§ 37:3118 — Bond requirements

Louisiana § 37:3118

• Jurisdiction: Louisiana
• Title 37: Professions and Occupations

Text

§3118. Bond requirements
A.(1) Each applicant for licensure as an auctioneer or apprentice auctioneer shall
deliver to and deposit with the board at the time of application either the sum of ten thousand
dollars in cash or a surety bond in the amount of ten thousand dollars. Each applicant for
licensure as an auction business shall deliver to and deposit with the board at the time of
application either the sum of twenty-five thousand dollars in cash or a surety bond in the
amount of twenty-five thousand dollars. Such bond shall:
(a) Be executed by the applicant as principal and by a surety company qualified to
do business in the state as a surety.
(b) Be in a form approved by the board.
(c) Be conditioned upon compliance by the applicant with the conditions of any
written auctioneer's contract made by such applicant in connection with a sale or auction in
which he is a party.
(d) Be conditioned upon the assurance that the applicant shall not violate any
provision of this Chapter or state law in the conduct of the business for which he is licensed.
(e) Be made payable to the board for the use, benefit, and indemnity of any person
who suffers any loss as a result of a violation of this Chapter and for the proper disposition
of all funds, taxes, and registration fees.
(f) Be for the period of licensure on a calendar year basis.
(2) The bond shall be maintained throughout the period of licensure. If the bond is
canceled for any reason, the license shall be revoked as of the date of cancellation unless a
new bond is furnished prior to that date.
(3) A new bond or a proper continuation certificate shall be delivered to the board
at the beginning of each period of licensure. However, the aggregate liability of the surety
in any one year shall not exceed the sum of the bond.
(4) Repealed by Acts 2024, No. 786, §2, eff. Jan. 1, 2025.
B. The board may promulgate rules to require a cash deposit or surety bond not to
exceed an amount equal to that as required by Paragraph (A)(1) of this Section as a
condition of reinstatement of a license revoked, canceled, suspended, or otherwise restricted
pursuant to R.S. 37:3121.
C. The board may promulgate rules to require a cash deposit or surety bond not to
exceed ten thousand dollars of a nonresident auctioneer either licensed in or conducting an
auction in Louisiana under the reciprocity provisions of R.S. 37:3117 if a bond is required
of a Louisiana auctioneer for licensure or the conduct of an auction in the licensing
jurisdiction of such nonresident auctioneer.
D.(1) An auction business which is owned by a nonresident auctioneer and which
receives its license through the reciprocity provision of R.S. 37:3117 shall, prior to being
licensed by the board, post a surety bond in an amount which shall be the greater of either:
(a) Twenty-five thousand dollars.
(b) The amount of the bond required of an auction business owned by an auctioneer
licensed in Louisiana in the licensing jurisdiction of such nonresident auctioneer.
(2) Such bond shall name the board as beneficiary.

Legislative History

Added by Acts 1983, No. 508, §5. Amended by Acts 1986, No. 564, §1, eff. July 2, 1986; Acts 1986, No. 681, §1; Acts 1987, No. 157, §2; Acts 1995, No. 277, §1; Acts 1997, No. 923, §1; Acts 2000, 1st Ex. Sess., No. 126, §1; Acts 2003, No. 1111, §1; Acts 2024, No. 786, §§1, 2, eff. Jan. 1, 2025.