This bill amends and reenacts several provisions related to auctioneers in Louisiana, specifically R.S. 37:3103 and R.S. 37:3118, while also enacting new sections R.S. 37:3113(B)(3) and (4) and (D)(1)(f) and (g). Key changes include a revised definition of "Internet-based platform," which now describes it as a company providing a forum for selling property via electronic bids, rather than just a website for licensed auction houses. The qualifications for applicants seeking licensure as auction businesses have been expanded to require the designation of a qualifying party, who must meet specific criteria, including prior auction business experience. Additionally, entities conducting vehicle auctions must hold a valid dealer license unless exempted.

The bill also modifies bond requirements for auctioneers and auction businesses. It increases the bond amount for auction businesses from $10,000 to $25,000 and establishes that applicants must submit a copy of the auctioneer license of the qualifying party and, if applicable, a dealer license for vehicle auctions. Furthermore, it repeals a previous provision regarding bond requirements for certain applicants. The changes aim to enhance the regulatory framework governing auctioneers in Louisiana, ensuring that applicants meet higher standards of accountability and financial responsibility. The bill is set to take effect on January 1, 2025.

Statutes affected:
HB679 Original: 37:3118(A)(1), 37:3118(A)(4)
HB679 Engrossed: 37:3103(A)(8), 37:3118(A)(1), 37:3118(A)(4)
HB679 Reengrossed: 37:3103(A)(8), 37:3118(A)(1), 37:3118(A)(4)
HB679 Enrolled: 37:3103(A)(8), 37:3118(A)(1), 37:3118(A)(4)
HB679 Act 786: 37:3103(A)(8), 37:3118(A)(1), 37:3118(A)(4)