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Bill Number: 3463 Ratification Number: 440 Act Number 408 Introducing Body: House Subject: Relating to definitions pertaining to auctioneers, defining "absolute auction"
(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:
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."
SECTION 3. This act takes effect upon approval by the Governor.