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2003 SESSION


CHAPTER 367
An Act to amend and reenact § 54.1-600 of the Code of Virginia and to amend the Code of Virginia by adding in Chapter 6 of Title 54.1 a section numbered 54.1-607, relating to the Department of Professional and Occupational Regulation; Auctioneers Board.
[S 761]
Approved March 16, 2003

Be it enacted by the General Assembly of Virginia:

1. That § 54.1-600 of the Code of Virginia is amended and reenacted, and that the Code of Virginia is amended by adding in Chapter 6 of Title 54.1 a section numbered 54.1-607 as follows:

§ 54.1-600. Definitions.

As used in this chapter, unless the context requires a different meaning:

"Absolute auction" means an auction where at the time of the auction sale the real or personal property to be sold will pass to the highest bidder regardless of the amount of the highest and last bid.

"Auction" means the sale of goods or real estate by means of exchanges between an auctioneer and members of his audience, the exchanges consisting of a series of invitations for offers made by the auctioneer, offers made by members of the audience, and acceptance by the auctioneer of the highest or most favorable offer.

"Auction firm" means any corporation, partnership or entity, except a sole proprietorship, performing any of the acts of an auctioneer as defined in this section.

"Auctioneer" means any person who conducts or offers to conduct an auction.

"Board" means the Auctioneers Board.

"Director" means the Director of the Department of Professional and Occupational Regulation.

"Goods" means any chattels, merchandise, real or personal property, or commodities of any form or type which may be lawfully kept or offered for sale.

"Person" means any natural person, association, partnership, or corporation, and the officers, directors, and employees of a corporation.

"Virginia licensed auctioneer" means any auctioneer who meets the requirements for licensure as prescribed by the Board.

§ 54.1-607. Advertising; absolute auctions involving real property.

A. No advertisements for any auction sale of personal or real property shall contain false, misleading, or deceptive statements, with respect to types or conditions of merchandise offered at auction, why merchandise is being sold, who has ownership, where the merchandise was obtained, or the terms and conditions of the auction and sale.

B. No auctioneer shall advertise an auction sale of real property as "absolute" unless all lots included in the sale meet that criteria.