North Carolina General Statutes Chapter 85B Auctions and Auctioneers

• N.C. Gen. Stat. § 85B-1.   Definitions
  For the purposes of this Chapter the following definitions shall apply: (1) "Auction" means the sale of goods or real estate by means of...
• N.C. Gen. Stat. § 85B-2.   Activities governed by Chapter
  (a) This Chapter shall apply to all auctions held in this State except the following: (1) Sales at auction conducted by the owner of...
• N.C. Gen. Stat. § 85B-3.   Auctioneers Commission
  (a) There shall be a five-member North Carolina Auctioneers Commission having the powers and responsibilities set out in this Chapter. The Governor shall appoint...
• N.C. Gen. Stat. § 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)...
• N.C. Gen. Stat. § 85B-3.2.   Criminal history record checks of applicants for licensure
  (a) Definitions. - The following definitions shall apply in this section: (1) Applicant - An applicant for initial licensure as an auctioneer, apprentice auctioneer,...
• N.C. Gen. Stat. § 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...
• N.C. Gen. Stat. § 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...
• N.C. Gen. Stat. § 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...
• N.C. Gen. Stat. § 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...
• N.C. Gen. Stat. § 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...
• N.C. Gen. Stat. § 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...
• N.C. Gen. Stat. § 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...
• N.C. Gen. Stat. § 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...
• N.C. Gen. Stat. § 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...
• N.C. Gen. Stat. § 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...
• N.C. Gen. Stat. § 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....
• N.C. Gen. Stat. § 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,...
• N.C. Gen. Stat. § 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...
• N.C. Gen. Stat. § 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...
• N.C. Gen. Stat. § 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...
• N.C. Gen. Stat. § 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...
• N.C. Gen. Stat. § 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...
• N.C. Gen. Stat. § 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...
• N.C. Gen. Stat. § 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...

Last modified: March 23, 2014