Sec. 3. As used in this article:

Terms Used In Indiana Code 25-6.1-1-3

“Auction” means a sale transaction conducted by means of oral or written exchanges between an auctioneer and the members of the auctioneer’s audience, which exchanges consist of a series of invitations for offers for the purchase of goods or real estate made by the auctioneer and offers to purchase made by members of the audience and culminate in the acceptance by the auctioneer of the highest or most favorable offer made by a member of the participating audience.

“Auction company” means any person or persons who, as a part of its business, arranges, manages, sponsors, advertises, or carries out auctions.

“Auctioneer” means an individual who is engaged in, or who by advertising or otherwise holds the individual out as being available to engage in, the calling for, the recognition of, and the acceptance of offers for the purchase of goods or real estate at an auction.

“Commission” means the Indiana auctioneer commission.

“Goods” means any goods, wares, chattels, merchandise, or other personal property, including domestic animals and farm products.

“Licensee” means any person licensed under this article and, in the case of an auction company, includes the person required to obtain a license for such auction company.

“Organization” means a corporation, a limited liability company, a partnership, a trust (specifically including a business trust), a firm, an association, or any other form of business enterprise which is owned by two (2) or more individuals.

“Person” means an organization or an individual.

“Real estate” means any right, title, or interest in real property, including fixtures.

“Licensing agency” means the Indiana professional licensing agency established by IC 25-1-5-3.

As added by Acts 1977, P.L.270, SEC.1. Amended by Acts 1980, P.L.163, SEC.2; Acts 1981, P.L.222, SEC.35; P.L.132-1984, SEC.14; P.L.214-1993, SEC.13; P.L.1-2006, SEC.422; P.L.59-2014, SEC.1.