Current Status Bill Number:4510 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19980127 Primary Sponsor:Davenport All Sponsors:Davenport Drafted Document Number:pt\1485dw.98 Residing Body:House Current Committee:Labor, Commerce and Industry Committee 26 HLCI Subject:Auctioneer who adds buyer's premium to cost of auctioned item to give notice; Auctions and Auctioneers
Body Date Action Description Com Leg Involved
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House 19980127 Introduced, read first time, 26 HLCI
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 40-6-158 SO AS TO REQUIRE THAT IF AN AUCTIONEER ADDS A BUYER'S PREMIUM TO THE COST OF AN ITEM AUCTIONED, NOTICE MUST BE GIVEN, TO PROVIDE FOR THE MANNER IN WHICH THIS NOTICE MUST BE GIVEN, AND TO PROVIDE PENALTIES FOR VIOLATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 40-6-158. (A) For purposes of this section buyer's premium means a surcharge added to the bid price of an item and paid by the buyer at an auction.
(B) When a buyer's premium is used at an auction, the auctioneer shall display placards in prominent locations at the auction including the place at which the auctioneer conducts the auction. The placard must be at least eight inches by eleven inches and shall bear the following inscription in letters not less than three-fourths inch high.
'There will be added to all buyer's bids a
surcharge of percent at this auction.'
The auctioneer shall print the percentage of the buyer's premium on the placard.
(C) Any person violating this section is guilty of a misdemeanor and must be fined not more than five hundred dollars or imprisoned for not more than thirty days."
SECTION 2. This act takes effect upon approval by the Governor.