§ 85B-4.9 – Subrogation of rights.
85B-4.9. Subrogation of rights. When the Commission has paid from the Fund any sum to the judgment creditor, the Commission shall be subrogated to all of the rights of the judgment creditor to the extent of the amount paid and the judgment creditor shall assign all his right, title, and interest in the judgment to […]
§ 85B-4.10 – Waiver of rights.
85B-4.10. Waiver of rights. The failure of an aggrieved person to comply with this Chapter shall constitute a waiver of any rights hereunder. (1991 (Reg. Sess., 1992), c. 819, s. 14.)
§ 85B-4.11 – Persons ineligible to recover from Fund.
85B-4.11. Persons ineligible to recover from Fund. No licensee who suffers the loss of any commission from any transaction in which the licensee was acting in the capacity of an auctioneer, apprentice auctioneer, or auction firm shall be entitled to make application for payment from the Fund for the loss. Likewise, any person who suffers […]
§ 85B-4.12 – Disciplinary action against licensee.
85B-4.12. Disciplinary action against licensee. Nothing contained in this Article shall limit the authority of the Commission to take disciplinary action against any licensee under this Chapter, nor shall the repayment in full of all obligations to the Fund by any licensee nullify or modify the effect of any other disciplinary proceeding brought under this […]
§ 85B-5 – Licensing of nonresidents.
85B-5. Licensing of nonresidents. (a) Any person who holds a valid auctioneer license in another state may apply for and be granted a reciprocal North Carolina license if the resident state in which the person is licensed has minimum training or experience standards which are acceptable to the Commission but are not more lenient than […]
§ 85B-6 – Fees; local governments not to charge fees or require licenses.
85B-6. Fees; local governments not to charge fees or require licenses. (a) The Commission shall collect and remit to the State Treasurer fees in an amount not to exceed the following: Item Maximum Fee Apprentice Auctioneers: Application for license…………………………………………………………………….. $ 125.00 Issuance or renewal of license………………………………………………………….. 125.00 Auctioneers: Application for license…………………………………………………………………….. 125.00 Examination…………………………………………………………………………………… 75.00 Issuance […]
§ 85B-7 – Conduct of auction; records.
85B-7. Conduct of auction; records. (a) No licensee shall conduct an auction in this State without first having a written agreement with the owner of any property to be sold. The agreement must contain the terms and conditions upon which the auctioneer received the goods for sale. The licensee shall provide the owner with a […]
§ 85B-7.1 – Handling clients' funds.
85B-7.1. Handling clients’ funds. (a) Each licensee who does not disburse all funds to the seller on auction day shall maintain a trust or escrow account and shall deposit in the account all funds that are received for the benefit of another person and are not disbursed to the seller on auction day. The licensee […]
§ 85B-8 – Prohibited acts; assessment of civil penalty; denial, suspension, or revocation of license.
85B-8. Prohibited acts; assessment of civil penalty; denial, suspension, or revocation of license. (a) The following shall be grounds for the assessment of a civil penalty in accordance with G.S. 85B-3.1(b) or the denial, suspension, or revocation of an auctioneer, auctioneer apprentice, or auction firm license: (1) Any violation of this Chapter or any violation […]
§ 85B-9 – Penalties and enforcement.
85B-9. Penalties and enforcement. (a) Any person, corporation or association of persons violating the provisions of G.S. 85B-4(a) shall be guilty of a Class 1 misdemeanor. The Attorney General of North Carolina, or the Attorney General’s designee, shall have concurrent jurisdiction with the district attorneys of this State to prosecute violations of this Chapter. (b) […]