W. Va. Code R. § 61-11B-14

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 61-11B-14 - Contracts

14.1. All contracts between an auctioneer and a seller shall meet, at a minimum, the requirements set forth in W. Va. Code § 19-2C-9, including the following guidelines:

14.1.a. The contract shall be executed in duplicate;

14.1.b. The contract shall specifically state the amount of time to settle the account with the consignors, which is within fourteen (14) calendar days of the sale unless otherwise stated in the contract.

14.2. An apprentice auctioneer may not contract directly with a client.

14.3. All auction house contracts for the sale of property must comply with the requirements set forth in W. Va. Code § 19-2C-9 and this rule. All auction house contracts with auctioneers must be in writing.

14.4. All contracts must be retained by the auctioneer and/or auction house for a period of three years following the date on which the sale was completed, and are subject to inspection by the Commissioner upon request.

W. Va. Code R. § 61-11B-14