§ 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) […]
§ 85B-4.4 – Response and defense by Commission and judgment debtor; proof of conversion or other fraudulent act.
85B-4.4. Response and defense by Commission and judgment debtor; proof of conversion or other fraudulent act. (a) When the Commission proceeds upon an application as set forth in this Article, counsel for the Commission may defend action on behalf of the Fund and shall have recourse to all appropriate means of defense, including the examination […]
§ 85B-4.5 – Determination of certain small claims without a prior judicial determination.
85B-4.5. Determination of certain small claims without a prior judicial determination. Notwithstanding any other provisions of this Chapter, the Commission may, in its discretion, order that payment be made from the Fund, without requiring a prior judicial determination in any case where: (1) The total loss claimed by the claimant is two thousand five hundred […]
§ 85B-4.6 – Order directing payment out of Fund; compromise of claims.
85B-4.6. Order directing payment out of Fund; compromise of claims. (a) Applications for payment from the Fund shall be heard and decided by a majority of the members of the Commission. If, after a hearing, the Commission finds that the claim should be paid from the Fund, the Commission shall enter an order requiring payment […]
§ 85B-4.7 – Limitations; pro rata distribution; attorneys' fees.
85B-4.7. Limitations; pro rata distribution; attorneys’ fees. (a) Payments from the Fund shall be subject to the following limitations: (1) The right to recovery under this Article shall be forever barred unless timely notice is given as required by G.S. 85B-4.2(a)(1) and application is made within one year after termination of all proceedings, including appeals, […]
§ 85B-4.8 – Repayment to Fund; automatic suspension of license.
85B-4.8. Repayment to Fund; automatic suspension of license. Should the Commission pay from the Fund any amount in settlement of a claim or toward satisfaction of a judgment against a licensee, the license of the licensee shall be automatically suspended upon the effective date of the order authorizing payment from the Fund. The licensee shall […]
§ 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 […]