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Chapter 55-7 COMPANY REGISTRATION

Rule 55-7-.01 Full-time Auctioneer

A "full-time auctioneer licensed by the Commission" is:

(a) an individual licensed by the Commission who owns the company; or
(b) an individual licensed by the Commission who is employed by the company and who works as an auctioneer exclusively for that company.

Rule 55-7-.02 Definition/Responsibilities of Auctioneer Directly Supervising the Company

(1) The auctioneer directly supervising the company is a full-time auctioneer licensed by the Commission who shall be responsible for the advertising and management of the sale, shall account for all proceeds therefrom and shall sign and issue a closing statement to the seller.
(2) Any circular or other advertisement advertising a sale shall contain the name and number of the full-time auctioneer directly supervising the company.

Rule 55-7-.03 Notarized Statement

A company applying for exemption from company registration must provide a notarized statement from the auctioneer owning or directly supervising the company stating:

(a) That the auctioneer works as an auctioneer exclusively for the company and that he directly supervises the company or that the auctioneer owns the company; and
(b) the auctioneer's Georgia auctioneers license number.

Rule 55-7-.04 Loss of Auctioneer Directly Supervising the Company

A company that applies for and receives exemption from company registration must provide written notification to the Commission within 15 days of termination of ownership or the relationship between the company and the full-time auctioneer directly supervising the company. Furthermore, immediately upon such termination, the company must either register with the Commission or cease all business of auctioneering until such time as it retains a full-time auctioneer to directly supervise the company and is granted another exemption from the Commission upon compliance with Rule 55-7-.03.