Public Automobile Auction And Public Automobile Auctioneer

LICENSE. (1) Any individual desiring a license as a public automobile auctioneer shall submit an application on a form prescribed by the Commission, accompanied by a nonrefundable application fee, along with satisfactory proof that the applicant has: (a) Reached at least eighteen (18) years of age; (b) Served as an auctioneer for a period of two (2) years; and (c) Successfully completed, in addition to the education required by T.C.A. § 62-19- 111(b)(2), fifteen (15) hours of more rigorous classroom or online instruction in automobile auctioneering approved by the Commission. (2) An applicant for a public automobile auction license shall submit an application on a form prescribed by the Commission, accompanied by a nonrefundable application fee, and accompanied by satisfactory proof that: (a) The public automobile auction has a letter of compliance with local ordinances from the local zoning authority; (b) The public automobile auction has garage keeper’s legal liability insurance in an amount not less than five hundred thousand dollars ($500,000); REGULATIONS OF AUCTIONEERS CHAPTER 0160-01 (c) The public automobile auction has a surety bond of fifty thousand dollars ($50,000) issued by a licensed bonding company; (d) The public automobile auction has a compiled financial statement prepared in accordance with generally accepted accounting principles by a certified public accountant or public accountant dated not earlier than twelve (12) months prior to the date of the application; (e) The public automobile auction has a minimum net worth of one hundred thousand dollars ($100,000); (f) The public automobile auction has a business telephone number in the public automobile auction’s name; (g) The public automobile auction has a permanently installed professional business sign with letters which are at least eight (8) inches in height; (h) The public automobile auction has a current business tax license as required by local law; (i) The public automobile auction has displayed on its premises a valid motor vehicle dealer license from the Tennessee Motor Vehicle Commission issued in the name of the public automobile auction; and (j) The public automobile auction has displayed on its premises a valid license from the Tennessee Auctioneer Commission issued in the name of the public automobile auction.