North Carolina · statute · N.C. Gen. Stat. ch. 85B · 24 active provisions
Definitions. For the purposes of this Chapter, the following definitions apply: (1) Absolute auction. - The sale of real or personal property at auction in which the item offered for auction is sold to the highest bidder without reserve, without the requirement of a minimum bid, and without competing bids of any type b…
Activities governed by Chapter. (a) This Chapter shall apply to all auctions held in this State except the following: (1) Sales at auction conducted by the owner of all of the goods or real estate being offered, or an attorney representing the owner, unless the owner's regular course of business includes engaging in th…
Auctioneers Commission. (a) There shall be a five-member North Carolina Auctioneers Commission having the powers and responsibilities set out in this Chapter. The Governor shall appoint the members of the Commission, at least three of whom, and their successors, may be from nominations submitted by the Auctioneers Asso…
Auctioneers Commission; powers and duties. (a) The Commission shall have the following powers and duties: (1) To receive and act upon applications for licenses. (2) To issue licenses. (3) To deny, suspend, and revoke licenses pursuant to G.S. 85B-8. (4) To issue declaratory rulings. (5) To adopt rules for auctioneers a…
Criminal history record checks of applicants for licensure. (a) Definitions. - The following definitions apply in this section: (1) Applicant. - An applicant for initial licensure as an auctioneer, apprentice auctioneer, or auction firm. (2) Criminal history. - A State or federal history of conviction of a crime, wheth…
Licenses required. (a) No person who is not exempt under G.S. 85B-2, shall sell, or offer to sell, goods or real estate at auction in this State or perform any act for which an auction firm license is required unless the person holds a currently valid license issued under this Chapter. (b) No person shall be licensed a…
Auctioneer Recovery Fund. (a) In addition to license fees, upon application for a license or renewal of a license, the Commission may charge the applicant or licensee up to fifty dollars ($50.00) per year to be included in the Fund. (b) The Commission shall maintain at least two hundred thousand dollars ($200,000) in t…
Grounds for payment; notice and application to Commission. An aggrieved person who has suffered a monetary loss as a direct result of the conversion of funds or property or other fraudulent act or conduct by a licensed auctioneer, apprentice auctioneer, or auction firm shall be eligible to seek compensation from the Fu…
Hearing; required showing. Upon application by an aggrieved person, the Commission shall conduct a hearing and the aggrieved person shall be required to show that: (1) The person is not a spouse of the judgment debtor or a person representing such spouse; (2) The person gave notice of the lawsuit as required by G.S. 85…
Response and defense by Commission and judgment debtor; proof of conversion or other fraudulent act. (a) When the Commission proceeds upon an application as set forth in this Article, counsel for the Commission may defend action on behalf of the Fund and shall have recourse to all appropriate means of defense, includin…
Determination of certain small claims without a prior judicial determination. Notwithstanding any other provisions of this Chapter, the Commission may, in its discretion, order that payment be made from the Fund, without requiring a prior judicial determination in any case where: (1) The total loss claimed by the claim…
Order directing payment out of Fund; compromise of claims. (a) Applications for payment from the Fund shall be heard and decided by a majority of the members of the Commission. If, after a hearing, the Commission finds that the claim should be paid from the Fund, the Commission shall enter an order requiring payment fr…
Limitations; pro rata distribution; attorneys' fees. (a) Payments from the Fund shall be subject to the following limitations: (1) The right to recovery under this Article shall be forever barred unless timely notice is given as required by G.S. 85B-4.2(a)(1) and application is made within one year after termination of…
Repayment to Fund; automatic suspension of license. Should the Commission pay from the Fund any amount in settlement of a claim or toward satisfaction of a judgment against a licensee, the license of the licensee shall be automatically suspended upon the effective date of the order authorizing payment from the Fund. Th…
Subrogation of rights. When the Commission has paid from the Fund any sum to the judgment creditor, the Commission shall be subrogated to all of the rights of the judgment creditor to the extent of the amount paid and the judgment creditor shall assign all his right, title, and interest in the judgment to the extent of…
Waiver of rights. The failure of an aggrieved person to comply with this Chapter shall constitute a waiver of any rights hereunder. (1991 (Reg. Sess., 1992), c. 819, s. 14.)
Persons ineligible to recover from Fund. No licensee who suffers the loss of any commission from any transaction in which the licensee was acting in the capacity of an auctioneer, apprentice auctioneer, or auction firm shall be entitled to make application for payment from the Fund for the loss. Likewise, any person wh…
Disciplinary action against licensee. Nothing contained in this Article shall limit the authority of the Commission to take disciplinary action against any licensee under this Chapter, nor shall the repayment in full of all obligations to the Fund by any licensee nullify or modify the effect of any other disciplinary p…
Licensing of nonresidents. (a) Any person who holds a valid auctioneer license in another state may apply for and be granted a reciprocal North Carolina license if the resident state in which the person is licensed has minimum training or experience standards which are acceptable to the Commission but are not more leni…
Fees; local governments not to charge fees or require licenses. (a) The Commission shall collect and remit to the State Treasurer fees in an amount not to exceed the following: Item Maximum Fee Apprentice Auctioneers: Application for license $ 125.00 Issuance or renewal of license 125.00 Auctioneers: Application for li…
Conduct of auction; records. (a) No licensee shall conduct an auction in this State without first having a written agreement with the owner of any property to be sold. The agreement must contain the terms and conditions upon which the auctioneer received the goods for sale. The licensee shall provide the owner with a s…
Handling clients' funds. (a) Each licensee who does not disburse all funds to the seller on auction day shall maintain a trust or escrow account and shall deposit in the account all funds that are received for the benefit of another person and are not disbursed to the seller on auction day. The licensee shall deposit f…
Prohibited acts; assessment of civil penalty; denial, suspension, or revocation of license. (a) The following shall be grounds for the assessment of a civil penalty in accordance with G.S. 85B-3.1(b) or the denial, suspension, or revocation of an auctioneer, auctioneer apprentice, or auction firm license: (1) Any viola…
Penalties and enforcement. (a) Any person, corporation or association of persons violating the provisions of G.S. 85B-4(a) shall be guilty of a Class 1 misdemeanor. The Attorney General of North Carolina, or the Attorney General's designee, shall have concurrent jurisdiction with the district attorneys of this State to…