South Carolina General Assembly
107th Session, 1987-1988

Bill 3463


                    Current Status

Bill Number:               3463
Ratification Number:       440
Act Number                 408
Introducing Body:          House
Subject:                   Relating to definitions pertaining to
                           auctioneers, defining "absolute auction"
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A408, R440, H3463)

AN ACT TO AMEND SECTION 40-6-10, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS PERTAINING TO AUCTIONEERS, SO AS TO DEFINE "ABSOLUTE AUCTION" AND TO AMEND THE 1976 CODE BY ADDING SECTION 40-6-145 SO AS TO PROVIDE THAT IT IS UNLAWFUL TO CONDUCT OR ADVERTISE THAT AN AUCTION IS "ABSOLUTE" IF MINIMUM OPENING BIDS ARE REQUIRED OR OTHER CONDITIONS ARE PLACED ON THE SALE WHICH LIMIT THE SALE OTHER THAN TO THE HIGHEST BIDDER.

Be it enacted by the General Assembly of the State of South Carolina:

Definitions

SECTION 1. Section 40-6-10 of the 1976 Code is amended by adding at the end:

"(3) 'Absolute auction' means an auction which requires no opening bid or other conditions which limit the sale other than to the highest bidder."

Restrictions on advertisement of "absolute" auctions

SECTION 2. The 1976 Code is amended by adding:

"Section 40-6-145. It is unlawful to conduct or advertise that an auction is 'absolute' if minimum opening bids are required or other conditions are placed on the sale which limit the sale other than to the highest bidder."

Time effective

SECTION 3. This act takes effect upon approval by the Governor.