Tennessee Public Automobile Auction License Surety Bond
The Tennessee Public Automobile Auction License requires individuals/businesses to post and maintain a $50,000.00 TN Public Automobile Auction License Surety Bond to be in compliance with Chapter 79, Tennessee Public Acts of 1955 of the Tennessee statutes.. This bond has a mandatory annual expiration date of June 30th of each year.
Public Automobile Auction licensees are any individual or business offering motor vehicles for sale to the public in the format of an auction. Similar to a Motor Vehicle Dealer, the Auctioneer is responsible for all aspects of the sale and strict compliance with state laws. This includes but is not limited to the accounting for all proceeds, providing a closing statement to the seller(s) and maintaining proper records of the transactions.
Who needs a Tennessee (TN) Public Automobile Auction License bond?
Individuals or Businesses seeking to become or already licensed as a Tennessee Public Automobile Auctioneer must be properly licensed with the Tennessee Auctioneer Commission in order to hold public autions of automobiles, which by definition "means offering motor vehicles for sale to the highest bidder where buyers are members of the public, by any motor vehicle dealer licensed to sell used motor vehicles, and which dealer is licensed as a public automobile auctioneer by the Tennessee Auctioneer Commission; provided, that no public automobile auction as herein defined shall otherwise limit the auctioning of used motor vehicles exclusively to licensed motor vehicle dealers or their duly authorized agents. The Auctioneer shall be responsible for the advertising and management of the sale and account for all proceeds therefrom and shall, over his signature, issue a closing statement to the seller or sellers."
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