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A. Before any sale is made at auction, the licensee must attach to each article to be sold that has a retail value of five dollars ($5.00) or more a card with the number of the article endorsed thereon, so that the number corresponds to the article as it is described in the inventory on file with the license official.
B. No article that has a retail value of five dollars ($5.00) or more shall be sold at auction other than the merchandise described and set forth in the inventory on file with the license official. (1999 Code)
It is unlawful for anyone to sell or offer for sale at auction any merchandise unless the merchandise shall have been within the state at least fifteen (15) days immediately prior to the sale or offer for sale. However, livestock shall only be required to be within the state for at least two (2) days prior to said auction. (1999 Code)
The right to bid may be reserved expressly by, or on behalf of the seller. Notice of such reservation shall be posted, and shall remain posted throughout the auction sale in a prominent and conspicuous place where the sale is being conducted, in letters large enough to be reasonably visible to any person with normal vision who may attend the sale, reading substantially as follows: Seller reserves the right to bid on any article at any time. (1999 Code)
Where notice has not been given that a sale by auction is subject to a right to bid on behalf of the seller, it shall not be lawful for the seller to bid himself, or to employ or induce any person to bid at such sale or on his behalf, or for the auctioneer to employ or induce any person to bid at such sale on behalf of the seller or knowingly to take any bid from the seller or any person employed by him. Any sale contravening this rule may be treated as fraudulent by the buyer. (1999 Code)
It shall be the duty of all licensed auctioneers to receive all articles that may be offered for sale at auction and give receipts therefor. At the close of any sale, which must be made as the owner directs, the auctioneer shall deliver a fair account of such sale and pay the amount received for such articles to the person entitled thereto, deducting therefrom a commission not to exceed ten percent (10%) on the amount of the sale. (1999 Code)
In every case where an article is sold for five dollars ($5.00) or more, the licensee shall keep a complete record of all such sales made at an auction, showing the name and address of each purchaser, a description of each such article sold, including the number thereof, corresponding with the numbers shown upon the inventory on file with the license official, and the date of each sale. The record shall be open at all times to inspection by the license official. (1999 Code)
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