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Committee advances auctioneer licensing overhaul; bond raised to $25,000, apprentices allowed brief grace period
Summary
Senate Bill 759 would broaden the definition of "auction," raise the required surety bond for licensed auctioneers from $10,000 to $25,000, allow apprentices to perform auctions for up to 30 days after license expiration if renewal paperwork is submitted, require auction firms to register and pay a fee, and make it unlawful to advertise a sale as an auction if it does not meet the new definition; counsel said the Department of Agriculture's fiscal note shows no fiscal impact and the committee reported the bill.
Counsel presented Senate Bill 759 to the committee as a package of changes to auctioneer licensing and auction definitions. The bill would broaden the definition of "auction," amend exceptions to the licensing requirement, raise the required surety bond for becoming a licensed auctioneer from $10,000 to $25,000, allow apprentice auctioneers to perform auctions for up to 30 days after their license expires provided renewal paperwork has been submitted, require auction firms to register and submit a fee, and require auction firms to post a surety bond unless they are owned by a licensed auctioneer operating under that auctioneer's bond. The bill also makes it unlawful to advertise a sale as an auction if it does not meet the statute's definition.
Counsel told the committee the Department of Agriculture's fiscal note indicates no fiscal impact. Vice Chairman moved that the bill be reported to the full Senate with a recommendation that it pass; the committee approved the motion by voice vote.
The committee reported the bill to the full Senate; the changes would modify licensure thresholds and definitions for auctioneers and auction firms.
