Louisiana Administrative Code
Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS
Part III - Auctioneers
Chapter 17 - Responsibilities of Licensed Auctioneer
Section III-1703 - Conduct in Professional Manner
Universal Citation: LA Admin Code III-1703
Current through Register Vol. 50, No. 3, March 20, 2024
A. A licensee shall conduct his professional activities in a professional manner that will reflect credit upon him, the auction profession and auctioneers.
B. Unprofessional conduct includes but is not limited to the following:
1. failure of a
licensee to deposit in one or more identifiable bank accounts maintained in the
state in which the auctioneer is situated all funds derived from an auction
sale paid to the licensee or to a person, corporation, firm or combination
thereof which conducted the sale. No funds belonging to the auctioneer shall be
deposited therein except as follows:
a. funds
reasonably sufficient to pay bank charges may be deposited therein;
b. funds belonging in part to the person who
employs the auctioneer and in part to the auctioneer must be deposited therein,
but if the portion belonging to the auctioneer to receive it is disputed by the
person who employs the auctioneer, in which event the disputed portion shall
not be withdrawn until the dispute is finally resolved;
2. failure of a licensee to account to and
pay over all monies and tangible personal property coming into his possession
which belong to others including buyers at auction as well as consignors no
later than 30 days from the date that the obligation arises to remit or deliver
the said monies or tangible personal property;
3. a licensee's payment of compensation in
money or other valuable things to any person other than a licensee for the
rendering of any service or the doing of any of the acts by this act forbidden
to be rendered or performed by other than licensees.
AUTHORITY NOTE: Promulgated in accordance with R.S. 37:3112.
Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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