State Codes and Statutes
Statutes > Rhode-island > Title-5 > Chapter-5-58 > 5-58-7SECTION 5-58-7
§ 5-58-7 Auctioneer's commission andapprentice's wage. – Whenever the whole amount of sales at any public auction does not exceed fourhundred dollars ($400), the auctioneer has for making that sale two andone-half percent (2 1/2%) commission; if the amount of the sale exceeds thatsum and does not exceed twenty thousand dollars ($20,000), he or she shall haveonly one percent (1%) on the excess; and if the amount of the sale does notexceed thirty thousand dollars ($30,000), he or she shall have three-fourthspercent ( 3/4%) on the excess; and if the amount of the sale exceeds thirtythousand dollars ($30,000), he or she has one-fourth percent ( 1/4%) on theexcess. Nothing contained in this section shall be construed to prevent anyperson interested in selling any property by auction from making a specialcontract with the auctioneer for selling the property. Notwithstanding thepreceding, agreement to change the previously stated fee schedule may be madebetween auctioneers and either owners or consignees of owners, only if thosechanges are specifically agreed to, in writing, by the parties. Auctioneersshall enter into a written contract with owners or consignees of property soldat auction which contract shall establish terms for any remuneration paid tothe auctioneer for his or her services. A copy of the contract shall be kept inthe possession of the auctioneer for a period of three (3) years and shall bemade available for inspection by the director at his or her discretion.Apprentices employed by licensed auctioneers in accordance with standardsprescribed in regulations promulgated under this chapter shall be paid fortheir services at a rate not less than the minimum wage established by law. Noapprentice shall enter into a verbal or written contract or agreement forremuneration for services rendered when remuneration is separate, apart from,or in addition to wages paid to the apprentice by the employing auctioneer.
