(a)Every person other than:
(1)an individual who is a licensed auctioneer; or
(2)an individual who has a licensed auction house (until July 1,
2014);
who is seeking to operate as an auction company must obtain a license
from the commission. Notwithstanding the fact that an individual who
is a licensed auctioneer or (until July 1, 2014) an individual who has a
licensed auction house also has an interest in an organization, every
organization which seeks to operate an auction company must obtain
a license for that auction company.
(b)An individual who holds an unexpired auction house license
under IC 25-6.1-3-3 (before its repeal) may file with the commission
a completed application for an auction company license on the form
prescribed by the commission in rules adopted by the commission
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(a) Every person other than:
(1) an individual who is a licensed auctioneer; or
(2) an individual who has a licensed auction house (until July 1,
2014);
who is seeking to operate as an auction company must obtain a license
from the commission. Notwithstanding the fact that an individual who
is a licensed auctioneer or (until July 1, 2014) an individual who has a
licensed auction house also has an interest in an organization, every
organization which seeks to operate an auction company must obtain
a license for that auction company.
(b) An individual who holds an unexpired auction house license
under IC 25-6.1-3-3 (before its repeal) may file with the commission
a completed application for an auction company license on the form
prescribed by the commission in rules adopted by the commission
under IC 4-22-2. Upon the receipt of a completed application for an
auction company license under this chapter, the commission shall
examine the application and may verify the information contained in
the application. Upon a determination by the commission that an
application is complete and verified, the commission shall issue an
auction company license, in a form it prescribes, to the applicant for a
term equal to the remaining term of the unexpired auction house
license. If an individual described in this subsection files a completed
application for an auction company license before June 1, 2014, the
commission shall determine whether the application is complete and
verified before June 15, 2014. If the commission determines that the
application is complete and verified, the commission shall issue the
individual an auction company license before July 1, 2014.
(c) Every such person shall file with the commission a complete
application on the form prescribed by the commission. Each
application shall be accompanied by the license fee prescribed by
section 5 of this chapter and a surcharge described in IC 25-6.1-8-2.
(d) Upon the receipt of a completed application for an initial or
renewal license, the commission shall examine the application and may
verify the information contained therein.
(e) Upon a determination by the commission that an application is
complete and duly verified, the commission shall issue an auction
company license, in such form as it may prescribe, to the applicant.
(f) Auction company licenses shall expire on a date established by
the licensing agency under IC 25-1-6-4, and every fourth year
thereafter.
(g) If the holder of an auction company license does not renew the
license by the date established by the licensing agency, the license
expires and becomes invalid without any action taken by the
commission.
(h) The holder of an auction company license that has been expired
for not more than four (4) years may have the license reinstated by
meeting the requirements under IC 25-1-8-6(c).
(i) The holder of an auction company license that has been expired
for more than four (4) years may have the license reinstated by
satisfying the requirements for reinstatement under IC 25-1-8-6(d).
(j) Any individual who wishes to operate an auction company, and
who is exempt under subsection (a) from obtaining an auction company
license, shall, not more than thirty (30) days before the date on which
the individual begins to operate an auction company, notify the
commission, in a writing signed by the individual, that the individual
is operating as an auction company or as more than one (1) auction
company. The individual shall specify in such written notification the
trade or business name, and the address of the principal place of
business, of each auction company which the individual operates.
Whenever an individual to whom this subsection applies shall
discontinue the operation of an auction company operated by the
individual, or shall change its address or trade or business name, the
individual shall promptly notify the secretary of the commission of
such discontinuance or change, in a writing signed by the individual.
As added by Acts 1977, P.L.270, SEC.1. Amended by Acts
1980, P.L.163, SEC.7; P.L.3-1990, SEC.89; P.L.214-1993, SEC.16;
P.L.23-2003, SEC.5; P.L.105-2008, SEC.18; P.L.59-2014, SEC.6;
P.L.86-2018, SEC.198.