Kentucky Administrative Code on Board of Auctioneers

Kentucky Administrative regulation regarding advertisement, reciprocity requirement, real estate sale by auction, record keeping and accounting, apprenticeship residency requirements, maintaining a license while on active military duty and administrative fees for application and services are detailed below:

Kentucky Administrative Regulations
Title 201. GENERAL GOVERNMENT CABINET
Chapter 3. Board of Auctioneers

§ 201 KAR 3:005. Name required on advertising

RELATES TO: KRS 330.100, 330.110(11)
NECESSITY, FUNCTION, AND CONFORMITY: To protect the public and to require disclosures of the auctioneer conducting a sale.
Section 1. Any advertisements pertaining to a particular auction sale must contain the name of the principal auctioneer and indicate that he is an auctioneer.
Note:
STATUTORY AUTHORITY: KRS Chapter 13A, 330.050(8)

§ 201 KAR 3:025. Reciprocity requirements

RELATES TO: KRS 330.095
NECESSITY, FUNCTION, AND CONFORMITY: To define the requirements for a reciprocity license with another state which does not have an apprenticeship requirement for licensees.
Section 1. Due to the fact that some states do not require licensees to serve an apprenticeship, reciprocity with any state that does not require an apprenticeship shall be granted only after a licensee in that state who is a nonresident of Kentucky has held his or her license for a minimum of two (2) years.
Note:
STATUTORY AUTHORITY: KRS Chapter 13A

§ 201 KAR 3:035. Real estate sales by auction

RELATES TO: KRS 330.020(2)
NECESSITY, FUNCTION, AND CONFORMITY: To define the interaction of the real estate licensing statutes and the auctioneer licensing statutes as they relate to persons holding one license or the other but not both.
Section 1. Pursuant to an Opinion of the Attorney General, OAG-759, dated October 20, 1965, which held that a licensed real estate broker may not sell real estate at auction without an auctioneer's license; and a licensed auctioneer may not sell real estate at auction without a real estate broker's license, it shall be considered improper dealing for an auctioneer to engage in any practice to obtain or negotiate a contract for the sale of real estate at auction, or advertise, or conduct a sale of real estate at auction without a license issued by the Kentucky State Real Estate Commission. However, nothing contained in this administrative regulation shall prevent a licensed real estate broker and a licensed auctioneer from participating jointly in such transactions for the sale of real estate at auction.
Note:
STATUTORY AUTHORITY: KRS 330.050(8)

§ 201 KAR 3:045. Recordkeeping and accounting

RELATES TO: KRS 330.110(5)
NECESSITY, FUNCTION, AND CONFORMITY: KRS 330.050(8) authorizes the Board of Auctioneers to promulgate administrative regulations concerning recordkeeping and accounting. This administrative regulation establishes requirements to protect the public through adequate recordkeeping and accounting.
Section 1. Proceeds of a personal property auction not disbursed to the owner on auction day shall be deposited in an auction escrow account by the auctioneer or auction firm no later than three (3) banking days following the date of auction or sale of the goods, whichever occurs first.
Section 2. Auctioneers and auction firms shall use federally insured depositories in the Commonwealth of Kentucky.
Section 3. Proceeds due from the sale of goods, other than real property, shall be disbursed to the owner no later than thirty (30) days after the date of each auction.
Section 4. Funds from a real estate auction shall be held in escrow until settlement in accordance with the agreement of sale.
Section 5. If the owners goods are not sold in a single auction, proceeds due shall be disbursed to the owner within thirty (30) days after each auction for goods, other than real property, or in accordance with the agreement of sale for the sale of real property. Notice shall be given to the owner of the tentative date of auction of the remaining goods.
Section 6. The auction escrow account shall be used solely for the preservation and guarantee of auction proceeds until disbursed at settlement. Funds for any other purpose shall not be commingled with the auction escrow account. Moneys due to the auctioneer or auction firm shall not be withdrawn from the auction escrow account until final settlement is made with the owner.
Section 7. Auction records, including lists of buyers and their addresses, and clerk sheets showing the items sold including the buyers' numbers or names and the selling prices, and the final settlement papers, shall be retained for a period of five (5) years from the date of settlement. These business records shall be available for inspection by the board or its designees.
Note:
STATUTORY AUTHORITY: KRS 330.050(8)

§ 201 KAR 3:055. Apprenticeship residency requirements

RELATES TO: KRS 330.070(1)
NECESSITY, FUNCTION, AND CONFORMITY: To insure a bona fide apprenticeship.
Section 1. In the absence of a showing of special circumstances satisfactory to the board, no principal auctioneer shall sponsor an apprentice whose residence is located outside a fifty (50) mile radius of the principal auctioneer's main or branch office.
Note:
STATUTORY AUTHORITY: KRS 330.050(8)

§ 201 KAR 3:065. Maintaining a license while on active military duty

RELATES TO: KRS 330.060(4)
NECESSITY, FUNCTION, AND CONFORMITY: To comply with the Sailor and Soldier Relief Act and prevent unwarranted penalty to a person serving in the armed forces.
Section 1. Any individual holding a valid apprentice or principal Kentucky auctioneer license who enters the military service of the United States shall not be required to contribute to the Auctioneer Education Research and Recovery Fund or maintain his license during the period that he is on active duty for said military service. Within sixty (60) days of such individual's honorable discharge from the service, he may request reinstatement of his license and said request shall be granted by the board.
Note:
STATUTORY AUTHORITY: KRS 330.050(8)

§ 201 KAR 3:090. Administrative fees for applications and services

RELATES TO: KRS 330.070, KRS 330.192
NECESSITY, FUNCTION, AND CONFORMITY: KRS 330.050(8) authorizes the Board of Auctioneers to promulgate administrative regulations as required to fulfill the duties and functions assigned to the board by KRS Chapter 330. KRS 330.070 authorizes the Board of Auctioneers to promulgate administrative regulations concerning license fees, late fees for continuing education completion, fees associated with pocket licenses, and change of address fees. KRS 330.192 authorizes the Board of Auctioneers to promulgate administrative regulations concerning the auctioneers education, research, and recovery fund. This administrative regulation establishes necessary fees associated with acquiring and maintaining auctioneer licenses.

Section 1. License Application, Renewal, and Examination Fees. (1) The license fee for each new applicant with the Kentucky Board of Auctioneers shall be $125.
(2) The license renewal fee shall be paid as of June 30th of each year.
(a) The license renewal fee shall be $125 if paid by June 30th of each year.
(b) The license renewal fee during the six (6) month grace period after June 30th shall be $125, in addition to a late fee of $125.
(3) The license renewal and late fees for an apprentice auctioneer shall be equal to the fees established in subsection (2) of this section.
(4) The examination fee shall be $125 for each new applicant with the board.
Section 2. Late Continuing Education Completion. A licensee who has failed to complete the required continuing education credits in the time period established by KRS 330.070 shall remit a fee of $300, and in addition, shall complete twice the amount of continuing education credits established by statute within the following year.
Section 3. Replacement of License or Pocket License. (1) The fee for replacement of a license shall be fifteen (15) dollars.
(2) The fee for replacement of a pocket license shall be fifteen (15) dollars.
Section 4. Reactivation of License. The fee to reactivate a license which has previously been placed in escrow status shall be $125. In addition, the licensee shall have completed the continuing education credits established by KRS 330.070 for the current year, and the licensee shall have paid the renewal recovery fee established in Section 6 of this administrative regulation.
Section 5. Change of Address Fees. (1) The fee for a Residential Change of Address shall be fifteen (15) dollars.
(2) The fee for a Business Change of Address shall be fifteen (15) dollars.
Section 6. Education, Research, and Recovery Fund. The Kentucky Board of Auctioneers shall assess each new applicant an initial recovery fee of thirty (30) dollars and may assess a renewal recovery fee, of thirty (30) dollars per year for the Education, Research, and Recovery Fund.

This is to certify that the chief officer has reviewed and recommended this administrative regulation prior to its adoption, as required by KRS 156.070(4).

Note:
STATUTORY AUTHORITY: KRS 330.050(8), 330.070