85B-8 prohibited acts; assessment of civil penalty, denial, suspension or revocation of license

Grounds for Assessment of Civil Penalties or License Denial, Suspension, or Revocation

• Violation of Chapter or Commission Rules: Any violation of this chapter or any rule or regulation adopted by the Commission can lead to penalties or license action.

• Misrepresentation and False Promises: Continued, blatant misrepresentation or making false promises by the licensee, their employees, or those acting on their behalf can result in action.

• Failure to Account for Funds: Not accounting for or failing to pay funds within 30 days that belong to another person and were obtained through an auction sale can lead to penalties.

• False or Misleading Advertising: Engaging in any false, misleading, or untruthful advertising.

• Dishonest Conduct in Sales: Any act of conduct in connection with a sales transaction that demonstrates bad faith or dishonesty.

• False Bidders and Misrepresentations: Knowingly using false bidders, cappers, or pullers, or knowingly making false or misleading statements.

• Commingling Funds: Commingling client funds with the licensee's own funds or failing to maintain and deposit funds received through auction sales in a trust or escrow account.

• Failure to Contribute to the Fund: Failure to make the required contribution to the Auctioneer's Fund (as determined by the relevant laws).

• Criminal Offenses: Conviction of a felony or committing a crime involving fraud or moral turpitude can lead to license action.

• Failure to Provide Required Information: Failure to disclose information or provide documents requested by the commission or as required by the law.

• Lack of Financial Responsibility: Demonstrated lack of financial responsibility can result in license denial, suspension, or revocation.

Licensing Restrictions for Individuals and Firms

• Persons with denied, suspended, or revoked licenses cannot reapply under their own name or any other name during the suspension period.

• Firms or corporations with individuals who have a substantial interest, management responsibility, or control cannot be licensed during the suspension period if that individual's license has been denied, suspended, or revoked.