The bill aims to enhance consumer protection for in-state internet auction sales and estate sales by amending existing laws related to the Auctioneers Licensing Board and the auctioneer licensing process. Key provisions include the establishment of regulatory authority for the Auctioneers Licensing Board to oversee online auctions and estate sales, which were previously unregulated. The bill also revises definitions related to auctions and estate sales, clarifying the scope of transactions that fall under these categories. Additionally, it addresses the need for administrative efficiencies and consumer protections in the auction process.
Significant changes include the introduction of a thirty-day grace period for license renewals, the requirement for auction advertisements to include the auctioneer's license number, and the establishment of a mechanism for regulating estate sales to protect consumers from fraudulent practices. The bill also modifies the penalties for late renewals and updates the definitions of auction-related terms to ensure clarity and compliance with the new regulations. Overall, the legislation seeks to modernize the auctioneering framework in Arkansas, ensuring that it is equipped to handle contemporary practices while safeguarding consumer interests.
Statutes affected:
Old version SB320 Original - 2-24-2023 12:55 PM: 17-17-102, 17-17-103, 17-17-104, 17-17-203(a), 17-17-204, 21-2-701, 17-17-302, 17-17-305(b), 17-17-307, 17-17-310, 17-17-312(c), 17-17-401(a)
Old version SB320 V2 - 3-15-2023 09:25 AM: 17-17-102, 03-15-2023, 17-17-103, 17-17-104, 17-17-203(a), 17-17-204, 21-2-701, 17-17-302, 17-17-305(b), 17-17-307, 17-17-310, 17-17-312(c), 17-17-401(a)
Old version SB320 V3 - 3-29-2023 04:14 PM: 17-17-102, 03-29-2023, 17-17-103, 17-17-104, 17-17-203(a), 17-17-204, 21-2-701, 17-17-302, 17-17-305(b), 17-17-307, 17-17-310, 17-17-312(c), 17-17-401(a)
SB 320: 17-17-102, 03-29-2023, 17-17-103, 17-17-104, 17-17-203(a), 17-17-204, 21-2-701, 17-17-302, 17-17-305(b), 17-17-307, 17-17-310, 17-17-312(c), 17-17-401(a)
Act 677: 17-17-102, 03-29-2023, 17-17-103, 17-17-104, 17-17-203(a), 17-17-204, 21-2-701, 17-17-302, 17-17-305(b), 17-17-307, 17-17-310, 17-17-312(c), 17-17-401(a)