FINAL BILL REPORT

SSB 5561

                                  C 336 L 87

BYSenate Committee on Commerce & Labor (originally sponsored by Senators Warnke, Barr, Smitherman, Lee, Wojahn and Newhouse)

Eliminating double bonding requirements for auctioneers.

Senate Committee on Commerce & Labor

House Committe on Commerce & Labor

SYNOPSIS AS ENACTED

BACKGROUND:

An auction company is a sole proprietorship, partnership, corporation or other legal or commercial entity that sells or offers to sell goods or real estate at auction or arranges, sponsors or manages auctions.

Sole proprietorships owned by licensed auctioneers whose gross annual sales do not exceed $25,000 are not auction companies.

SUMMARY:

If an auction company is a sole proprietorship or a partnership and has a surety bond required for an auction company, an auctioneer bond is not required for the sole proprietor or any partner who is working as an auctioneer for the sole proprietor or partnership.

An auction company is not charged a license fee if it is a sole proprietorship or a partnership owned by a licensed auctioneer or licensed auctioneers.

VOTES ON FINAL PASSAGE:

      Senate    48     0

      House 98   0 (House amended)

      Senate    47     0 (Senate concurred)

EFFECTIVE:July 26, 1987