§ 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-3.1 – Auctioneers Commission; powers and duties.
85B-3.1. Auctioneers Commission; powers and duties. (a) The Commission shall have the following powers and duties: (1) To receive and act upon applications for licenses. (2) To issue licenses. (3) To deny, suspend, and revoke licenses pursuant to G.S. 85B-8. (4) To issue declaratory rulings. (5) To adopt rules for auctioneers and auctions that are […]
§ 85B-3.2 – Criminal history record checks of applicants for licensure.
85B-3.2. Criminal history record checks of applicants for licensure. (a) Definitions. – The following definitions apply in this section: (1) Applicant. – An applicant for initial licensure as an auctioneer, apprentice auctioneer, or auction firm. (2) Criminal history. – A State or federal history of conviction of a crime, whether a misdemeanor or felony, that […]
§ 85B-4 – Licenses required.
85B-4. Licenses required. (a) No person who is not exempt under G.S. 85B-2, shall sell, or offer to sell, goods or real estate at auction in this State or perform any act for which an auction firm license is required unless the person holds a currently valid license issued under this Chapter. (b) No person […]
§ 85B-4.1 – Auctioneer Recovery Fund.
85B-4.1. Auctioneer Recovery Fund. (a) In addition to license fees, upon application for a license or renewal of a license, the Commission may charge the applicant or licensee up to fifty dollars ($50.00) per year to be included in the Fund. (b) The Commission shall maintain at least two hundred thousand dollars ($200,000) in the […]
§ 85B-4.2 – Grounds for payment; notice and application to Commission.
85B-4.2. Grounds for payment; notice and application to Commission. An aggrieved person who has suffered a monetary loss as a direct result of the conversion of funds or property or other fraudulent act or conduct by a licensed auctioneer, apprentice auctioneer, or auction firm shall be eligible to seek compensation from the Fund subject to […]