§ 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 […]
§ 85B-4.3 – Hearing; required showing.
85B-4.3. Hearing; required showing. Upon application by an aggrieved person, the Commission shall conduct a hearing and the aggrieved person shall be required to show that: (1) The person is not a spouse of the judgment debtor or a person representing such spouse; (2) The person gave notice of the lawsuit as required by G.S. […]