The board may suspend for a period up to five (5) years or revoke the license of any licensee, or levy fines not to exceed two thousand dollars ($2,000), with a maximum fine of five thousand dollars ($5,000) per year arising from any single incident or complaint, against any licensee, or place any licensee on probation for a period of up to five (5) years, or require successful passage of any examination administered by the board, or require successful completion of any course of auction study or auction seminars designated by the board, or issue a formal reprimand, or order any combination of the above, for violation by any licensee of any of the provisions of this chapter, or for any of the following causes:
(1) Obtaining a license through false or fraudulent representation; (2) Making any substantial misrepresentation;

Terms Used In Kentucky Statutes 330.110

  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Apprentice auctioneer: means any person who is employed or supervised, directly or indirectly, by an auctioneer to deal or engage in any activity in subsection (6) of this section, excluding the authority to enter into an auction listing contract or to independently maintain an auction escrow account. See Kentucky Statutes 330.020
  • Auction: means any method of sale, lease, or exchange of real property, personal property, or any combination thereof, by means of competitively increasing or decreasing bids. See Kentucky Statutes 330.020
  • Board: means the Board of Auctioneers. See Kentucky Statutes 330.020
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Escrow account: means an account, separate from the auctioneer's individual or office account, in which all money belonging to others is held for the preservation
    and guarantee of funds until disbursement to the appropriate party. See Kentucky Statutes 330.020
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Personal property: All property that is not real property.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • principal auctioneer: means any person who offers, solicits, negotiates, or attempts to offer, solicit, or negotiate an auction listing contract, sale, lease, or exchange of real property, personal property, or any other item of value, or any combination thereof, which may lawfully be kept or offered for sale, lease, or exchange, or any combination thereof, by or at auction, or who offers the same at auction and who is allowed to supervise and accepts the responsibility of sponsoring one (1) or more apprentice auctioneers. See Kentucky Statutes 330.020
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Trustee: A person or institution holding and administering property in trust.
  • Year: means calendar year. See Kentucky Statutes 446.010

(3) Pursuing a continued and flagrant course of misrepresentation or intentionally making false promises or disseminating misleading information through agents or advertising or otherwise;
(4) Accepting valuable consideration as an apprentice auctioneer for the performance of any of the acts specified in this chapter, from any person, except his or her principal auctioneer;
(5) Failing to account for or remit, within a reasonable time, any money belonging to others that comes into the licensee’s possession, commingling funds of others with the licensee’s own funds, or failing to keep the funds of others in an escrow or trustee account;
(6) Paying valuable consideration to any person for services performed in violation of this chapter, or procuring, permitting, aiding, or abetting any unlicensed person acting in violation of any of the provisions of this chapter;
(7) Entering a plea of guilty, an Alford plea, a plea of no contest to, or being convicted of, any felony, and the time for appeal has passed or the judgment of conviction has been finally affirmed on appeal;
(8) Violation of any provision of this chapter or any administrative regulation promulgated by the board;
(9) Failure to furnish voluntarily at the time of execution, copies of all written instruments prepared by any licensee to each signatory of the written instrument;
(10) Any conduct of a licensee which demonstrates bad faith, dishonesty, incompetence, or untruthfulness;
(11) Any other conduct that constitutes improper, fraudulent, dishonest, or negligent dealings;
(12) Failure to enter into a binding written auction listing contract with the seller or with the seller’s duly authorized agent prior to advertising, promoting, or offering any real or personal property by or at auction;
(13) Failure to provide a receipt to all persons consigning personal property with any licensee for auction;
(14) Failure to establish and maintain, for a minimum of five (5) years from final
settlement, complete and correct written or electronic records and accounts of all auction transactions, including:
(a) Listing contracts, including the name and address of the seller; (b) Written purchase contracts;
(c) Descriptive inventory and final bid amounts of all items or lots offered; (d) Buyer registration records; and
(e) Settlement records, including all moneys received and disbursed and escrow account activity;
(15) Failure of any licensee to deliver within thirty (30) days any auction-related information, including but not limited to advertisements, listing contracts, purchase contracts, clerking records, buyer registration records, settlement records, escrow account information, license, or any other auction-related information to the board or the board’s designee upon request; or
(16) Failure of a principal auctioneer to provide supervision to his or her apprentice auctioneers to ensure compliance with this chapter and the administrative regulations promulgated thereunder.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 118, sec. 4, effective June 27, 2019. — Amended
2015 Ky. Acts ch. 14, sec. 6, effective June 24, 2015. — Amended 2009 Ky. Acts ch.
70, sec. 11, effective June 25, 2009. — Amended 1998 Ky. Acts ch. 285, sec. 7, effective July 15, 1998. — Amended 1992 Ky. Acts ch. 344, sec. 10, effective July
14, 1992. — Amended 1990 Ky. Acts ch. 170, sec. 9, effective July 13, 1990. — Amended 1984 Ky. Acts ch. 407, sec. 6, effective July 13, 1984. — Created 1962 Ky. Acts ch. 251, sec. 11.