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 under R.S. 37:3113. 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 include the designation of a qualifying party, who must meet specific criteria, including prior auction business experience. Additionally, new requirements for bond amounts have been established, with auction businesses now required to deposit $25,000, compared to the previous $10,000 for individual auctioneers.

The bill also repeals a previous provision under R.S. 37:3118(A)(4) and introduces new requirements for auction businesses, including the necessity for a valid dealer license if they intend to auction vehicles. The amendments aim to enhance the regulatory framework governing auctioneers, ensuring that applicants meet higher standards of accountability and financial responsibility. The changes will 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)