Ga. Comp. R. & Regs. R. 55-5-.01 - Responsibilities of the Auctioneer

(1) The principal auctioneer of an auction shall mean the auctioneer or a licensed or exempt auction company considered by the seller and the crew working the auction as the principal auctioneer, or by contract as the principal auctioneer, and shall be responsible for all aspects of said auction.

(2) The principal auctioneer shall be responsible for the inclusion of his/her name and license number or the name and license number of the auctioneer and/or auction company for which the auctioneer is employed in any circular and in any other type advertisement advertising an auction.

(3) The auction company shall be responsible for maintaining for a period of three years from each auction:

(a) An executed contract, which shall include:

1. The name(s), and address(es), telephone number(s) and signature(s) of the seller(s) of the property offered;

2. The name(s), addresses(es), telephone number(s) and signature(s) of the auctioneer in charge of the sale;

3. The date of execution;

4. The proposed date and place that the auction is to be held;

5. Terms of compensation;

6. Date of proposed settlement.

(b) A closing statement, which shall include:

1. The name(s) and address(es) of the seller(s) of the property offered;

2. The price at which the property sold;

3. The date and place of said auction;

4. The date the proceeds were delivered to said owner;

5. Signature(s) of the seller(s); and

6. Lists of items sold.

(These records shall be subject to inspection, upon request by the Commission or its representative.)

Notes

Ga. Comp. R. & Regs. R. 55-5-.01

O.C.G.A. Secs. 43-6-7, 43-6-11, 43-6-15, 43-6-21.

Original Rule entitled "Responsibilities of the Auctioneer" adopted. F. Aug. 23, 1976; eff. Sept. 12, 1976. Amended: F. Apr. 18, 1977; eff. May 8, 1977. Amended: F. July 11, 1986; eff. July 31, 1986. Amended: F. Mar. 9, 1988; eff. Mar. 29, 1988. Amended: F. May 17, 1990; eff. June 6, 1990. Amended: F. Oct. 24, 1991; eff. Nov. 13, 1991. Amended: F. Feb. 25, 1997; eff. Mar. 17, 1997. Repealed: New Rule of same title adopted. F. May 9, 2002; eff. May 29, 2002.