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KENTUCKY BOARD OF AUCTIONEERS

KENTUCKY BOARD OF AUCTIONEERS. Joe Gribbins , Chairman, Kentucky Board of Auctioneers H.E. Corder, Executive Director, Kentucky Real Estate Authority Heather Becker, General Counsel, Kentucky Real Estate Authority. HB 368 (2018 Regular Session).

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KENTUCKY BOARD OF AUCTIONEERS

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  1. KENTUCKY BOARD OF AUCTIONEERS Joe Gribbins, Chairman, Kentucky Board of Auctioneers H.E. Corder, Executive Director, Kentucky Real Estate Authority Heather Becker, General Counsel, Kentucky Real Estate Authority

  2. HB 368 (2018 Regular Session) • Very similar to HB 368 (Passed the House 89-1). • Defines “escrow account” - The term “escrow account” is used throughout the statutes and regulations under the Board’s jurisdiction but is not defined. • Provides the Board discretion to waive the high school diploma requirement for applicants and sets forth criteria for an applicant to show life experience and competency in lieu of a high school diploma or equivalent. • Establishes the conditions upon which the board may discipline a licensee, including requiring licensees to submit auction related information to the Board within 30 days.

  3. Changes in HB 368 • Clarifies that an auction house means a fixed, physical, brick and mortar location (not an internet auction platform).   • Allows auctioneers at auction (reserve and without-reserve) to establish reasonable minimum bid increments once an opening bid has been offered. (Most auctioneers assume this righthowever, the Board seeks to clarify that it is a requirement.) • The injunctive relief language is amended so that Franklin Circuit Court is no longer the predetermined court of venue.

  4. Questions? • H.E. Corder, Executive Director - harolde.corder@ky.gov • Heather Becker, General Counsel - heather.becker@ky.gov • Joseph Fawns, Legislative Liaison - joseph.fawns@ky.gov

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