480.01 Definitions. In this chapter: (1) “Auction” means a sale transaction conducted by means of oral or written exchanges between an auctioneer and prospective purchasers of goods or real estate that consist of a series of invitations made by the auctioneer to the prospective purchasers for offers for the purchase of goods or real estate […]
480.02 Applicability. (1) This chapter applies after February 28, 1995. (2) This chapter does not apply to any of the following: (a) An auction conducted by or under the direction of an official of the United States or of this state or a county, city, village or town in this state. (b) An auction required […]
480.04 General duties and powers of board. (1) In addition to the other duties and powers of the board under this chapter, the board shall advise the secretary on matters relating to auctioneers or auction companies or to the board. (2) The board does not have rule-making authority. History: 1993 a. 102.
480.06 Rules; review of rules. (1) Before submitting any proposed rules relating to auctioneers or auction companies or to the board to the legislative council staff under s. 227.15, the department shall submit the proposed rules to the board for comment. The board shall have 30 days to submit comments on the proposed rules to […]
480.08 Registration. (1) Registration required. (a) No person may act as an auctioneer or use the title “auctioneer”, “registered auctioneer”, “certified auctioneer”, “licensed auctioneer” or any similar title unless the person is registered as an auctioneer under this chapter. (b) No person may act as an auction company unless the person is registered as an […]
480.10 Auctioneer examination. (1) The department shall conduct examinations for auctioneer registration at least semiannually at times and places determined by the department. The department shall provide public notice of each examination at least 60 days before the date of the examination. (2) Examinations shall consist of written or oral tests, or both, requiring applicants […]
480.12 Reciprocity. (1) Upon application and payment of the fee specified in s. 440.05 (2), the department shall register as an auctioneer an individual who holds an auctioneer certificate in another state if the department determines that the requirements for obtaining the certificate in the other state are substantially equivalent to the requirements under s. […]
480.14 Conduct of auctions. (1) No auctioneer may conduct an auction unless the auctioneer or the auction company that is managing the auction has entered into a written contract with each owner or consignor of goods or real estate that may be sold at the auction. The contract shall specify the terms and conditions upon […]
480.16 Trust accounts. All downpayments, earnest money deposits or other trust funds received by an auctioneer or auction company on behalf of the auctioneer’s or auction company’s principal or any other person shall be deposited in a common trust account maintained by the auctioneer or auction company for that purpose in a bank, savings and […]
480.18 Maintenance of records by auctioneers. (1) Unless a longer period of retention is required under sub. (2), for at least 2 years after an auctioneer conducts an auction, the auctioneer shall maintain complete and accurate records of the auction, including the name and address of each owner or consignor of goods or real estate […]
480.20 Advertisements of auctions. No person may advertise that an auction will be conducted unless the advertisement includes all of the following: (1) The name of the auctioneer who will conduct the auction and the name of any auction company that is managing the auction. (2) A statement that the auctioneer under sub. (1) is […]
480.22 Auction consumer protection fund. (1) In this section, “consumer” means a person who has purchased or intends to purchase goods or real estate at an auction. (2) If the department determines that the establishment of a consumer protection fund is necessary to protect consumers and reimburse consumers who claim losses resulting from the illegal, […]
480.24 Disciplinary proceedings and actions. (1) Subject to the rules promulgated under s. 440.03 (1), the board may make investigations or conduct hearings to determine whether a violation of this chapter or any rule promulgated under this chapter has occurred. The board may require a registrant or an auction company representative of an auction company […]
480.26 Penalties. (1) Any person who violates this chapter or any rule promulgated under this chapter may be fined not more than $1,000 or imprisoned for not more than 6 months or both. (2) In addition to or in lieu of the penalties under sub. (1) and the remedies under s. 480.24, any person who […]
