This bill amends and reenacts several sections of Louisiana's auctioneer regulations, specifically R.S. 37:3103 and R.S. 37:3118, while also enacting new provisions 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 auctioneers. 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, and the requirement for a valid dealer license if the entity conducts vehicle auctions. Additionally, the bond requirements for auctioneers and auction businesses have been adjusted, with the cash or surety bond amount for auction businesses increasing from $10,000 to $25,000.

The bill also repeals a specific provision in R.S. 37:3118(A)(4) and establishes that the new regulations will take effect on January 1, 2025. Other notable insertions include the requirement for applicants to submit copies of the auctioneer license of the qualifying party and, if applicable, a dealer license for vehicle auctions. The board is granted the authority to deny approval of the qualifying party based on their prior experience and any legal or financial issues that may affect their ability to engage in the auction business.

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)