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 license of the licensee shall be automatically suspended upon the effective date of the order authorizing payment from the Fund. The licensee shall not be eligible for consideration for reinstatement until repayment in full, plus interest at the legal rate as provided for in G.S. 24-1, the amount paid from the Fund. (1991 (Reg. Sess., 1992), c. 819, s. 12.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 85B - Auctions and Auctioneers
§ 85B-2 - Activities governed by Chapter.
§ 85B-3 - Auctioneers Commission.
§ 85B-3.1 - Auctioneers Commission; powers and duties.
§ 85B-3.2 - Criminal history record checks of applicants for licensure.
§ 85B-4.1 - Auctioneer Recovery Fund.
§ 85B-4.2 - Grounds for payment; notice and application to Commission.
§ 85B-4.3 - Hearing; required showing.
§ 85B-4.5 - Determination of certain small claims without a prior judicial determination.
§ 85B-4.6 - Order directing payment out of Fund; compromise of claims.
§ 85B-4.7 - Limitations; pro rata distribution; attorneys' fees.
§ 85B-4.8 - Repayment to Fund; automatic suspension of license.
§ 85B-4.9 - Subrogation of rights.
§ 85B-4.10 - Waiver of rights.
§ 85B-4.11 - Persons ineligible to recover from Fund.
§ 85B-4.12 - Disciplinary action against licensee.
§ 85B-5 - Licensing of nonresidents.
§ 85B-6 - Fees; local governments not to charge fees or require licenses.
§ 85B-7 - Conduct of auction; records.