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<![CDATA[CHAPTER 51-05.1AUCTIONEERS' AND CLERKS' LICENSES51-05.1-01. Auctioneering or clerking without a license prohibited. No person mayconduct a sale as an auctioneer or clerk unless licensed by the public service commission.51-05.1-01.1. Auctioneer's license - Clerk's license - Fees - Bonds.1.The initial application for an annual auctioneer's or clerk's license must be in writing,<br>verified, and must show the name, residence, and address of the applicant. An<br>application must be filed at least ten days prior to the first auction sale the applicant<br>is to conduct or clerk. Application for renewal of an annual license must be on forms<br>designated by the commission.The fee for the annual license or renewal isthirty-five dollars and must accompany the application.The name and licensenumber must appear on all advertising of sales conducted by an auctioneer or clerk.<br>Renewals that are not received by January thirty-first must be assessed an<br>additional twenty-five dollar fee.2.Before a license is issued to an auctioneer or clerk, the applicant must file a<br>corporate surety bond with the commission.This bond must provide annualcoverage of not less than five thousand dollars for an auctioneer or ten thousand<br>dollars for a clerk, must run to the state of North Dakota, and must be for the benefit<br>of any person injured by the licensee's improper conduct.Bonds may not becanceled on less than sixty days' written notice to the commission. When notice of<br>cancellation is received by the commission, the commission, without hearing, shall<br>revoke the license for which the bond was issued effective with the effective date of<br>the cancellation, unless the licensee files a new bond or evidence that the bond will<br>be reinstated before the effective date of the cancellation. The size of the licensee's<br>bond must be clearly and prominently stated in all contracts with sellers.51-05.1-01.2. Exemptions. A license under this chapter is not required for the following:1.Sale of an estate by an executor or an administrator.2.Sale by a sheriff or other person under court order.3.Sale by a public official acting in an official capacity.4.Sale of purebred or registered livestock.A bond is not required for a federally insured financial institution to clerk a sale. Persons exempt<br>from licensing or bonding under this section shall comply with all other provisions of this chapter.51-05.1-02. License standards.1.Licenses may be granted only to persons who bear a good reputation for honesty,<br>truthfulness, and fair dealing and who are competent to transact the business of an<br>auctioneer or a clerk.2.An applicant for a license must be at least eighteen years of age. Every applicant<br>for a license as an auctioneer shall:a.Have been actively engaged as a licensed auctioneer for a period of at least<br>one year preceding the date of application; orb.Furnish proof of satisfactory completion of an approved course of study relating<br>to auctioneers.Page No. 151-05.1-02.1. Conviction not bar to licensure - Exceptions. Conviction of an offensedoes not disqualify a person from licensure under this chapter unless the public service<br>commission determines that the offense has a direct bearing upon a person's ability to serve the<br>public as an auctioneer, or that, following conviction of any offense, the person is not sufficiently<br>rehabilitated under section 12.1-33-02.1.51-05.1-03.Investigation - Grounds for refusal, suspension, or revocation oflicense - Hearing on appeal.1.The public service commission upon its own motion may, and upon the verified<br>complaint in writing of any person shall, investigate the activities of any licensee or<br>any person who shall assume to act in such capacity within the state and shall have<br>the power to suspend or revoke a license when the licensee, in performing or<br>attempting to perform any of the acts included within the scope of this chapter, has<br>performed one or more of the following:a.Made a material false statement in the licensee's application for a license or in<br>any information furnished to the commission.b.Made a substantial and willful misrepresentation relating to an auction sale<br>which injures the party for which the licensee acts as agent.c.Made any false promise of a character such as to influence, persuade, or<br>induce a party to an auction sale to that party's injury or damage.d.Failed to account for or to remit, within a reasonable time, not exceeding thirty<br>days, any moneys coming into the licensee's possession belonging to another,<br>commingled funds of others with the licensee's own, failed to keep such funds<br>or others in an escrow or trust account with a bank or other recognized<br>depository in this state, or failed to keep records relative to the deposits, which<br>must contain such information as prescribed by the rules of the commission.e.Pled guilty or nolo contendere before, or been convicted by, any federal court or<br>a court of competent jurisdiction in this or any other state of an offense<br>determined by the commission to have a direct bearing upon a person's ability<br>to serve the public as an auctioneer, or the board determines, following<br>conviction of any offense, that the person is not sufficiently rehabilitated under<br>section 12.1-33-02.1.f.Failed or refused upon demand to produce any document, book, or records in<br>the licensee's possession or under the licensee's control, concerning any<br>auction sale under investigation by the commission.g.Failed to deliver to the seller in every auction sale a complete, detailed closing<br>statement showing all the receipts and disbursements handled by such<br>licensee for the seller and to retain true copies of such statements in the<br>licensee's files for two years.h.Violated any provisions of this chapter or chapter 41-02, 51-12, or 51-15, or rule<br>or regulation promulgated by the commission.2.If the public service commission declines or fails to approve an application submitted<br>to it, it shall immediately give notice of that fact to the applicant, and upon request<br>from such applicant filed within twenty days after the receipt of such notice, shall fix<br>a time and place for a hearing, of which twenty days' notice must be given to such<br>applicant and to other persons interested or protesting, to offer such evidence<br>relating to the application. In such cases the commission shall fix the time for such<br>hearing on a date within sixty days from receipt of the request for the particular<br>hearing, provided the time of hearing may be continued from time to time with thePage No. 2consent of the applicant. As a result of such hearing, the commission may either<br>approve the application if all of the applicable provisions of this chapter have been<br>met, or it may sustain its prior decision refusing to approve the application.3.No license may be revoked or suspended except after hearing before the public<br>service commission with a copy of the charges having been duly served upon the<br>licensee and upon sustaining the charges for suspension or revocation.Theprovisions of chapter 28-32, including but not limited to procedures for service of<br>process, hearing, rules, evidence, findings, and appeals, apply to and govern all<br>proceedings for suspension or revocation of license, except when inconsistent with<br>this chapter.51-05.1-04. Definitions.1.An auctioneer within the meaning of this chapter is a person, who for a<br>compensation or valuable consideration, sells or offers for sale either real or<br>personal property at public auction as a whole or partial vocation.2.A clerk within the meaning of this chapter is any person, firm, partnership,<br>copartnership, association, corporation, or limited liability company, who for a<br>compensation or valuable consideration, is employed either directly or indirectly by<br>an owner while the sale is in progress to record each item offered for sale, its selling<br>price, the buyer's name or number, to collect all proceeds of said sale, to pay all<br>expenses connected with the sale, to prepare a full closing statement of all receipts<br>and disbursements, and make settlement thereon to parties properly entitled thereto<br>within a reasonable length of time.3.A single act performed or isolated transactions in the selling of property at auction<br>for another shall not constitute the person performing, offering, or attempting to<br>perform any of the acts enumerated herein, an auctioneer within the meaning of this<br>chapter.4."Seller" means the owner or consignor of property to be sold at auction.51-05.1-04.1. Written contracts. An auctioneer may not sell the property of another atauction without a prior written contract with the seller which sets forth the terms and conditions<br>upon which the auctioneer will sell the property. A similar contract governing the activities of the<br>auction clerk is required between the auction clerk and the seller. The licensee must retain a<br>copy of each contract for at least two years after the auction. This section does not apply to<br>consignment sales when the value of the seller's property is less than five hundred dollars or to<br>livestock markets. The contract must contain:1.The licensee's name, trade or business name, state license number, business<br>address, and business telephone number.2.A general description of the property to be sold at auction, any restrictions, and a<br>statement identifying whether or not the licensee is authorized to purchase at the<br>auction.3.A description of the services to be provided and the consideration for the services.<br>The description must state which party is responsible for advertising and other<br>expenses.4.The date or dates when the items will be sold at auction.5.A disclosure of the amount of bond that the licensee has on file with the commission<br>and the commission's address and telephone number.Page No. 351-05.1-04.2. Buyer's premium. A successful bidder may not be required to pay anamount in excess of the successful bid and governmental fees and taxes, unless before bidding<br>the bidder has signed a statement which clearly describes the additional amount and states how<br>the actual amount due will be determined.51-05.1-05. Handling of funds by clerk of auction sale. Every clerk of an auction saleshall, at all times, maintain in the clerk's name or firm name, a separate trust account designated<br>as such in a federally insured bank or other federally insured depository in this state in which the<br>clerk shall immediately deposit all funds not the clerk's own, including funds in which the clerk<br>may have some future interest or claim. A federally insured depository located outside the state<br>but licensed as a clerk in this state is not required to deposit funds in a depository in this state if<br>auction sale funds are deposited in a separate trust account designated as such in the licensee's<br>depository. No clerk may commingle the clerk's personal funds or other funds in a trust account<br>except that a clerk may deposit and keep a sum of one hundred dollars in such account from the<br>clerk's personal funds, which sum must be specifically identified and deposited to cover service<br>charges related to the trust account. In conjunction with such account, the clerk shall maintain at<br>the clerk's usual place of business books, records, and other documents so that the adequacy of<br>such account may be determined at any time. Trust accounts and other records must be open to<br>inspection by the public service commission and its duly authorized agents at all times during<br>regular business hours at the clerk's usual place of business.51-05.1-06. License list. Repealed by S.L. 2001, ch. 440, <meta property="og:url" content="https://statutes.laws.com/test/" />
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<h2>State Codes and Statutes</h2>
<a href='https://statutes.laws.com/'>Statutes</a> > <a href='https://statutes.laws.com/north-dakota'>North-dakota</a> > <a href='https://statutes.laws.com/north-dakota/t51'>T51</a> > <a href='https://statutes.laws.com/north-dakota/t51/t51c051'>T51c051</a><br><br><a href="https://law.justia.com/codes/north-dakota/2009/t51/pdf/t51c051.pdf">Download pdf</a><br><div id="embed_document" style="width:625px; height:815px; text-align:center;">Loading PDF...</div><script type="text/javascript"> var pdf_url = 'https://law.justia.com/codes/north-dakota/2009/t51/pdf/t51c051.pdf'; $(document).ready(function() { var embedwindow = $("#embed_document"); if ($.browser.msie){ embedwindow.html('<embed src="'+pdf_url+'" width="100%" height="100%"></embed>'); } else { embedwindow.html('<iframe style="width:100%; height:100%;" src="https://docs.google.com/gview?url='+window.escape(pdf_url)+'&embedded=true" frameborder="0"></iframe>'); } });</script><br><br><noframes>CHAPTER 51-05.1AUCTIONEERS' AND CLERKS' LICENSES51-05.1-01. Auctioneering or clerking without a license prohibited. No person mayconduct a sale as an auctioneer or clerk unless licensed by the public service commission.51-05.1-01.1. Auctioneer's license - Clerk's license - Fees - Bonds.1.The initial application for an annual auctioneer's or clerk's license must be in writing,<br>verified, and must show the name, residence, and address of the applicant. An<br>application must be filed at least ten days prior to the first auction sale the applicant<br>is to conduct or clerk. Application for renewal of an annual license must be on forms<br>designated by the commission.The fee for the annual license or renewal isthirty-five dollars and must accompany the application.The name and licensenumber must appear on all advertising of sales conducted by an auctioneer or clerk.<br>Renewals that are not received by January thirty-first must be assessed an<br>additional twenty-five dollar fee.2.Before a license is issued to an auctioneer or clerk, the applicant must file a<br>corporate surety bond with the commission.This bond must provide annualcoverage of not less than five thousand dollars for an auctioneer or ten thousand<br>dollars for a clerk, must run to the state of North Dakota, and must be for the benefit<br>of any person injured by the licensee's improper conduct.Bonds may not becanceled on less than sixty days' written notice to the commission. When notice of<br>cancellation is received by the commission, the commission, without hearing, shall<br>revoke the license for which the bond was issued effective with the effective date of<br>the cancellation, unless the licensee files a new bond or evidence that the bond will<br>be reinstated before the effective date of the cancellation. The size of the licensee's<br>bond must be clearly and prominently stated in all contracts with sellers.51-05.1-01.2. Exemptions. A license under this chapter is not required for the following:1.Sale of an estate by an executor or an administrator.2.Sale by a sheriff or other person under court order.3.Sale by a public official acting in an official capacity.4.Sale of purebred or registered livestock.A bond is not required for a federally insured financial institution to clerk a sale. Persons exempt<br>from licensing or bonding under this section shall comply with all other provisions of this chapter.51-05.1-02. License standards.1.Licenses may be granted only to persons who bear a good reputation for honesty,<br>truthfulness, and fair dealing and who are competent to transact the business of an<br>auctioneer or a clerk.2.An applicant for a license must be at least eighteen years of age. Every applicant<br>for a license as an auctioneer shall:a.Have been actively engaged as a licensed auctioneer for a period of at least<br>one year preceding the date of application; orb.Furnish proof of satisfactory completion of an approved course of study relating<br>to auctioneers.Page No. 151-05.1-02.1. Conviction not bar to licensure - Exceptions. Conviction of an offensedoes not disqualify a person from licensure under this chapter unless the public service<br>commission determines that the offense has a direct bearing upon a person's ability to serve the<br>public as an auctioneer, or that, following conviction of any offense, the person is not sufficiently<br>rehabilitated under section 12.1-33-02.1.51-05.1-03.Investigation - Grounds for refusal, suspension, or revocation oflicense - Hearing on appeal.1.The public service commission upon its own motion may, and upon the verified<br>complaint in writing of any person shall, investigate the activities of any licensee or<br>any person who shall assume to act in such capacity within the state and shall have<br>the power to suspend or revoke a license when the licensee, in performing or<br>attempting to perform any of the acts included within the scope of this chapter, has<br>performed one or more of the following:a.Made a material false statement in the licensee's application for a license or in<br>any information furnished to the commission.b.Made a substantial and willful misrepresentation relating to an auction sale<br>which injures the party for which the licensee acts as agent.c.Made any false promise of a character such as to influence, persuade, or<br>induce a party to an auction sale to that party's injury or damage.d.Failed to account for or to remit, within a reasonable time, not exceeding thirty<br>days, any moneys coming into the licensee's possession belonging to another,<br>commingled funds of others with the licensee's own, failed to keep such funds<br>or others in an escrow or trust account with a bank or other recognized<br>depository in this state, or failed to keep records relative to the deposits, which<br>must contain such information as prescribed by the rules of the commission.e.Pled guilty or nolo contendere before, or been convicted by, any federal court or<br>a court of competent jurisdiction in this or any other state of an offense<br>determined by the commission to have a direct bearing upon a person's ability<br>to serve the public as an auctioneer, or the board determines, following<br>conviction of any offense, that the person is not sufficiently rehabilitated under<br>section 12.1-33-02.1.f.Failed or refused upon demand to produce any document, book, or records in<br>the licensee's possession or under the licensee's control, concerning any<br>auction sale under investigation by the commission.g.Failed to deliver to the seller in every auction sale a complete, detailed closing<br>statement showing all the receipts and disbursements handled by such<br>licensee for the seller and to retain true copies of such statements in the<br>licensee's files for two years.h.Violated any provisions of this chapter or chapter 41-02, 51-12, or 51-15, or rule<br>or regulation promulgated by the commission.2.If the public service commission declines or fails to approve an application submitted<br>to it, it shall immediately give notice of that fact to the applicant, and upon request<br>from such applicant filed within twenty days after the receipt of such notice, shall fix<br>a time and place for a hearing, of which twenty days' notice must be given to such<br>applicant and to other persons interested or protesting, to offer such evidence<br>relating to the application. In such cases the commission shall fix the time for such<br>hearing on a date within sixty days from receipt of the request for the particular<br>hearing, provided the time of hearing may be continued from time to time with thePage No. 2consent of the applicant. As a result of such hearing, the commission may either<br>approve the application if all of the applicable provisions of this chapter have been<br>met, or it may sustain its prior decision refusing to approve the application.3.No license may be revoked or suspended except after hearing before the public<br>service commission with a copy of the charges having been duly served upon the<br>licensee and upon sustaining the charges for suspension or revocation.Theprovisions of chapter 28-32, including but not limited to procedures for service of<br>process, hearing, rules, evidence, findings, and appeals, apply to and govern all<br>proceedings for suspension or revocation of license, except when inconsistent with<br>this chapter.51-05.1-04. Definitions.1.An auctioneer within the meaning of this chapter is a person, who for a<br>compensation or valuable consideration, sells or offers for sale either real or<br>personal property at public auction as a whole or partial vocation.2.A clerk within the meaning of this chapter is any person, firm, partnership,<br>copartnership, association, corporation, or limited liability company, who for a<br>compensation or valuable consideration, is employed either directly or indirectly by<br>an owner while the sale is in progress to record each item offered for sale, its selling<br>price, the buyer's name or number, to collect all proceeds of said sale, to pay all<br>expenses connected with the sale, to prepare a full closing statement of all receipts<br>and disbursements, and make settlement thereon to parties properly entitled thereto<br>within a reasonable length of time.3.A single act performed or isolated transactions in the selling of property at auction<br>for another shall not constitute the person performing, offering, or attempting to<br>perform any of the acts enumerated herein, an auctioneer within the meaning of this<br>chapter.4."Seller" means the owner or consignor of property to be sold at auction.51-05.1-04.1. Written contracts. An auctioneer may not sell the property of another atauction without a prior written contract with the seller which sets forth the terms and conditions<br>upon which the auctioneer will sell the property. A similar contract governing the activities of the<br>auction clerk is required between the auction clerk and the seller. The licensee must retain a<br>copy of each contract for at least two years after the auction. This section does not apply to<br>consignment sales when the value of the seller's property is less than five hundred dollars or to<br>livestock markets. The contract must contain:1.The licensee's name, trade or business name, state license number, business<br>address, and business telephone number.2.A general description of the property to be sold at auction, any restrictions, and a<br>statement identifying whether or not the licensee is authorized to purchase at the<br>auction.3.A description of the services to be provided and the consideration for the services.<br>The description must state which party is responsible for advertising and other<br>expenses.4.The date or dates when the items will be sold at auction.5.A disclosure of the amount of bond that the licensee has on file with the commission<br>and the commission's address and telephone number.Page No. 351-05.1-04.2. Buyer's premium. A successful bidder may not be required to pay anamount in excess of the successful bid and governmental fees and taxes, unless before bidding<br>the bidder has signed a statement which clearly describes the additional amount and states how<br>the actual amount due will be determined.51-05.1-05. Handling of funds by clerk of auction sale. Every clerk of an auction saleshall, at all times, maintain in the clerk's name or firm name, a separate trust account designated<br>as such in a federally insured bank or other federally insured depository in this state in which the<br>clerk shall immediately deposit all funds not the clerk's own, including funds in which the clerk<br>may have some future interest or claim. A federally insured depository located outside the state<br>but licensed as a clerk in this state is not required to deposit funds in a depository in this state if<br>auction sale funds are deposited in a separate trust account designated as such in the licensee's<br>depository. No clerk may commingle the clerk's personal funds or other funds in a trust account<br>except that a clerk may deposit and keep a sum of one hundred dollars in such account from the<br>clerk's personal funds, which sum must be specifically identified and deposited to cover service<br>charges related to the trust account. In conjunction with such account, the clerk shall maintain at<br>the clerk's usual place of business books, records, and other documents so that the adequacy of<br>such account may be determined at any time. Trust accounts and other records must be open to<br>inspection by the public service commission and its duly authorized agents at all times during<br>regular business hours at the clerk's usual place of business.51-05.1-06. License list. 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<h2>State Codes and Statutes</h2>
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<h2>State Codes and Statutes</h2>
<a href='https://statutes.laws.com/'>Statutes</a> > <a href='https://statutes.laws.com/north-dakota'>North-dakota</a> > <a href='https://statutes.laws.com/north-dakota/t51'>T51</a> > <a href='https://statutes.laws.com/north-dakota/t51/t51c051'>T51c051</a><br><br><a href="https://law.justia.com/codes/north-dakota/2009/t51/pdf/t51c051.pdf">Download pdf</a><br><div id="embed_document" style="width:625px; height:815px; text-align:center;">Loading PDF...</div><script type="text/javascript"> var pdf_url = 'https://law.justia.com/codes/north-dakota/2009/t51/pdf/t51c051.pdf'; $(document).ready(function() { var embedwindow = $("#embed_document"); if ($.browser.msie){ embedwindow.html('<embed src="'+pdf_url+'" width="100%" height="100%"></embed>'); } else { embedwindow.html('<iframe style="width:100%; height:100%;" src="https://docs.google.com/gview?url='+window.escape(pdf_url)+'&embedded=true" frameborder="0"></iframe>'); } });</script><br><br><noframes>CHAPTER 51-05.1AUCTIONEERS' AND CLERKS' LICENSES51-05.1-01. Auctioneering or clerking without a license prohibited. No person mayconduct a sale as an auctioneer or clerk unless licensed by the public service commission.51-05.1-01.1. Auctioneer's license - Clerk's license - Fees - Bonds.1.The initial application for an annual auctioneer's or clerk's license must be in writing,<br>verified, and must show the name, residence, and address of the applicant. An<br>application must be filed at least ten days prior to the first auction sale the applicant<br>is to conduct or clerk. Application for renewal of an annual license must be on forms<br>designated by the commission.The fee for the annual license or renewal isthirty-five dollars and must accompany the application.The name and licensenumber must appear on all advertising of sales conducted by an auctioneer or clerk.<br>Renewals that are not received by January thirty-first must be assessed an<br>additional twenty-five dollar fee.2.Before a license is issued to an auctioneer or clerk, the applicant must file a<br>corporate surety bond with the commission.This bond must provide annualcoverage of not less than five thousand dollars for an auctioneer or ten thousand<br>dollars for a clerk, must run to the state of North Dakota, and must be for the benefit<br>of any person injured by the licensee's improper conduct.Bonds may not becanceled on less than sixty days' written notice to the commission. When notice of<br>cancellation is received by the commission, the commission, without hearing, shall<br>revoke the license for which the bond was issued effective with the effective date of<br>the cancellation, unless the licensee files a new bond or evidence that the bond will<br>be reinstated before the effective date of the cancellation. The size of the licensee's<br>bond must be clearly and prominently stated in all contracts with sellers.51-05.1-01.2. Exemptions. A license under this chapter is not required for the following:1.Sale of an estate by an executor or an administrator.2.Sale by a sheriff or other person under court order.3.Sale by a public official acting in an official capacity.4.Sale of purebred or registered livestock.A bond is not required for a federally insured financial institution to clerk a sale. Persons exempt<br>from licensing or bonding under this section shall comply with all other provisions of this chapter.51-05.1-02. License standards.1.Licenses may be granted only to persons who bear a good reputation for honesty,<br>truthfulness, and fair dealing and who are competent to transact the business of an<br>auctioneer or a clerk.2.An applicant for a license must be at least eighteen years of age. Every applicant<br>for a license as an auctioneer shall:a.Have been actively engaged as a licensed auctioneer for a period of at least<br>one year preceding the date of application; orb.Furnish proof of satisfactory completion of an approved course of study relating<br>to auctioneers.Page No. 151-05.1-02.1. Conviction not bar to licensure - Exceptions. Conviction of an offensedoes not disqualify a person from licensure under this chapter unless the public service<br>commission determines that the offense has a direct bearing upon a person's ability to serve the<br>public as an auctioneer, or that, following conviction of any offense, the person is not sufficiently<br>rehabilitated under section 12.1-33-02.1.51-05.1-03.Investigation - Grounds for refusal, suspension, or revocation oflicense - Hearing on appeal.1.The public service commission upon its own motion may, and upon the verified<br>complaint in writing of any person shall, investigate the activities of any licensee or<br>any person who shall assume to act in such capacity within the state and shall have<br>the power to suspend or revoke a license when the licensee, in performing or<br>attempting to perform any of the acts included within the scope of this chapter, has<br>performed one or more of the following:a.Made a material false statement in the licensee's application for a license or in<br>any information furnished to the commission.b.Made a substantial and willful misrepresentation relating to an auction sale<br>which injures the party for which the licensee acts as agent.c.Made any false promise of a character such as to influence, persuade, or<br>induce a party to an auction sale to that party's injury or damage.d.Failed to account for or to remit, within a reasonable time, not exceeding thirty<br>days, any moneys coming into the licensee's possession belonging to another,<br>commingled funds of others with the licensee's own, failed to keep such funds<br>or others in an escrow or trust account with a bank or other recognized<br>depository in this state, or failed to keep records relative to the deposits, which<br>must contain such information as prescribed by the rules of the commission.e.Pled guilty or nolo contendere before, or been convicted by, any federal court or<br>a court of competent jurisdiction in this or any other state of an offense<br>determined by the commission to have a direct bearing upon a person's ability<br>to serve the public as an auctioneer, or the board determines, following<br>conviction of any offense, that the person is not sufficiently rehabilitated under<br>section 12.1-33-02.1.f.Failed or refused upon demand to produce any document, book, or records in<br>the licensee's possession or under the licensee's control, concerning any<br>auction sale under investigation by the commission.g.Failed to deliver to the seller in every auction sale a complete, detailed closing<br>statement showing all the receipts and disbursements handled by such<br>licensee for the seller and to retain true copies of such statements in the<br>licensee's files for two years.h.Violated any provisions of this chapter or chapter 41-02, 51-12, or 51-15, or rule<br>or regulation promulgated by the commission.2.If the public service commission declines or fails to approve an application submitted<br>to it, it shall immediately give notice of that fact to the applicant, and upon request<br>from such applicant filed within twenty days after the receipt of such notice, shall fix<br>a time and place for a hearing, of which twenty days' notice must be given to such<br>applicant and to other persons interested or protesting, to offer such evidence<br>relating to the application. In such cases the commission shall fix the time for such<br>hearing on a date within sixty days from receipt of the request for the particular<br>hearing, provided the time of hearing may be continued from time to time with thePage No. 2consent of the applicant. As a result of such hearing, the commission may either<br>approve the application if all of the applicable provisions of this chapter have been<br>met, or it may sustain its prior decision refusing to approve the application.3.No license may be revoked or suspended except after hearing before the public<br>service commission with a copy of the charges having been duly served upon the<br>licensee and upon sustaining the charges for suspension or revocation.Theprovisions of chapter 28-32, including but not limited to procedures for service of<br>process, hearing, rules, evidence, findings, and appeals, apply to and govern all<br>proceedings for suspension or revocation of license, except when inconsistent with<br>this chapter.51-05.1-04. Definitions.1.An auctioneer within the meaning of this chapter is a person, who for a<br>compensation or valuable consideration, sells or offers for sale either real or<br>personal property at public auction as a whole or partial vocation.2.A clerk within the meaning of this chapter is any person, firm, partnership,<br>copartnership, association, corporation, or limited liability company, who for a<br>compensation or valuable consideration, is employed either directly or indirectly by<br>an owner while the sale is in progress to record each item offered for sale, its selling<br>price, the buyer's name or number, to collect all proceeds of said sale, to pay all<br>expenses connected with the sale, to prepare a full closing statement of all receipts<br>and disbursements, and make settlement thereon to parties properly entitled thereto<br>within a reasonable length of time.3.A single act performed or isolated transactions in the selling of property at auction<br>for another shall not constitute the person performing, offering, or attempting to<br>perform any of the acts enumerated herein, an auctioneer within the meaning of this<br>chapter.4."Seller" means the owner or consignor of property to be sold at auction.51-05.1-04.1. Written contracts. An auctioneer may not sell the property of another atauction without a prior written contract with the seller which sets forth the terms and conditions<br>upon which the auctioneer will sell the property. A similar contract governing the activities of the<br>auction clerk is required between the auction clerk and the seller. The licensee must retain a<br>copy of each contract for at least two years after the auction. This section does not apply to<br>consignment sales when the value of the seller's property is less than five hundred dollars or to<br>livestock markets. The contract must contain:1.The licensee's name, trade or business name, state license number, business<br>address, and business telephone number.2.A general description of the property to be sold at auction, any restrictions, and a<br>statement identifying whether or not the licensee is authorized to purchase at the<br>auction.3.A description of the services to be provided and the consideration for the services.<br>The description must state which party is responsible for advertising and other<br>expenses.4.The date or dates when the items will be sold at auction.5.A disclosure of the amount of bond that the licensee has on file with the commission<br>and the commission's address and telephone number.Page No. 351-05.1-04.2. Buyer's premium. A successful bidder may not be required to pay anamount in excess of the successful bid and governmental fees and taxes, unless before bidding<br>the bidder has signed a statement which clearly describes the additional amount and states how<br>the actual amount due will be determined.51-05.1-05. Handling of funds by clerk of auction sale. Every clerk of an auction saleshall, at all times, maintain in the clerk's name or firm name, a separate trust account designated<br>as such in a federally insured bank or other federally insured depository in this state in which the<br>clerk shall immediately deposit all funds not the clerk's own, including funds in which the clerk<br>may have some future interest or claim. A federally insured depository located outside the state<br>but licensed as a clerk in this state is not required to deposit funds in a depository in this state if<br>auction sale funds are deposited in a separate trust account designated as such in the licensee's<br>depository. No clerk may commingle the clerk's personal funds or other funds in a trust account<br>except that a clerk may deposit and keep a sum of one hundred dollars in such account from the<br>clerk's personal funds, which sum must be specifically identified and deposited to cover service<br>charges related to the trust account. In conjunction with such account, the clerk shall maintain at<br>the clerk's usual place of business books, records, and other documents so that the adequacy of<br>such account may be determined at any time. Trust accounts and other records must be open to<br>inspection by the public service commission and its duly authorized agents at all times during<br>regular business hours at the clerk's usual place of business.51-05.1-06. License list. Repealed by S.L. 2001, ch. 440, <!-- END .shortcode-content -->
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