South Carolina General Assembly
119th Session, 2011-2012

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H. 3425

STATUS INFORMATION

General Bill
Sponsors: Rep. Bales
Document Path: l:\council\bills\agm\18330ab11.docx

Introduced in the House on January 25, 2011
Currently residing in the House Committee on Labor, Commerce and Industry

Summary: Auctioneers

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
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   1/25/2011  House   Introduced and read first time (House Journal-page 27)
   1/25/2011  House   Referred to Committee on Labor, Commerce and Industry 
                        (House Journal-page 27)

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/25/2011

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 40-6-233 SO AS TO PROVIDE A PERSON SEEKING LICENSURE AS AN AUCTIONEER MUST DEPOSIT AND MAINTAIN A BOND EXECUTED BY A SURETY COMPANY AUTHORIZED BY THE LAWS OF THIS STATE TO TRANSACT BUSINESS WITHIN THE STATE, AND TO PROVIDE A LICENSEE MAY CONDUCT NO AUCTION IN WHICH THE TOTAL VALUE OF THE OPENING BIDS FOR THE ITEMS TO BE AUCTIONED EXCEEDS ONE-FIFTH THE VALUE OF THE BOND POSTED BY THE LICENSEE.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Chapter 6, Title 40 of the 1976 Code is amended by adding:

"Section 40-6-233.    (A)    In addition to the other provisions of this chapter, a person seeking licensure as an auctioneer must deposit and maintain a bond executed by a surety company authorized by the laws of this State to transact business within the state, and this bond must be conditioned for the faithful performance of the duties and obligations pertaining to the business so authorized.

(B)    A licensee may not conduct an auction in which the total value of the opening bids for the items to be auctioned exceeds one-fifth the value of the bond posted by the licensee."

SECTION    2.    This act takes effect upon approval by the Governor.

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