South Carolina Code of Regulations
Chapter 14 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- SOUTH CAROLINA AUCTIONEERS' COMMISSION
Section 14-11 - Written Agreements and Escrow Accounts Relating to Auctions

Universal Citation: SC Code Regs 14-11

Current through Register Vol. 48, No. 9, September 27, 2024

A. The Commission shall have the authority to demand a copy of any written agreement or records of an auction which the licensee is required to maintain by 40-6-290, Code of Laws of South Carolina, 1976, (as amended). If the documents relate to an auction being conducted or to be conducted within ten days of demand, the licensee must produce such documents before the auction can proceed. If the documents relate to any other auction, the licensee must produce such documents within ten days of the demand. Failure to produce such documents in accordance with this regulation shall be grounds for disciplinary action, suspension or revocation of the license.

B. The Commission shall have the authority to demand copies of escrow account records as required to be maintained by 40-6-300. The licensee must produce such records within 10 days of the demand. Failure to produce such escrow records in accordance with this regulation shall be grounds for disciplinary action, suspension or revocation of the license.

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