30 Miss. Code. R. 401-1.2 - Advertising

A. Rules and regulations applying to advertising and proper disclosure include advertisements on television, radio, newspaper, and other media.

B. It shall be a violation of these Rules for an auctioneer or gallery/auction firm to permit its name or license number to appear on any advertisement for an auction without reviewing the contents of the advertisement prior to its publication to ascertain its compliance with applicable law and Rules.

C. Any advertisements for an auction must identify the names and license number of the auctioneer or gallery who will be conducting the auction business.

D. False, deceptive, misleading and untruthful advertising is expressly prohibited. Any advertisement or advertising shall be deemed to be false, deceptive, misleading or untruthful, if it:

1. contains misrepresentations of fact;

2. is misleading or deceptive because in its content or in its context it makes only a partial disclosure of relevant facts;

3. creates false or unjustified expectations of the services to be performed;

4. contains any misrepresentation or claim which the advertising licensee fails to perform;

5. advertises an auction as absolute when any portion to be sold is subject to confirmation or with reserve or with minimum bids.

E. It shall be a violation of these Rules to advertise for sale items which the auctioneer or gallery/auction firm does not intend to offer for sale at the advertised auction.

F. If an auctioneer and seller enter into a contract which establishes "a minimum reserve, minimum guarantee, or agreement by the auction company to guarantee or purchase the property at a set price", the auction cannot be advertised as absolute.

G. Any auctioneer, gallery, or agent that willfully advertises an auction as absolute, and during the course of the auction commits acts universally known as "buy-bidding", "shielding", or "jacking" shall be a violation of law.

H. A general advertisement which does not concern a specific sale(s) and which does not list sale dates, times or locations, shall not be subject to any identification requirement. A licensee may advertise under a name, trade name, or combination of names, only if written notice has been previously filed with the Commission.

Notes

30 Miss. Code. R. 401-1.2

Miss Code Ann. § 73-4-13(1995)

Amended 12/25/2021