Bill Summary for H 300 (2019-2020)
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Summary date:
Mar 7 2019
Bill Information:
View NCGA Bill Details | 2019-2020 Session |
AN ACT TO EXTEND THE AMOUNT OF TIME THAT AUCTIONEERS HAVE TO ACCOUNT FOR OR PAY OVER FUNDS FROM AN AUCTION SALE.Intro. by Speciale.
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Bill summary
Amends GS 85B-8(a)(3), which requires assessment of a civil penalty or the denial, suspension, or revocation of an auctioneer, auctioneer apprentice, or auction firm license for failure to account for or to pay over funds from an auction sale within a reasonable time. Current law requires the accounting or payment be made within 30 days. Now allows a 90-day window for auctioneers to account for or to pay over funds from an auction sale for items purchased on extension that require third-party authentication.