North Carolina General Statutes Chapter 85B. Auctions and Auctioneers § 85B-7. Conduct of auction;  records

(a) No licensee shall conduct an auction in this State without first having a written agreement with the owner of any property to be sold.  The agreement must contain the terms and conditions upon which the auctioneer received the goods for sale.  The licensee shall provide the owner with a signed copy of the agreement and shall keep at least one copy for his own records for two years from the date of the agreement.  Copies of all contracts shall be made available to the Commission or its designated agent upon request.

(b) Each licensee shall maintain consignment records and enter in them, upon receipt of goods for auction and before sale, the name and address of the person who employed the licensee to sell the goods at auction and the name and address of the owner of the goods to be sold.  The consignment record shall contain an adequate description of the goods to be sold and shall be sufficient to positively identify each item.  Consignment records shall be open for inspection by the Commission or its designated agent at reasonable times.

(c) All licensees shall have their licenses available at each auction they conduct.

(d) Each licensee shall maintain sales records, which identify the purchaser of all goods sold by name, address, and when possible, telephone number.  The sales records shall contain an adequate description of the items sold and must be sufficient to positively identify the owner of the property.  Sales records shall be maintained for a period of not less than two years from the date of sale.  Sales records shall be open for inspection by the Commission or its designated agent at reasonable times.

Cite this article: FindLaw.com - North Carolina General Statutes Chapter 85B. Auctions and Auctioneers § 85B-7. Conduct of auction;  records - last updated January 01, 2020 | https://codes.findlaw.com/nc/chapter-85b-auctions-and-auctioneers/nc-gen-st-sect-85b-7.html


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