Tenn. Comp. R. & Regs. 0160-01-.25 - PUBLIC AUTOMOBILE AUCTION AND PUBLIC AUTOMOBILE AUCTIONEER LICENSE

(1) Any individual desiring a license as a public automobile auctioneer shall submit an application on a form prescribed by the commission, accompanied by a nonrefundable application fee, along with satisfactory proof that the applicant has:

(a) Reached at least twenty-one (21) years of age;

(b) Served as an auctioneer for a period of two (2) years; and

(c) Successfully completed, in addition to the education required by T.C.A § 62-19-111(b)(2), fifteen (15) hours of more rigorous classroom or online instruction in automobile auctioneering approved by the commission.

(2) An applicant for a public automobile auction license shall submit an application on a form prescribed by the commission, accompanied by a nonrefundable application fee, and accompanied by satisfactory proof that:

(a) The public automobile auction has a letter of compliance with local ordinances from the local zoning authority;

(b) The public automobile auction has garage keeper's legal liability insurance in an amount not less than five hundred thousand dollars ($500,000);

(c) The public automobile auction has a surety bond of fifty thousand dollars ($50,000) issued by a licensed bonding company;

(d) The public automobile auction has a compiled financial statement prepared in accordance with generally accepted accounting principles by a certified public accountant or public accountant dated not earlier than twelve (12) months prior to the date of the application;

(e) The public automobile auction has a minimum net worth of one hundred thousand dollars ($100,000);

(f) The public automobile auction has a business telephone number in the public automobile auction's name;

(g) The public automobile auction has a permanently installed professional business sign with letters which are at least eight (8) inches in height;

(h) The public automobile auction has a current business tax license as required by local law;

(i) The public automobile auction has displayed on its premises a valid motor vehicle dealer license from the Tennessee Motor Vehicle Commission; and

(j) The public automobile auction has displayed on its premises a valid license from the Tennessee Auctioneer Commission.

Notes

Tenn. Comp. R. & Regs. 0160-01-.25

Original rule filed October 15, 2008; effective December 29, 2008. Amendments filed April 13, 2020; effective 7/12/2020.

Authority: T.C.A. §§ 62-19-106, 62-19-111, and 62-19-128.