Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part III - Auctioneers › Chapter 10 - General Provisions › Section III-1001 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
Absolute Auction
-an auction which will
				  result in a change of ownership regardless of price.
Applicant
-any person applying for a license
				  under this Chapter.
Apprentice
-any person who is employed,
				  either directly or indirectly, by an auctioneer to deal or engage in auctions
				  or who is studying to become an auctioneer.
Auction
-the sale by competitive bid of any
				  property which sale consists of a series of invitations for offers to purchase
				  property made by the auctioneer and offers to purchase made by members of the
				  audience culminating in the acceptance by the auctioneer of the highest or most
				  favorable bid. The term "auction" or "sale at auction" includes but is not
				  limited to the following:
1. live auctions;
2. online auctions;
3. real-time auctions;
4. extended auctions;
5. any similar such events as may be devised with the
				  development of technology; and
6. any combination of the foregoing.
Auction House
,
Auction
				  Company,
and
Auction Business
-synonymous and
				  interchangeable terms and mean any entity, whether a sole proprietorship,
				  partnership, limited liability partnership, limited liability company,
				  corporation, or any other legal entity defined by the board, which arranges,
				  manages, sponsors, advertises, or carries out two or more auctions within any
				  twelve-month period and which regularly represents that goods are sold at
				  auction. However, a public livestock auction business which exclusively
				  auctions livestock and which is regulated as a livestock market by the
				  Louisiana Board of Animal Health pursuant to
				  R.S.
				  3:2091 et seq. shall not be defined as an
				  auction business for purposes of this Chapter. An auction house includes those
				  businesses defined herein which conduct business on an internet-based
				  platform.
1. Auction houses which conduct business solely through
				  internet-based platforms are not required to employ a licensed auctioneer to
				  call the auction. Any live or simulcast auctions are required to employ a
				  licensed auctioneer to call the live or real-time auction.
2. Auction houses which conduct any auction through an
				  internet-based platform are responsible for the actions of the platform.
Auctioneer
-any person who, for another, with
				  or without receiving or collecting a fee, commission, or other valuable
				  consideration, sells or offers to sell property at an auction.
Board
-the Louisiana Auctioneers Licensing
				  Board created as created in
				  R.S.
				  37:3111.
Department
-the Office of the
				  Governor.
Licensee
-any person or business holding a
				  license under this Chapter.
Person
-an individual, partnership, company,
				  corporation, association, or group however organized.
Property
-any property, tangible and
				  intangible, movable or immovabl
e,
real, personal, or
				  mixed.
Secured Party
-a person holding a security
				  interest in a property, whether movable or immovable.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  37:3103.