As Amended
SEC. 73-4-27. Locations entitled to auction galley license; additional requirements for holders of auction gallery licenses.
The auction gallery license is intended for those fixed site locations which have recurring sales, receive goods from numerous consignors during extended periods, and only desire to use a licensed auctioneer to call bids and strike the bargain between buyer and seller.
In addition to the other requirements contained elsewhere in this chapter, the holder of an auction gallery license shall comply with the following:
(a) Enter into a written contract with a licensed auctioneer to call bids prior to the start of any auction sale. A copy of such contract shall be maintained on the premises and available for inspection by the commission.
(b) Conspicuously post at the gallery location the license and the name of licensee.
(c) Maintain complete records of each sale held at the licensed premises which shall include, but shall not be limited to, consignment receipts, bidder registrations, final settlements with consignors and any other documents relevant to the conduct of the sale. These records shall be maintained for a period of one (1) year from the date of the sale.
(d) Maintain a file on all current and past employees of the auction gallery for the previous year. Such file should contain the employee's name, last known address and Social Security Number.
(e) Assume responsibility for all checks, drafts and other negotiable instruments tendered by buyers in payment for goods sold through the auction gallery.
(f) Deposit all proceeds from auction sales into the licensee's escrow account and make all disbursements from such escrow account.
(g) The licensee shall make all of his records pertaining to the auction gallery available to a member or employee of the commission for inspection upon demand.
SOURCES: Laws, 1995, ch. 405 Sec. 14, eff from and after July 1, 1995