(A) A licensee who handles the proceeds of an auction shall maintain a trust or escrow account with an insured bank or savings and loan association and shall deposit in this account within three business days all funds received for the benefit of another person, unless otherwise required by law or the owner or consignor of the property auctioned is paid within three business days.
(B) Upon issuance or renewal of a license, the licensee must provide the commission with the name of the bank and the account number of the trust or escrow account in which the funds of others are maintained and authorization permitting the examination of the account by the commission or its authorized representative, unless the licensee has provided certification to the commission that funds are paid within three business days. A licensee must notify the commission by certified mail, return receipt requested, of a change of bank, account number, or location of the trust or escrow account and, at that time, shall complete the required authorization for examination of the account by the commission or its authorized representative.
(C) A licensed auctioneer or licensed apprentice auctioneer in this State who works directly for a licensed auction firm or who works directly for another licensed auctioneer who maintains an active escrow account may use that escrow account and number in all applications for licensure or renewal, if the escrow account is used solely for the purpose of holding funds of others in relation to auctions.
(D) A licensee shall maintain complete records for at least three years showing the deposit, maintenance, and withdrawal of trust or escrow funds. These records must be open for inspection by the commission or its designated agent periodically, upon request, and without prior notice.
HISTORY: 2000 Act No. 318, Section 1.
Editor's Note
Prior Laws:1993 Act No. 155, Section 2; 1976 Code Section 40-6-155.
Structure South Carolina Code of Laws
Title 40 - Professions and Occupations
Section 40-6-05. Application of Chapter 1; conflicts.
Section 40-6-10. Auctioneers' Commission created; membership and qualifications; compensation.
Section 40-6-50. Administrative support; authority vested in commission; license fees.
Section 40-6-60. Adoption of rules and regulations.
Section 40-6-70. Initiation of investigation of fitness.
Section 40-6-115. Jurisdiction of commission.
Section 40-6-130. Grounds for disciplinary action as basis for denial of licensure.
Section 40-6-140. Prior criminal record as grounds for denial of licensure.
Section 40-6-150. Surrender of license.
Section 40-6-180. Payment of costs and fines.
Section 40-6-190. Confidentiality; privileged communications.
Section 40-6-210. Petition for injunctive relief.
Section 40-6-235. Requirements for license as auction firm.
Section 40-6-240. Term of licenses; renewal; proof of continuing education; lapsed license.
Section 40-6-250. License required.
Section 40-6-260. List of licensees.
Section 40-6-270. Licensing of auctioneers licensed in another state.
Section 40-6-280. "Absolute" auctions.
Section 40-6-310. Estate auction requirements.
Section 40-6-320. Licensing by municipalities prohibited.
Section 40-6-330. Auctioneer Recovery Fund; maintenance and contributions; use of excess funds.
Section 40-6-340. Claims against fund; notification of licensee; investigation.
Section 40-6-360. Limitations on payments from fund.