Bill 2308

                    Current Status

Bill Number:               2308
Ratification Number:       260
Act Number:                171
Introducing Body:          House
Subject:                        Auctions and auctioneers

(A171, R260, H2308)

AN ACT TO AMEND ACT 111 OF 1977, AS AMENDED, RELATING TO AUCTIONS AND AUCTIONEERS, SO AS TO REQUIRE ENTITIES TO OBTAIN AUCTION FIRM LICENSES, TO PRESCRIBE FEES FOR THE LICENSES, AND REQUIRE THE ENTITIES TO BE BONDED.

Be it enacted by the General Assembly of the State of South Carolina:

License required

SECTION 1. Section 5 of Act 111 of 1977 is amended to read:

"Section 5. No person shall sell or offer his service to sell goods or real estate at auction unless he holds a currently valid auctioneer or apprentice auctioneer license. No individual, partnership, corporation, or any other legal or commercial entity shall sell or offer its service to sell goods or real estate at auction unless the entity holds a currently valid auction firm license, but no such entity is required to hold an auction firm license to sell livestock, tobacco, or motor vehicles at auction so long as those sales are regulated by another state agency.

Provided, however, if the commercial entity consists of, or is entirely owned by, only one individual auctioneer who holds a currently valid individual auctioneer license, then that commercial entity will not be required to hold an auction firm license."

Bond

SECTION 2. Section 10 of Act 111 of 1977 is amended to read:

"Section 10. No person may be issued an auctioneer license nor shall an individual, partnership, corporation, or any other legal or commercial entity be issued a firm license until he or the entity has filed with the commission an approved bond with the applicant as principal, payable to the State of South Carolina, in the amount of five thousand dollars. No person may be issued an apprentice auctioneer license until he has filed with the commission an approved bond with the applicant as principal, payable to the State of South Carolina, in the amount of one thousand dollars. Each bond shall have as surety a surety company authorized to do business in this State. The bond must be conditioned for the faithful performance of all contracts relating to sale at auction, and must be made available for the benefit of any person contracting with the named principal for the holding of sale at auction for damages suffered by reasons of the misconduct of the principal in failing to hold or in holding the sale. Claim must be made to the commission on its form and payment must be made by the surety company on order of the commission."

Application

SECTION 3. Section 11 of Act 111 of 1977 is amended to read:

"Section 11. An individual, partnership, corporation, or any other legal or commercial entity, upon application in a form approved by the commission, may be licensed as an auction firm."

Fee

SECTION 4. Section 14 of Act 111 of 1977, as last amended by Section 3 of Part II of Act 644 of 1978, is further amended to read:

"Section 14. Each person licensed as an auctioneer shall pay an annual license fee to the commission. Funds derived under the provisions of this chapter must be paid to the State Treasurer who shall keep them in the manner provided for other agencies and boards of the State. The fees are (1) for examination, twenty-five dollars; (2) for apprentice license for one year, twenty-five dollars; (3) for auctioneer license for one year, one hundred dollars; (4) for license for one year as an auction firm, fifty dollars."

Time effective

SECTION 5. This act shall take effect upon approval by the Governor.