Senate Study Bill 3064 - Introduced SENATE FILE _____ BY (PROPOSED COMMITTEE ON COMMERCE BILL BY CHAIRPERSON McCOY ) A BILL FOR An Act subjecting the acts of an auctioneer in conducting a 1 public sale or auction of real estate to real estate broker 2 and salesperson licensing provisions, making penalties 3 applicable, and including effective date provisions. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 5648SC (3) 84 rn/nh

S.F. _____ Section 1. Section 543B.3, Code 2011, is amended by adding 1 the following new subsection: 2 NEW SUBSECTION . 10. Conducts as an auctioneer an auction 3 or public sale of real estate. 4 Sec. 2. Section 543B.5, Code 2011, is amended by adding the 5 following new subsection: 6 NEW SUBSECTION . 3A. “Auction” or “public sale” means 7 the process of buying, selling, offering for rent or option, 8 leasing, or otherwise exchanging real estate pursuant to the 9 soliciting and taking of bids followed by the transfer of the 10 real estate or interest therein to the winning or qualifying 11 bidder. 12 Sec. 3. Section 543B.7, subsection 5, Code 2011, is amended 13 by striking the subsection. 14 Sec. 4. EFFECTIVE DATE. This Act takes effect July 1, 2013. 15 EXPLANATION 16 This bill subjects the actions of an auctioneer in 17 conducting an auction or public sale of real estate to real 18 estate broker and salesperson licensing provisions contained in 19 Code chapter 543B. 20 The bill defines an “auction” or “public sale” as the process 21 of buying, selling, offering for rent or option, leasing, or 22 otherwise exchanging real estate pursuant to the soliciting 23 and taking of bids followed by the transfer of the real estate 24 or interest therein to the winning or qualifying bidder. 25 The bill includes conducting as an auctioneer an auction or 26 public sale of real estate as an activity constituting the 27 actions of a real estate broker and thereby subject to the Code 28 chapter’s licensing provisions. The bill deletes a provision 29 which exempts the actions of an auctioneer under specified 30 circumstances from being subject to the Code chapter. 31 The actions of an auctioneer will be subject to license 32 suspension or revocation provisions, and civil and criminal 33 penalty provisions contained in Code sections 543B.34, 543B.43, 34 and 543B.48. 35 -1- LSB 5648SC (3) 84 rn/nh 1/ 2