Bill Text: IA SF2294 | 2011-2012 | 84th General Assembly | Enrolled
Bill Title: A bill for an act relating to the authorized activities of auctioneers in conducting a public sale or auction of real estate, and providing penalty provisions. (Formerly SSB 3064.) Effective 7-1-12.
Sponsorship: Committee Bill
Status: (Passed) 2012-03-30 - Signed by Governor. S.J. 701. [SF2294 Detail]
Download: Iowa-2011-SF2294-Enrolled.html
Senate
File
2294
AN
ACT
RELATING
TO
THE
AUTHORIZED
ACTIVITIES
OF
AUCTIONEERS
IN
CONDUCTING
A
PUBLIC
SALE
OR
AUCTION
OF
REAL
ESTATE,
AND
PROVIDING
PENALTY
PROVISIONS.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
543B.7,
subsection
5,
Code
2011,
is
amended
to
read
as
follows:
5.
The
acts
of
an
auctioneer
who
is
not
a
licensee
in
conducting
a
public
sale
or
auction
,
as
provided
in
this
subsection
.
a.
The
auctioneer’s
role
must
be
limited
to
establishing
the
time,
place,
and
method
of
an
auction;
advertising
the
auction
including
which
shall
be
limited
to
a
brief
description
of
the
property
for
auction
and
the
time
and
place
for
the
auction;
and
crying
the
property
at
the
auction.
(1)
The
auctioneer
shall
provide
in
any
advertising
the
name
and
address
of
the
real
estate
broker
who
is
providing
brokerage
services
for
the
transaction
and
the
name
of
the
real
estate
broker
,
or
attorney
,
or
closing
company
who
is
responsible
for
closing
the
sale
of
the
property.
Senate
File
2294,
p.
2
(2)
The
real
estate
broker
providing
brokerage
services
shall
be
present
at
the
time
of
the
auction
and,
if
found
to
be
in
violation
of
this
subsection
,
shall
be
subject
to
a
civil
penalty
of
two
one
thousand
five
hundred
dollars.
(3)
If
the
auctioneer
closes
or
attempts
to
close
the
sale
of
the
property
or
otherwise
engages
in
acts
defined
in
sections
543B.3
and
543B.6
,
or
paragraph
“b”
of
this
subsection,
then
the
requirements
of
this
chapter
do
apply
to
the
auctioneer.
b.
An
auctioneer
who
is
not
a
licensee
is
expressly
prohibited
from
engaging
in
the
following
acts:
(1)
Contacting
the
public
regarding
real
property
beyond
that
which
is
permitted
under
this
section
with
the
purpose
of
securing
or
facilitating
the
sale
of
such
real
property.
(2)
Independently
showing
property
or
hosting
open
houses.
(3)
Making
material
and
substantive
representations
regarding
title,
financing,
or
closings.
(4)
Discussing
or
explaining
a
contract,
lease,
agreement,
or
other
real
estate
document,
other
than
the
contract
for
conducting
the
auction
or
other
acts
permitted
by
this
subsection,
with
a
prospective
buyer,
owner,
or
tenant
of
the
real
property,
with
the
purpose
of
securing
or
facilitating
the
sale
of
such
real
property.
(5)
Collecting
or
holding
deposit
moneys,
rent,
other
moneys,
or
anything
of
value
received
from
the
owner
of
real
property
or
from
a
prospective
buyer
or
tenant,
other
than
fees,
commissions,
or
other
consideration
paid
in
exchange
for
conducting
the
auction
or
other
acts
permitted
by
this
subsection,
with
the
purpose
of
securing
or
facilitating
the
sale
of
such
real
property.
(6)
Providing
owners
of
real
property
or
prospective
buyers
or
tenants
with
advice,
recommendations,
or
suggestions
regarding
the
sale,
purchase,
exchange,
rental,
or
leasing
of
real
property,
except
with
regard
to
acts
permitted
under
this
subsection.
(7)
Falsely
representing
in
any
manner,
orally
or
in
writing,
that
the
auctioneer
is
a
licensee.
c.
If
an
investigation
pursuant
to
this
chapter
reveals
that
an
auctioneer
has
violated
this
subsection
or
has
assumed
to
act
in
the
capacity
of
a
real
estate
broker
or
real
estate
salesperson,
the
real
estate
commission
may
shall
issue
a
cease
and
desist
order,
and
shall
issue
a
warning
letter
notifying
the
auctioneer
of
the
violation
impose
a
penalty
of
one
Senate
File
2294,
p.
3
thousand
dollars
for
the
first
offense,
and
impose
a
penalty
of
up
to
the
greater
of
ten
thousand
dollars
or
ten
percent
of
the
real
estate
sales
price
for
each
subsequent
violation.
______________________________
JOHN
P.
KIBBIE
President
of
the
Senate
______________________________
KRAIG
PAULSEN
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
2294,
Eighty-fourth
General
Assembly.
______________________________
MICHAEL
E.
MARSHALL
Secretary
of
the
Senate
Approved
_______________,
2012
______________________________
TERRY
E.
BRANSTAD
Governor
