Terms Used In Louisiana Revised Statutes > Title 37 > Chapter 42 - Auctioneer Licensing Board

• Acquiring person: means either of the following:

  (a)  A person acquiring tax sale title to a tax sale property. See Louisiana Revised Statutes 47:2122

• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Adjudicated property: means property of which tax sale title is acquired by a political subdivision pursuant to Louisiana Revised Statutes 47:2122
• Advertisement: means a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a rental-purchase agreement. See Louisiana Revised Statutes 9:3352
• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Applicant: means any person applying for a license under this Chapter. See Louisiana Revised Statutes 37:3103
• 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. See Louisiana Revised Statutes 37:3103
• Assignment: includes any written stock power, bond power, bill of sale, deed, declaration of trust or other instrument of transfer;

  (2)  "Claim of beneficial interest" includes a claim of any interest by a decedent's legatee, distributee, heir or creditor, a beneficiary under a trust, a ward, a beneficial owner of a security registered in the name of a nominee, or a minor owner of a security registered in the name of a custodian, or a claim of any similar interest, whether the claim is asserted by the claimant or by a fiduciary or by any other authorized person on his behalf, and includes a claim that the transfer would be in breach of fiduciary duties;

  (3)  "Corporation" means a private or public corporation, association or trust issuing a security;

  (4)  "Fiduciary" means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian or nominee;

  (5)  "Person" includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity;

  (6)  "Security" includes any share of stock, bond, debenture, note or other security issued by a corporation which is registered as to ownership on the books of the corporation;

  (7)  "Transfer" means a change on the books of a corporation in the registered ownership of a security;

  (8)  "Transfer agent" means a person employed or authorized by a corporation to transfer securities issued by the corporation. See Louisiana Revised Statutes 9:3831

• Association: means a savings association, thrift institution, homestead, building and loan association, savings and loan association, or society, including both capital stock and mutual associations. See Louisiana Revised Statutes 6:703
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• 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
• Authenticate: means either of the following:

  (a)  To sign. See Louisiana Revised Statutes 47:2122

• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• Bailiff: a court officer who enforces the rules of behavior in courtrooms.
• Bench trial: Trial without a jury in which a judge decides the facts.
• Board: means the Louisiana Auctioneers Licensing Board created in this Chapter. See Louisiana Revised Statutes 37:3103
• commission: means the Judiciary Commission provided for by Louisiana Revised Statutes 13:32
• Commissioner: means the commissioner of financial institutions, of the state of Louisiana, in his capacity as supervisor of associations. See Louisiana Revised Statutes 6:703
• Commissioner: means the commissioner of the office of financial institutions. See Louisiana Revised Statutes 9:3578.3
• Constituent entity: means each entity that is a party to a merger or consolidation under this Chapter. See Louisiana Revised Statutes 9:3441
• Consumer: means a natural person who rents personal property under a rental-purchase agreement to be used primarily for personal, family, or household purposes. See Louisiana Revised Statutes 9:3352
• Corporation: means a private or public corporation, association or trust issuing a security;

  (4)  "Fiduciary" means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian or nominee;

  (5)  "Person" includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity;

  (6)  "Security" includes any share of stock, bond, debenture, note or other security issued by a corporation which is registered as to ownership on the books of the corporation;

  (7)  "Transfer" means a change on the books of a corporation in the registered ownership of a security;

  (8)  "Transfer agent" means a person employed or authorized by a corporation to transfer securities issued by the corporation. See Louisiana Revised Statutes 9:3831

• Court reporter: A person who makes a word-for-word record of what is said in court and produces a transcript of the proceedings upon request.
• Credit: includes every claim and demand for money, labor, merchandise and other valuable things. See Louisiana Revised Statutes 47:1702
• Creditable service: shall mean service rendered as an elected official of any municipality covered by this Part, whether it be service prior or subsequent to this Part, and whether it be continuous or not;

  (4)  "Municipality" shall mean any municipality incorporated under the laws of the state of Louisiana having a population of twenty-five thousand or over according to the last official census published by the United States Bureau of the Census. See Louisiana Revised Statutes 11:3861

• Dealer: means and includes every person who sells special fuels at retail and delivers such special fuels into the fuel supply tanks of motor vehicles. See Louisiana Revised Statutes 47:801
• Decedent: A deceased person.
• Deferred presentment transaction: means a transaction made pursuant to a written agreement whereby a licensee:

  (a)  Accepts a check from the issuer dated as of the date it was written;

  (b)  Agrees to hold the check for a period of time not to exceed thirty days prior to negotiation or presentment; and

  (c)  Pays to the issuer of the check the amount of the check less the fee permitted in Louisiana Revised Statutes 9:3578.3

• Demand account: means an account payable on demand which is not a savings account. See Louisiana Revised Statutes 6:703
• Department: means the Department of Insurance. See Louisiana Revised Statutes 12:1854
• Depositor: means a holder of a savings, demand, or other type of deposit account of an association. See Louisiana Revised Statutes 6:703
• Donee: The recipient of a gift.
• Duly notified: means , with respect to a particular person, that an effort meeting the requirements of due process of law has been made to identify and to provide that person with a notice that meets the requirements of Louisiana Revised Statutes 47:2122
• Dyed fuel: means any fuel meeting the definition of special fuels that is required to be dyed pursuant to the requirements of the Internal Revenue Service and is destined for tax-exempt uses or other uses as specifically authorized. See Louisiana Revised Statutes 47:801
• En banc: In the bench or "full bench." Refers to court sessions with the entire membership of a court participating rather than the usual quorum. U.S. courts of appeals usually sit in panels of three judges, but may expand to a larger number in certain cases. They are then said to be sitting en banc.
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Executor: A male person named in a will to carry out the decedent
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Fire truck: means vehicles built with the capability of operating fire fighting equipment such as hoses, ladders, and pumps and carrying teams of firefighters to fire scenes. See Louisiana Revised Statutes 47:801
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fund: means the self-insurance fund established pursuant to this Chapter to provide property insurance for churches and nonprofit religious organizations and shall be known as the Louisiana Churches and Nonprofit Religious Organizations Self-Insured Fund. See Louisiana Revised Statutes 12:1854
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Governmental lien: means all liens imposed by law upon immovable property in favor of any political subdivision and filed in the mortgage records, including without limitation, those imposed under Louisiana Revised Statutes 47:2122
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Habeas corpus: A writ that is usually used to bring a prisoner before the court to determine the legality of his imprisonment. It may also be used to bring a person in custody before the court to give testimony, or to be prosecuted.
• Hazardous financial condition: means a condition in which, based upon its present or reasonably anticipated financial condition, the fund, although not yet financially impaired or insolvent, is unlikely to be able to:

              (a) Meet obligations with respect to known claims and reasonably anticipated claims. See Louisiana Revised Statutes 12:1854

• immovable property: means and includes not only land, city, town and village lots, but all things thereunto pertaining, and all structures and other appurtenances thereto, as pass to the vendee by the conveyance of the land or lot. See Louisiana Revised Statutes 47:1702
• Impaired condition: means a condition in which the assets of an association in the aggregate do not have a fair value equal to the aggregate amount of liabilities of the association. See Louisiana Revised Statutes 6:703
• Importing: means bringing special fuels into this state in the fuel supply tanks of a motor vehicle. See Louisiana Revised Statutes 47:801
• Insolvency: means the condition existing when the fund's liabilities are greater than the fund's assets as determined in accordance with generally accepted accounting principles as delineated in the fund's financial statement audited by an independent certified public accountant and calculated before a member's distribution is payable or before a dividend is declared. See Louisiana Revised Statutes 12:1854
• Insured association: means an association, the savings accounts or shares of which are insured by the Federal Savings and Loan Insurance Corporation or its successor. See Louisiana Revised Statutes 6:703
• Inter vivos: Transfer of property from one living person to another living person.
• 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
• Interstate User: means any person who imports or exports special fuels into or out of this state in the fuel supply tanks of motor vehicles owned or operated by him. See Louisiana Revised Statutes 47:801
• Joint resolution: A legislative measure which requires the approval of both chambers.
• Law clerk: Assist judges with research and drafting of opinions.
• Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
• Legal tender: coins, dollar bills, or other currency issued by a government as official money. ^{Source: U.S. Mint}
• Legatee: A beneficiary of a decedent
• Lessor: means a person who regularly provides the use of property through rental-purchase agreements and to whom rental payments are initially payable on the face of the rental-purchase agreement. See Louisiana Revised Statutes 9:3352
• Licensee: means a person licensed pursuant to this Chapter that offers deferred presentment transactions or small loans, or both. See Louisiana Revised Statutes 9:3578.3
• Licensee: means any person holding a license under this Chapter. See Louisiana Revised Statutes 37:3103
• Member: means a person or entity holding a savings or demand account of or shares of a mutual association, and may include a person borrowing from or assuming or obligated upon a loan or interest therein held by such association if such is authorized by the charter or the bylaws of the association. See Louisiana Revised Statutes 6:703
• Motor Vehicle: means and includes any automobile, truck, truck-tractor, tractor, bus, vehicle, or other conveyance which is propelled by an internal combustion engine or motor, and is licensed, or required to be licensed, for highway use. See Louisiana Revised Statutes 47:801
• movable property: means and includes all things other than real estate which have any pecuniary value, all monies, credits, investments in bonds, stocks, franchises, shares in joint stock companies, or otherwise. See Louisiana Revised Statutes 47:1702
• New entity: means the entity into which constituent entities consolidate, as identified in the agreement or certificate of consolidation provided for in this Chapter. See Louisiana Revised Statutes 9:3441
• Official: shall mean any person serving in elective office of any city in the State of Louisiana covered by this Part;

  (6)  "Retirement" shall mean withdrawal from active service in municipal office;

  (7)  "Retirement Allowance" shall mean payments for life computed as provided in this Part and payable in monthly installments;

  (8)  "Retirement allowance fund" shall mean a fund maintained by the city as defined in this Part, in which all funds provided by the city for retirement allowances authorized by this Part shall be maintained and from which all retirement allowances are to be paid. See Louisiana Revised Statutes 11:3861

• Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) ^{Source: OCC}
• Ordinance: means :

  (a)  An act of a political subdivision that has the force and effect of law, including but not limited to an ordinance, a resolution, or a motion; or

  (b)  A rule or regulation promulgated by the State Land Office, the division of administration, or by another state agency with authority over adjudicated properties. See Louisiana Revised Statutes 47:2122

• Original bill: A bill which is drafted by a committee. It is introduced by the committee or subcommittee chairman after the committee votes to report it.
• Owner: means a person who holds an ownership interest that has not been terminated pursuant to Louisiana Revised Statutes 47:2122
• Partial payment: means a payment of fifty dollars or more on a deferred presentment transaction or small loan. See Louisiana Revised Statutes 9:3578.3
• Person: means an individual, partnership, company, corporation, association, or group however organized. See Louisiana Revised Statutes 37:3103
• Person: includes , in addition to the definition contained in Louisiana Revised Statutes 47:801
• police jury: means the governing authority of the various parishes. See Louisiana Revised Statutes 38:1751
• Political subdivision: means any of the following to the extent it has the power to levy ad valorem taxes and conduct tax sales for failure to pay ad valorem taxes:

  (a)  The state. See Louisiana Revised Statutes 47:2122

• Prepayment: means payment in full of the deferred presentment transaction or small loan amount prior to the end of the term of that transaction or loan. See Louisiana Revised Statutes 9:3578.3
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Property: includes every form, character and kind of property, real, personal, and mixed, tangible and intangible, corporeal and incorporeal, and every share, right, title or interest therein or thereto, and every right, privilege, franchise, patent, copyright, trade-mark, certificate, or other evidence of ownership or interest; bonds, notes, judgments, credits, accounts, or other evidence of indebtedness, and every other thing of value, in possession, on hand, or under the control, at any time during the calendar year for which taxes are levied, within the State of Louisiana, of any person, firm, partnership, association of persons, or corporation, foreign or domestic whether the same be held, possessed, or controlled, as owner, agent, pledgee, mortgagee, or legal representative, or as president, cashier, treasurer, liquidator, assignee, master, superintendent, manager, sequestrator, receiver, trustee, stakeholder, depository, warehouseman, keeper, curator, executor, administrator, legatee, heir, beneficiary, parent, attorney, usufructuary, mandatary, fiduciary, or other capacity, whether the owner be known or unknown; except in the cases of fire, life, or other insurance companies, the notes, judgments, accounts, and credits of nonresident persons, firms, corporations, partnerships, associations, or companies doing business in the State of Louisiana, originating from the business done in this state, are hereby declared to be property with its situs within this state. See Louisiana Revised Statutes 47:1702
• Property: means any property, tangible and intangible, real, personal, or mixed. See Louisiana Revised Statutes 37:3103
• Redemption nullity: means the right of a person to annul a tax sale in accordance with Louisiana Revised Statutes 47:2122
• Redemptive period: means the period in which a person may redeem property as provided in thethe Louisiana Constitution. See Louisiana Revised Statutes 47:2122
• Religious denomination: means a group of individual churches or houses of worship who are called or identified using the same terms and a particular set of beliefs or spiritual or religious values. See Louisiana Revised Statutes 12:1854
• Rental-purchase agreement: means an agreement for the use of personal property by a natural person primarily for personal, family, or household purposes for an initial period of four months or less, that is automatically renewable with each payment after the initial period, but that does not obligate or require the consumer to continue renting or using the property beyond the initial period, and that permits the consumer to become the owner of the property. See Louisiana Revised Statutes 9:3352
• Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) ^{Source: OCC}
• Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). ^{Source: OCC}
• Savings account: means an account to which earnings, including interest, is paid or accrued. See Louisiana Revised Statutes 6:703
• Savings liability: means the aggregate amount of savings accounts of depositors and shares of members, plus earnings credited to such accounts, less redemptions and withdrawals. See Louisiana Revised Statutes 6:703
• secretary of revenue: when used in this Title, mean the secretary of the Department of Revenue for the state of Louisiana. See Louisiana Revised Statutes 47:1501
• Secured party: means a person holding a security interest. See Louisiana Revised Statutes 37:3103
• Send: means either of the following:

  (a)  To deposit in the mail or deliver for transmission by any other commercially reasonable means of communication with postage or cost of transmission provided for, and properly addressed to any address reasonable under the circumstances. See Louisiana Revised Statutes 47:2122

• Service organization: means a corporation in which the shares of stock may be owned by one or more associations, financial institutions, or other persons. See Louisiana Revised Statutes 6:703
• Share: means any share, certificate, security, account, or other evidence of funds invested in a mutual association by a member thereof, other than a savings or demand account. See Louisiana Revised Statutes 6:703
• Signed: includes using any symbol executed or adopted with present intention to adopt or accept a writing in tangible form. See Louisiana Revised Statutes 47:2122
• Small loan: means a consumer loan, as defined in Louisiana Revised Statutes 9:3578.3
• Special Fuels: means and includes all combustible gases and liquids used or suitable for use in an internal combustion engine or motor for the generation of power for motor vehicles, except such fuels as are subject to the tax imposed by Part I of Chapter 7 of Title 47 of the Louisiana Revised Statutes of 1950. See Louisiana Revised Statutes 47:801
• Statutory imposition: means ad valorem taxes and any imposition in addition to ad valorem taxes that are included on the tax bill sent to the tax debtor. See Louisiana Revised Statutes 47:2122
• Stock: means capital stock of a capital stock association. See Louisiana Revised Statutes 6:703
• Supplier: means any person who sells or delivers special fuels to a user or dealer in this state for resale or use. See Louisiana Revised Statutes 47:801
• Surviving entity: means the constituent entity surviving a merger, as identified in the agreement or certificate of merger provided for in this Chapter. See Louisiana Revised Statutes 9:3441
• Tax debtor: means , as of the date of determination, the person listed on the tax roll in accordance with Louisiana Revised Statutes 47:2122
• Tax notice party: means , as of the date of determination, the tax debtor and any person requesting notice pursuant to Louisiana Revised Statutes 47:2122
• Tax sale: means the sale or adjudication of tax sale title to property pursuant to Louisiana Revised Statutes 47:2122
• Tax sale certificate: means the written notice evidencing a tax sale to be filed in accordance with Louisiana Revised Statutes 47:2122
• Tax sale party: means the tax notice party, the owner of property, including the owner of record at the time of a tax sale, as shown in the conveyance records of the appropriate parish, and any other person holding an interest, such as a mortgage, privilege, or other encumbrance on the property, including a tax sale purchaser, as shown in the mortgage and conveyance records of the appropriate parish. See Louisiana Revised Statutes 47:2122
• Tax sale property: means property for which tax sale title is sold pursuant to Louisiana Revised Statutes 47:2122
• Tax sale purchaser: means the purchaser of tax sale property, his successors, and assigns. See Louisiana Revised Statutes 47:2122
• Tax sale title: means the set of rights acquired by a tax sale purchaser or, in the case of adjudicated property, on the applicable political subdivision, pursuant to this Chapter. See Louisiana Revised Statutes 47:2122
• Trust business: means the holding out by a person to the public by advertising, solicitation, or other means that the person is available to perform any service of a fiduciary in this state or another state. See Louisiana Revised Statutes 6:572
• Trust company: means a corporation or a limited liability trust company organized under this Chapter, including a trust company organized under the laws of this state before June 27, 2003, or an entity chartered to act as a fiduciary that is neither a depository institution nor a foreign bank. See Louisiana Revised Statutes 6:572
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}
• Uphold: The decision of an appellate court not to reverse a lower court decision.
• Used: means ,

  (a)  Keeping special fuels in storage and selling, using or otherwise dispensing, for the operation of motor vehicles. See Louisiana Revised Statutes 47:801

• User: means and includes every person who delivers or causes to be delivered any special fuels into the fuel supply tanks of motor vehicles owned or operated by him. See Louisiana Revised Statutes 47:801
• Usury: Charging an illegally high interest rate on a loan. ^{Source: OCC}
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
• Verdict: The decision of a petit jury or a judge.
• Withdrawal value: means the amount credited to the shares of a member or to a savings or demand account, less lawful deductions therefrom, as shown on the records of the association. See Louisiana Revised Statutes 6:703
• writing: means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form. See Louisiana Revised Statutes 47:2122