N.J. Admin. Code § 3:16-2.4

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:16-2.4 - Public auction or private sale; notice

(a) A licensee shall obtain the name and address of each person who makes a purchase as a result of a public auction or private sale. The purchasers' names and addresses shall be retained for examination by the Department and the police.

(b) A licensee shall prepare and maintain a list containing a description of each item which the licensee acquires as a result of a public auction or private sale of unredeemed pledges.

(c) A licensee shall allow public inspection of all unredeemed pledges at the site of the public auction for not less than one hour prior to the commencement of the auction.

(d) A licensee shall mail a notice of public auction or private sale to each pledgor of record of items to be sold at least 20 days prior to the auction or sale.

N.J. Admin. Code § 3:16-2.4

Amended by R.2006 d.408, effective 12/4/2006.
See: 38 N.J.R. 2771(a), 38 N.J.R. 5009(b).
Section was "Public auction; notice". In (a) and (b), substituted "a public" for "an" and inserted "or private sale". In (d), inserted "or private sale" and "at least 20 days prior to the auction or sale".