As Amended
SEC. 73-4-25. Grounds for disciplinary proceedings against licensees.
(1) Commission of any of the following acts by a licensee may subject the licensee to the disciplinary provisions contained herein:
(a) Knowingly filing or causing to be filed a false application.
(b) Failure to enter into a written contract with a seller or consignor prior to placing or permitting advertising for an auction sale to be placed.
(c) Failure by the licensee to give the seller or consignor a signed receipt for items received for sale at auction, either by item or lot number at the time the goods are received, unless the goods are to remain in the possession of the seller or consignor.
(d) Failure to give the seller or consignor a statement or lot description, selling price, purchaser's identity and the net proceeds due to the seller or consignor.
(e) Failure to place funds received from an auction sale in an escrow or trust account, and failure to make timely settlement on escrowed funds. Absent a written agreement to the contrary, five (5) business days shall be deemed timely for settlement on personal property.
(f) Permitting an unlicensed auctioneer to call for bids in an auction sale.
(g) Being convicted of one or more felonies.
(h) Any course of intentional willful or wanton conduct by a licensee or such licensee's employees which misleads or creates a false impression among the seller, buyer, bidders and the auctioneer in the advertising, conducting and closing of an auction sale.
(2) In addition to the acts specified in subsection (1) of this section, the commission shall be authorized to suspend the license of any licensee for being out of compliance with an order for support, as defined in Section 93-11-153. The procedure for suspension of a license for being out of compliance with an order for support, and the procedure for the reissuance or reinstatement of a license suspended for that purpose, and the payment of any fees for the reissuance or reinstatement of a license suspended for that purpose, shall be governed by Section 93-11-157 or 93-11-163. If there is any conflict between any provision of Section 93-11-157 or 93-11-163 and any provision of this chapter, the provisions of Section 93-11-157 or 93-11-163, as the case may be, shall control.
SOURCES: Laws, 1995, ch. 405 Sec. 13, eff from and after July 1, 1995 Laws, 1996, ch. 507, Sec. 30, eff from and after July 1, 1996