What is the Primary Source of Wisconsin Law That Governs the Regulation of Auctioneers?
Auctioneers are registered by the Department of Safety and Professional Services and are subject to discipline by the Auctioneer Board pursuant to Wis. Stat. ch. 480. See also,
Wis. Admin. Code ch. SPS 20, ch. SPS 121, ch. SPS 122,
ch. SPS 123,
ch. SPS 124,
ch. SPS 125,
ch. SPS 126,
ch. SPS 127, and
ch. SPS 128.
What are the Requirements for Conducting Auctions?
Please see Wis. Stat. § 480.14.
What are the Requirements for Advertising Auctions?
Per Wis. Stat. § 480.20 no person may advertise that an auction will be conducted unless the advertisement includes all of the following:
(1) The name of the auctioneer who will conduct the auction and the name of any auction company that is managing the auction.
(2) A statement that the auctioneer under sub. (1) is a "registered Wisconsin auctioneer".
Wis. Admin. Code ch. SPS 123 for additional requirements.
Are Auctioneers Required to Deposit Down Payments in Trust Accounts?
Yes. Per Wis. Stat. § 480.16, all down payments, earnest money deposits or other trust funds received by an auctioneer or auction company on behalf of the auctioneer's or auction company's principal or any other person shall be deposited in a common trust account maintained by the auctioneer or auction company for that purpose in a bank, savings and loan association or credit union which is authorized to do business in this state and is designated by the auctioneer or auction company pending the consummation or termination of the transaction, except that the money may be paid to one of the parties pursuant to an agreement between the parties. The name of the bank, savings and loan association or credit union shall at all times be registered with the department, along with a letter authorizing the department to examine and audit the trust account when the department determines that an examination or audit of the trust account is necessary.
What are the Requirements for Maintaining Records?
Auctioneers are required to maintain records in accordance with
Wis. Stat. § 480.18 and
Wis. Admin. Code ch. SPS 125.
What are the Grounds for the Discipline of Auctioneers?
The grounds for the discipline of auctioneers are set forth in Wis. Stat. § 480.24 and Wis. Admin. Code ch. SPS 126.