§ 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 […]
§ 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 […]