WAC 308-11-050
WAC 308-11-050. Surety bond or other security in lieu of bond required
(1) As required by chapter 18.11 RCW, the amount of the surety bond or other security in lieu of the bond to be filed and maintained for an auctioneer license shall be five thousand dollars.
(2) The amount of the surety bond or other security in lieu of the bond to be filed and maintained for an auction company license shall be based upon the value of the gross sales during the previous calendar year according to the following scale:
GROSS SALES BOND/SECURITY AMOUNT $ 0.00 to $ 24,999.99 $ 5,000.00 $ 25,000.00 to $ 49,999.99 $ 10,000.00 $ 50,000.00 to $ 99,999.99 $ 15,000.00 $ 100,000.00 to $ 499,999.99 $ 20,000.00 $ 500,000.00 & Above $ 25,000.00
GROSS SALES
BOND/SECURITY
AMOUNT
$
0.00
to
$
24,999.99
$
5,000.00
$
25,000.00
to
$
49,999.99
$
10,000.00
$
50,000.00
to
$
99,999.99
$
15,000.00
$
100,000.00
to
$
499,999.99
$
20,000.00
$
500,000.00
&
Above
$
25,000.00
(3) All auction companies upon application or with license renewal, shall submit a financial certification affidavit on forms provided by the department.
(4) Each licensee must maintain such a surety bond, or other security in lieu of a bond, in an active status at all times during the period of licensure.