Sec. 2. (a) If the total amount in the auctioneer recovery fund (including principal and interest) is less than three hundred sixty thousand dollars ($360,000) on June 30 in an odd-numbered year after the payment of all claims and expenses, the auctioneer commission shall assess a surcharge according to the following formula in order to maintain the fund at an approximate level of four hundred thousand dollars ($400,000):

STEP ONE: Determine the amount remaining in the fund on June 30 of the current year after all expenses and claims have been paid.

lawyer at desk

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Indiana Code 25-6.1-8-2

  • Auctioneer: means an individual who is engaged in, or who by advertising or otherwise holds the individual out as being available to engage in, the calling for, the recognition of, and the acceptance of offers for the purchase of goods or real estate at an auction. See Indiana Code 25-6.1-1-3
  • Commission: means the Indiana auctioneer commission. See Indiana Code 25-6.1-1-3
  • Licensee: means any person licensed under this article and, in the case of an auction company, includes the person required to obtain a license for such auction company. See Indiana Code 25-6.1-1-3
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
STEP TWO: Subtract the amount determined under STEP ONE from four hundred thousand dollars ($400,000).

STEP THREE: Determine the number of licensees who had licenses in effect on June 30 of the current year.

STEP FOUR: Divide the number determined under STEP TWO by the number determined under STEP THREE.

     (b) The auctioneer commission shall assess the surcharge described in subsection (a) against each licensee who:

(1) receives an initial license; or

(2) receives a renewal license.

     (c) The auctioneer commission shall assess the surcharge described in subsection (a) for the two (2) year period beginning on July 1 of the current year through June 30 of the next odd-numbered year.

     (d) The surcharge assessed under this section is in addition to any other fee under this article.

As added by P.L.256-1987, SEC.4. Amended by P.L.143-1990, SEC.2; P.L.214-1993, SEC.17; P.L.59-2014, SEC.11.

  Previous section
Next section  
 Chapter 8 Contents