Louisiana Revised Statutes 37:3103 – Definitions of terms
Terms Used In Louisiana Revised Statutes 37:3103
- Auction: includes but is not limited to all of the following:
(i) Live auctions. See Louisiana Revised Statutes 37:3103
- Auctioneer: means 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. See Louisiana Revised Statutes 37:3103
- Board: means the Louisiana Auctioneers Licensing Board created in this Chapter. See Louisiana Revised Statutes 37:3103
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Internet-based platform: means a website which is used by licensed auction houses or auctioneers to conduct auctions as defined in this Chapter. See Louisiana Revised Statutes 37:3103
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, partnership, company, corporation, association, or group however organized. See Louisiana Revised Statutes 37:3103
- Property: means any property, tangible and intangible, real, personal, or mixed. See Louisiana Revised Statutes 37:3103
A. As used in this Chapter, these terms shall have the definitions ascribed to them, unless the context indicates otherwise:
(1) “Applicant” means any person applying for a license under this Chapter.
(2) “Apprentice” means 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.
(3)(a) “Auction” means the sale by competitive bid by means of a verbal exchange, regular mail, telecommunications, or the internet of any property which sale consists of a series of invitations for offers to purchase property made by the auctioneer or offers to purchase made by members of the audience culminating in the acceptance by the auctioneer of the highest or most favorable bid.
(b) “Auction” includes but is not limited to all of the following:
(i) Live auctions.
(ii) Online auctions.
(iii) Real-time auctions.
(iv) Extended auctions.
(v) Any similar events as may be devised with the development of technology.
(vi) Any combination of the Items provided in this Subparagraph.
NOTE: Paragraph (4) eff. until Jan. 1, 2021. See Acts 2020, No. 306 and 327.
(4)(a) “Auction house”, “auction company”, and “auction business” are 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. The terms include entities defined in this Subparagraph which conduct business on an internet-based platform.
(b) 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 La. Rev. Stat. 3:2091 et seq. shall not be defined as an auction business for purposes of this Chapter.
(5) “Auctioneer” means 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.
(6) “Board” means the Louisiana Auctioneers Licensing Board created in this Chapter.
(7) “Department” means the office of the governor.
(8) “Internet-based platform” means a website which is used by licensed auction houses or auctioneers to conduct auctions as defined in this Chapter.
(9) “Licensee” means any person holding a license under this Chapter.
(10) “Person” means an individual, partnership, company, corporation, association, or group however organized.
(11) “Property” means any property, tangible and intangible, real, personal, or mixed.
(12) “Secured party” means a person holding a security interest.
B. The board may define terms in the regulation of licensing of auctioneers only pursuant to and consistent with the provisions of this Chapter.
Added by Acts 1983, No. 508, §5; Acts 1987, No. 157, §2; Acts 1993, No. 584, §1; Acts 1997, No. 923, §1; Acts 2000, 1st Ex. Sess., No. 126, §1; Acts 2001, No. 8, §12, eff. July 1, 2001; Acts 2006, No. 550, §1; Acts 2012, No. 811, §12, eff. July 1, 2012; Acts 2020, No. 306, §3, eff. June 12, 2020; Acts 2020, No. 327, §1, eff. Jan. 1, 2021.