La. Admin. Code tit. 46 § III-1703

Current through Register Vol. 50, No. 6, June 20, 2024

Section III-1703 - Conduct in Professional Manner

A. A licensee shall conduct his professional activities in a professional manner that will reflect credit upon him, the auction profession and auctioneers.

B. Unprofessional conduct includes but is not limited to the following:

1. failure of a licensee to deposit in one or more identifiable bank accounts maintained in the state in which the auctioneer is situated all funds derived from an auction sale paid to the licensee or to a person, corporation, firm or combination thereof which conducted the sale. No funds belonging to the auctioneer shall be deposited therein except as follows:

a. funds reasonably sufficient to pay bank charges may be deposited therein;

b. funds belonging in part to the person who employs the auctioneer and in part to the auctioneer must be deposited therein, but if the portion belonging to the auctioneer to receive it is disputed by the person who employs the auctioneer, in which event the disputed portion shall not be withdrawn until the dispute is finally resolved;

2. failure of a licensee to account to and pay over all monies and tangible personal property coming into his possession which belong to others including buyers at auction as well as consignors no later than 30 days from the date that the obligation arises to remit or deliver the said monies or tangible personal property;

3. a licensee's payment of compensation in money or other valuable things to any person other than a licensee for the rendering of any service or the doing of any of the acts by this act forbidden to be rendered or performed by other than licensees.

La. Admin. Code tit. 46, § III-1703

Promulgated by the Department of Commerce, Auctioneer Licensing Board, LR 11:338 (April 1985), amended by the Department of Economic Development, Auctioneers Licensing Board, LR 14:787 (November 1988), amended by the Office of the Governor, Auctioneers Licensing Board, LR 31:1327 (June 2005).

AUTHORITY NOTE: Promulgated in accordance with R.S. 37:3112.