South Carolina § 40-6-235 - Requirements for license as auction firm.

§ 40-6-235. Requirements for license as auction firm.

(A) To be licensed as an auction firm, a business entity must:

(1) submit an application on forms approved by the commission, along with the required fee;

(2) provide the commission with an authorization by the South Carolina Secretary of State's office to transact business in this State;

(3) if owned or managed by a:

(a) licensed auctioneer, provide the commission with the name of the auctioneer and written evidence of the auctioneer's authority to make the decisions affecting the manner in which the firm does business; or

(b) person not licensed as an auctioneer under this chapter, achieve a passing score on a written examination approved by the commission intended to demonstrate a thorough understanding of the law relating to the conduct of the auction business and other matters the commission considers appropriate.

(B) A sole proprietorship is exempt from auction firm licensure, as provided for in subsection (A).

(C) Licensed real estate brokers-in-charge and real estate firms are exempt from auction firm licensure, as provided for in subsection (A), if they employ a licensed auctioneer to handle those aspects of the transactions peculiar to the auctioneer profession.

HISTORY: 2000 Act No. 318, SECTION 1.

Editor's Note

Prior Laws:1993 Act No. 155, SECTION 1; 1976 Code SECTION 40-6-85.