Tenn. Comp. R. & Regs. 0160-01-.26 - ESCROW ACCOUNT REQUIREMENT

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(1) All principal and public automobile auctioneers shall maintain or have written authorization from a principal or public automobile auctioneer granting access to an escrow or trustee account for all funds that belong to others coming into the auctioneer's possession as a result of an auction sale.

(2) All principal or public automobile auctioneers shall be responsible for all funds deposited into an escrow or trustee account.

Notes

Tenn. Comp. R. & Regs. 0160-01-.26

New rules filed September 6, 2016; effective December 5, 2016. However, the Government Operations Committee filed an 11-day stay of the rule; new effective date December 16, 2016. Amendments filed April 13, 2020; effective 7/12/2020.

Authority: T.C.A. §§ 62-19-106 and 62-19-112(b)(4).

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