Illinois Administrative Code › Title 68 - PROFESSIONS AND OCCUPATIONS › Part 1440 - AUCTION LICENSE ACT › Subpart A - DEFINITIONS › Section 1440.10 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Act" means the Auction License Act [ 225 ILCS 407 ].
"Advertisement" means any written, oral, or electronic
				  communication that contains a promotion, inducement, or offer to conduct an
				  auction or offer to provide an auction service, including but not limited to
				  brochures, pamphlets, radio and television scripts, telephone and direct mail
				  solicitation, electronic media, and other means of promotion.
"Advisory Board" or "Board" shall mean the Auctioneer
				  Advisory Board.
"Auction" means the sale or lease or property, real or
				  personal, by means of exchanges between an auctioneer and prospective
				  purchasers or lessees, that consists of a series of invitations for offers made
				  by the auctioneer and offers by prospective purchasers or lessees for the
				  purpose of obtaining an acceptable offer for the sale or lease of the property,
				  including the sale or lease of property via mail or telecommunications.
"Auction Contract" means a written or oral agreement between
				  an auctioneer or an auction firm and a seller, sellers, lessor or
				  lessors.
"Auction Firm" means any corporation, partnership, or limited
				  liability company that acts as an auctioneer and provides an auction
				  service.
"Auction School" means any educational institution, public or
				  private, that offers a curriculum of auctioneer education and training approved
				  by the Division.
"Auction Service" means the service of arranging, managing,
				  advertising or conducting auctions.
"Auctioneer" means a person or entity who, for another, for a
				  fee, compensation, commission or any other valuable consideration at auction or
				  with the intention or expectation of receiving value consideration by the means
				  of or process of an auction or sale at auction or providing an auction service,
				  offers, negotiates, or attempts to negotiate an auction contract, sale,
				  purchase, or exchange of goods, chattels, merchandise, personal property, real
				  property, or any commodity that may be lawfully kept or offered for sale by or
				  at auction.
"Buyer Premium" means any fee or compensation paid by the
				  successful purchaser of property sold or leased at or by auction, to the
				  auctioneer, auction firm, seller, lessor or other party to the transaction,
				  other than the purchase price.
"Cashier" means a person who accepts, records and documents
				  payments and information from bidders or prospective bidders, and performs
				  other clerical services for and under the direct supervision of a licensed
				  auctioneer or auction firm, while conducting an auction or providing an auction
				  service.
"Clerk" means a person who records and documents information
				  and performs other clerical services for and under the direct supervision of an
				  auctioneer or an auction or providing an auction service.
"Compensation" means the valuable consideration given by one
				  person or entity to another person or entity in exchange for the performance of
				  some activity or service. Compensation shall include the transfer of valuable
				  consideration, including but not limited to:
commissions;
fees;
referral fees;
bonuses;
prizes;
merchandise;
finder fees;
performance of services;
coupons or gift certificates;
discounts;
rebates;
a chance to win a raffle, drawing, lottery, or similar game
				  of chance not prohibited by any other law or statue;
retainer fee; or salary.
"Consignment Sale" means the sale or lease of property at an
				  auction, in which a person or entity takes temporary control, title or
				  possession of the property to be sold or leased for the purpose of that person
				  or entity to sell or lease the property, receive and distribute the proceeds of
				  the sale or lease of the property. The person or entity who conducts a
				  consignment sale auction shall not be exempt from licensure under the Act,
				  except for those persons or entities who are other exempt from licensure, as
				  provided by the Act and this Part.
"Continuing Education" or "CE" means education that is
				  creditable toward the education requirements that must be satisfied to renew
				  licensure or certification as set forth in Section
				  1440.310.
"Department" means the Department of Financial and
				  Professional Regulation.
"Director" means the Director of the Division of Real Estate
				  with the authority delegated by the Secretary.
"Division" means the Department of Financial and Professional
				  Regulation-Division of Real Estate.
"Goods" means chattels, movable goods, merchandise, or
				  personal property or commodities of any form or type that may be lawfully kept
				  or offered for sale.
"Licensee" means any person licensed under the Act.
"Livestock Auctioneer" means an auctioneer licensed under the
				  Act and employed by a business registered as a market agency under the federal
				  Packers and Stockyards Act (
				  7 USC
				  181 et seq.) or under the Livestock Auction
				  Market Law [ 225 ILCS 640 ] who, by public outcry, sells livestock at the
				  registered business.
"Mailing Address of Record" and "Email Address of Record"
				  means the designated mailing address and email address recorded by the
				  Department in the applicant's or licensee's application file or license file
				  maintained by the Department. Pursuant to Section
				  1440.190,
				  it is the duty of the applicant or licensee to inform the Department of any
				  change of address or email address, and those changes must be made by
				  submitting the new information directly to the Department.
"Managing Auctioneer" means any person licensed as an
				  auctioneer who manages and supervises an auction firm and licensees sponsored
				  by an auction firm or auctioneer.
"Person" shall mean an individual, association, partnership,
				  corporation, limited liability company, or the officers, directors, or
				  employees of the same.
"Pre-renewal Period" means the 24 months prior to the
				  expiration date of a license issued under the Act.
"Renewal Deadline" means December 31 of each even-numbered
				  year.
"Ring Assistant" means a person who acknowledges a bid from a
				  member of the audience during the sale or lease of property at an auction and
				  conveys the bid to the auctioneer, but only the auctioneer may accept the bid
				  for the sale or lease of property at auction.
"School" means a continuing education school approved and
				  licensed in accordance with the Act and this Part.
"Secretary" means the Secretary of the Department of
				  Financial and Professional Regulation.
"Sponsor Card" shall mean the temporary permit issued by the
				  sponsoring auctioneer certifying that the licensee named is employed by or
				  associated with the sponsoring auctioneer and the sponsoring auctioneer shall
				  be responsible for the actions of the sponsored licensee.
"Sponsoring Auctioneer" means the auctioneer or auction firm
				  who has issued a sponsor card to a licensed auctioneer.
"Terms and Conditions" means an announcement made orally or
				  in written form at an auction sale, including but not limited to the condition
				  of the property being sold or leased, the type of payment expected from the
				  purchaser, when payment is expected from the purchaser, when possession,
				  control and ownership of the property being sold or leased passes to the
				  purchaser, and any other information that is pertinent to the
				  auction.