Ga. Comp. R. & Regs. R. 55-5-.02 - Escrow Accounts

(1) Prior to the issuance of a license, each auctioneer shall forward or shall cause to be forwarded to the Commission the following:

(a) The name of the bank and the account number of any escrow or trustee account wherein the funds of others held by the Auctioneer are maintained.

(b) An authorization permitting the examination of any escrow or trustee account by a duly authorized representative of the Commission when so directed by the Commission.

(2) All licensed auctioneers are required to deposit all proceeds from all auctions into an/a escrow/trust account(s), within forty-eight (48) hours or the next business day after collection of the funds, unless settlement is made within 24 hours.

(3) Any licensed auctioneer in Georgia who works directly for an auction company or who works directly for another licensed auctioneer who maintains an active escrow account may use that escrow account and number in all applications for licensure or renewal, provided that the escrow account is used solely for the purpose of holding funds of others in relation to auctions.

Notes

Ga. Comp. R. & Regs. R. 55-5-.02

O.C.G.A. Secs. 43-1-19, 43-1-24, 43-1-25, 43-6-7, 43-6-10, 43-6-11.2, 43-6-18.

Original Rule entitled "Escrow Accounts" adopted. F. July 11, 1986; eff. July 31, 1986. Amended: F. May 17, 1990; eff. June 6, 1990. Amended: F. May 6, 1997; eff. May 26, 1997. Repealed: New Rule of same title adopted. F. May 10, 2005; eff. May 30, 2005.