The likely sources are a local government licensing ordinance, a private contract with a seller or venue, or another state's requirement. Section 468.386 addresses fees and local licensing requirements, so a city or county condition is worth checking against it before buying anything.
Sureties do not price against a statute, they price against underwriting: the applicant's personal credit, business financials, time in the industry, and any prior claims or disciplinary history. Since Florida imposes no auctioneer bond, any quote you receive is for a private or local requirement, and the amount should be confirmed with whoever is demanding it.
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