Federal law does not regulate licensing to conduct an auction, however states have differing laws surrounding licensing for auctions. Each state may have its own laws and requirements for education, bonding and fees to become a licensed auctioneer.Continue Reading
Not all states have the same regulations and requirements covering the auction industry. Some states have more requirements to regulate the industry such as education courses, bonding and paying fees for licensing.
The laws are different for becoming an auctioneer than holding an auction in a facility. The laws for an auction function fall under the state business license statutes.
In general, the Uniform Commercial Code, or UCC, is the law that governs the auction industry throughout the United States if the state has not enacted specific laws to govern the industry. The UCC laws are the legal rules and regulations that govern all commercial or business transactions that are not specifically spelled out for an industry. These regulations the cover the transfer or sale of personal property, however the UCC laws do not address the sale or auction of real estate.
The UCC code in the case for regulating auction licensing has been adopted by all 50 states, although the application may vary in each state.Learn more about Marketing & Sales