What happens if the bond for an auctioneer is cancelled by the bonding company?

When the bond for an auctioneer is cancelled by the bonding company, it results in the automatic suspension of the auctioneer's license. This is because the bond serves as a form of financial protection for consumers and ensures that the auctioneer complies with state regulations and ethical practices. Without an active bond, the auctioneer no longer meets the legal requirement to operate, leading to the suspension of their license until a new bond is secured. This situation emphasizes the importance of maintaining an active bond in order to legally conduct auctions and protect the interests of clients and the public.