The $10,000 Auctioneer Bond is a requirement set by the Alabama State Board of Auctioneers (ASBA) to protect the public from harm by auctioneers and their apprentices who break license rules and regulations. This bond, provided by Jet, helps demonstrate compliance with licensing requirements and is a way to ensure compensation for damages from unlawful actions.
Buying your Auctioneer Bond with Jet shows the ASBA that you are joined in its effort to protect the safety and welfare of the public.
You can purchase an Auctioneer Bond for $100 at Jet, guaranteed! You are automatically approved for the $100 rate, no credit check required! The chart below shows the different purchasing options available.
You already know how much the Auctioneer Bond costs, all that’s left to do is purchase! Simply fill out our online application with the information needed for the bond form. Within minutes, you’ll be able to make payment for your preferred term.
After you have finished the Auctioneer Bond application and completed payment, Jet will send you an emailed copy of your bond and a receipt that you can keep for your records. Our team will prepare the original bond form and mail it directly to the ASBS for filing, unless you indicate that you wish to complete the filing during checkout.
Once the original bond is signed, it is to be mailed to:
Alabama State Board of Auctioneers
2777 Zelda Rd
Montgomery, AL 36106
The Auctioneer Bond will be kept active until cancellation is requested. If you need to cancel your bond, send a written notice to our office or an email to [email protected] so we can notify the ASBS to begin the 60-day cancellation period. If you are paying monthly for the bond, your bond will remain active as long as payments are continuous. After the cancellation is complete, you will no longer be charged. For bonds that were purchased annually or in multi-year terms, Jet will review the remaining time left to determine if a refund is applicable following the complete cancellation of the bond.
To renew your bond, you must fill out the renewal notice that you receive from Jet. Whether by mail or online, it only takes a minute to pay for the new bond term and keep your bond active; no additional paperwork is required. With monthly payments, renewals are a thing of the past! Each payment that comes out of your preferred account will keep the bond active.
As an auctioneer, you are expected to follow the Auctioneers License Act (Title 34, Chapter 4 of the Code of Alabama) to avoid implications from the ASBA or claims on your Auctioneer Bond. A claim can be filed by any person who has been damaged because of your actions that were in violation of the act. This includes:
Even criminal offenses, such as a felony or a misdemeanor of moral turpitude, are a violation of your responsibility as an auctioneer. You should be familiar with the standards that the ASBA expects of its auctioneers and apprentice auctioneers through the licensing process. Along with a thorough application process (which checks for a criminal record), your licensing exam tests your knowledge of the Auctioneers License Act and ethics, mathematics, and other skills useful for the license. If you follow the rules of this act, you should not receive a claim.
However, if a claim is initiated on your Auctioneer Bond, let Jet know straight away! You should be open and communicative during this time, as Jet will be working to defend you against false claims. If the claim proves to be valid, Jet must pay the claimant up to the full $10,000 limit of the bond. Once the bond has been used for a claim, you need to restore the bond to its full limit to avoid license suspension or revocation.