HOUSE FILE _____

BY  (PROPOSED COMMITTEE ON COMMERCE BILL BY CHAIRPERSON SODERBERG)

A BILL FOR

An Act subjecting the acts of an auctioneer in conducting a public sale or auction of real estate to real estate broker and salesperson licensing provisions, making penalties applicable, and including effective date provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 543B.3, Code 2011, is amended by adding the following new subsection:
   NEW SUBSECTION.  10.  Conducts as an auctioneer an auction or public sale of real estate.
    Sec. 2.  Section 543B.5, Code 2011, is amended by adding the following new subsection:
   NEW SUBSECTION.  3A.  “Auction” or “public sale” means the process of buying, selling, offering for rent or option, leasing, or otherwise exchanging real estate pursuant to the soliciting and taking of bids followed by the transfer of the real estate or interest therein to the winning or qualifying bidder.
    Sec. 3.  Section 543B.7, subsection 5, Code 2011, is amended by striking the subsection.
    Sec. 4.  EFFECTIVE DATE.  This Act takes effect July 1, 2013.
EXPLANATION
   This bill subjects the actions of an auctioneer in conducting an auction or public sale of real estate to real estate broker and salesperson licensing provisions contained in Code chapter 543B.
   The bill defines an “auction” or “public sale” as the process of buying, selling, offering for rent or option, leasing, or otherwise exchanging real estate pursuant to the soliciting and taking of bids followed by the transfer of the real estate or interest therein to the winning or qualifying bidder. The bill includes conducting as an auctioneer an auction or public sale of real estate as an activity constituting the actions of a real estate broker and thereby subject to the Code chapter’s licensing provisions. The bill deletes a provision which exempts the actions of an auctioneer under specified circumstances from being subject to the Code chapter. 
   The actions of an auctioneer will be subject to license suspension or revocation provisions, and civil and criminal penalty provisions contained in Code sections 543B.34, 543B.43, and 543B.48.
   The bill takes effect July 1, 2013.