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Committee updates auctioneer licensing, bonding and complaint process; adds compensation option for board members
Summary
Senate Bill 8-90 committee substitute broadened the auction definition, raised the required bond to $25,000, added firm registration, clarified complaint procedures, and authorized compensation for board members; committee heard testimony from Rocky Peck of the Auctioneers Board.
The committee adopted a committee substitute for Senate Bill 8-90 that makes multiple changes to the auctioneer licensing and regulation code: it broadens the statutory definition of "auction," revises exceptions to licensure requirements, raises the surety bond requirement for auctioneers from $10,000 to $25,000, permits apprentice auctioneers and firms to conduct auctions for up to 30 days after paperwork is submitted for renewal, requires auction firms to register and post a surety bond (with exceptions for…
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