Chapter 55-5 CONDUCT OF AUCTIONS

Rule 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.)

Rule 55-5-.02 Escrow Accounts

(1)

Prior to the issuance of a license, each auctioneer shall forward or shall cause to be forwarded to the Commission the following:

(a)	The name of the bank and the account number of any escrow or trustee account wherein the funds of others held by the Auctioneer are maintained.

(b)	An authorization permitting the examination of any escrow or trustee account by a duly authorized representative of the Commission when so directed by the Commission.

(2)	All licensed auctioneers are required to deposit all proceeds from all auctions into an/a escrow/trust account(s), within forty-eight (48) hours or the next business day after collection of the funds, unless settlement is made within 24 hours.

(3)

Any licensed auctioneer in Georgia who works directly for an auction company or who works directly for another licensed auctioneer who maintains an active escrow account may use that escrow account and number in all applications for licensure or renewal, provided that the escrow account is used solely for the purpose of holding funds of others in relation to auctions.

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