Text: HF02372                           Text: HF02374
Text: HF02300 - HF02399                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 2373

Partial Bill History

Bill Introduced: H.J. 369.2
Committee Report Issued: S.J. 562.2
Passed House: H.J. 508.2
Passed Senate: S.J. 583.2
Signed by Governor: H.J. 855.2
Complete Bill History

Bill Text

PAG LIN
  1  1                                      HOUSE FILE 2373
  1  2 
  1  3                             AN ACT
  1  4 PROVIDING FOR THE INAPPLICABILITY OF PROVISIONS REGULATING
  1  5    LICENSED REAL ESTATE BROKERS AND SALESPERSONS TO AUCTIONEERS
  1  6    UNDER SPECIFIED CIRCUMSTANCES, AND PROVIDING PENALTIES.
  1  7 
  1  8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  1  9 
  1 10    Section 1.  Section 543B.7, subsection 5, Code 2003, is
  1 11 amended to read as follows:
  1 12    5.  The acts of an auctioneer in conducting a public sale
  1 13 or auction.  The auctioneer's role must be limited to
  1 14 establishing the time, place, and method of an auction;
  1 15 advertising the auction including a brief description of the
  1 16 property for auction, and the time and place for the auction,;
  1 17 and crying the property at the auction.  The auctioneer shall
  1 18 provide in any advertising the name and address of the real
  1 19 estate broker or attorney who is providing brokerage services
  1 20 for the transaction and who is also responsible for closing
  1 21 the sale of the property; and crying the property at the
  1 22 auction.  The real estate broker or attorney providing
  1 23 brokerage services and closing services shall be present at
  1 24 the time of the auction and if found to be in violation of
  1 25 this subsection shall be subject to a civil penalty of two
  1 26 thousand five hundred dollars.  If the auctioneer closes or
  1 27 attempts to close the sale of the property or otherwise
  1 28 engages in acts defined in sections 543B.3 and 543B.6, then
  1 29 the requirements of this chapter do apply to the auctioneer.
  1 30 If an investigation pursuant to this chapter reveals that an
  1 31 auctioneer has violated this subsection or has assumed to act
  1 32 in the capacity of a real estate broker or real estate
  1 33 salesperson, the real estate commission may issue a cease and
  1 34 desist order, and shall issue a warning letter notifying the
  1 35 auctioneer of the violation for the first offense, and impose
  2  1 a penalty of up to the greater of ten thousand dollars or ten
  2  2 percent of the real estate sales price for each subsequent
  2  3 violation.  
  2  4 
  2  5 
  2  6                                                             
  2  7                               CHRISTOPHER C. RANTS
  2  8                               Speaker of the House
  2  9 
  2 10 
  2 11                                                             
  2 12                               JEFFREY M. LAMBERTI
  2 13                               President of the Senate
  2 14 
  2 15    I hereby certify that this bill originated in the House and
  2 16 is known as House File 2373, Eightieth General Assembly.
  2 17 
  2 18 
  2 19                                                             
  2 20                               MARGARET THOMSON
  2 21                               Chief Clerk of the House
  2 22 Approved                , 2004
  2 23 
  2 24 
  2 25                            
  2 26 THOMAS J. VILSACK
  2 27 Governor

Text: HF02372                           Text: HF02374
Text: HF02300 - HF02399                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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