§ 85B-4.1. Auctioneer Recovery Fund. - North Carolina Statutes

§85B‑4.1.  Auctioneer Recovery Fund.

(a)        In addition tolicense fees, upon application for a license or renewal of a license, theCommission may charge the applicant or licensee up to fifty dollars ($50.00)per year to be included in the Fund.

(b)        The Commissionshall maintain at least two hundred thousand dollars ($200,000) in the Fund foruse as provided in this Chapter. The Fund may be invested by the StateTreasurer in interest bearing accounts, and any interest accrued shall be addedto the Fund. Sufficient liquidity shall be maintained to insure that funds willbe available to satisfy claims processed through the Board. The Fund may bedisbursed by a warrant drawn against the State Treasurer or by other method atthe discretion of the State Treasurer.

(c)        The Commission, inits discretion, may use contents of the Fund in excess of two hundred thousanddollars ($200,000) for the following purposes:

(1)        To promote educationand research in the auctioneer profession, in order to benefit persons licensedunder this Chapter and to improve the efficiency of the profession.

(2)        To underwriteeducational seminars, training centers, and other forms of educational projectsfor the use and benefit of licensees.

(3)        To sponsor, contractfor, or underwrite education and research projects in order to advance theauctioneer profession in North Carolina.

(4)        To cooperate withassociations of auctioneers, or other groups, in order to promote theenlightenment and advancement of the auctioneer profession in North Carolina. (1983,c. 603, s. 2; 1989, c. 732, s. 2; 1991 (Reg. Sess., 1992), c. 819, s. 5; 1999‑142,s. 5.)