Public automobile auctioneers must abide by a new law known as SB 3590 under Tennessee state law. The new law requires public automobile auctioneers to be licensed and post a surety bond of $50,000 from a certified bonding company; it is also mandatory to acquire liability insurance in the amount of $500,000. The new law is specifically for auctioneers who perform auctions that are open to the public.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.