2022 Kentucky Revised Statutes Chapter 330 - Auctioneers and auction house operators 330.192 Auctioneer's education, research, and recovery fund -- Annual fees, charges, and assessments -- Purpose -- Use -- Statement of income and expenses -- Coverage of licensees.
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330.192
Auctioneer's education, research, and recovery fund -- Annual fees,
charges, and assessments -- Purpose -- Use -- Statement of income and
expenses -- Coverage of licensees.
(1)
(2)
(a)
There is hereby created and established in the State Treasury the auctioneer's
education, research, and recovery fund.
(b) In addition to the license fees established in KRS 330.070, and KRS 330.095,
the board may assess each licensee a renewal recovery fee established by
administrative regulations promulgated by the board in accordance with KRS
Chapter 13A. Each initial applicant shall pay an initial recovery fee
established by administrative regulations promulgated by the board in
accordance with KRS Chapter 13A.
The purposes of the auctioneer's education, research, and recovery fund shall be as
follows:
(a) When a licensee has been duly found guilty of violating one (1) or more of the
provisions of this chapter, or one (1) or more of the administrative regulations
duly promulgated by the board, and upon the conclusion of a final order
entered by the board or by the courts, if appealed, the board is authorized to
pay to the aggrieved party an amount not to exceed fifty thousand dollars
($50,000) against any one (1) licensee, if the licensee has refused to pay the
claim within twenty (20) days of entry of a final order and provided further
that the amount or amounts of money in question are certain and liquidated.
(b) The board shall maintain a minimum of two hundred fifty thousand dollars
($250,000) for recovery and guaranty purposes. These funds may be invested
and reinvested in the same manner as funds of the State Employees'
Retirement System and the interest from said investments shall be deposited
to the credit of the research and recovery fund, or, in the discretion of the
board, to the agency fund account as set out in KRS 330.050(6). Sufficient
liquidity, however, shall be maintained so that money is available to satisfy all
claims which may be processed through the board by means of administrative
hearing as outlined in this chapter.
(c) The board may use funds in excess of two hundred fifty thousand dollars
($250,000), whether from the auctioneer's education, research, and recovery
fund fees or accrued interest thereon, for any of the following purposes:
1.
To advance education and research in the auction field for the benefit of
those seeking an auctioneer license, those licensed under the provisions
of this chapter and to improve and make more efficient the auction
industry;
2.
To underwrite educational seminars, caravans, and other forms of
educational projects for the general benefit of licensees;
3.
To establish an auction chair or courses at Kentucky state institutions of
higher learning for the purpose of making college or university level
courses available to licensees and the general public;
4.
To contract for a particular research project in the auction field for the
(d)
(3)
(a)
(b)
(c)
(d)
Commonwealth of Kentucky;
5.
To sponsor, contract for, and to underwrite all other educational and
research projects that contribute to the advancement of the auction field
in Kentucky;
6.
To cooperate with associations of auctioneers and any other groups for
the enlightenment and advancement of Kentucky licensees;
7.
To increase the level of the auctioneer's education, research, and
recovery fund above two hundred fifty thousand dollars ($250,000); and
8.
To augment the regular trust and agency account of the board for
purposes of addressing cash flow shortfalls, budget deficits, and for
reimbursement of personnel, administrative, operational, and capital
expenses incurred by the trust and agency account pursuant to the
purposes of the education, research, and recovery fund as provided in
this section, an amount not to exceed two hundred fifty thousand dollars
($250,000) annually.
Within one hundred twenty (120) days after the end of each fiscal year, the
board shall make public, through its Web site or other public media, a
statement of income and expenses of the auctioneer's education, research, and
recovery fund, the details of which are in accordance with state financial
reporting requirements.
If a licensee is found guilty of one (1) or more provisions of this chapter or of
violating one (1) or more of the administrative regulations of the board, and if
the amount of the money lost by the aggrieved party or parties is in dispute or
cannot be determined accurately, then the amount of damages shall be
determined by the Circuit Court in the county where the alleged violation took
place, provided that the board has previously determined that a violation of
the license laws or of the administrative regulations has occurred and a final
order has been entered.
If an order has been entered and the license rights of the licensee have been
finally adjudicated, then the local Circuit Court shall determine the monetary
damages due from the aforesaid violation or violations.
When a final order has been entered by the Circuit Court, Court of Appeals, or
Supreme Court, and upon certification to the board, the aggrieved party or
parties shall be paid an amount not to exceed fifty thousand dollars ($50,000)
by the board, and the license held by the licensee against whom the claim was
made by the aggrieved party shall be suspended at least until the licensee has
reimbursed the auctioneer's education, research, and recovery fund for all
amounts paid to the aggrieved party due to the violation of the licensee.
When, upon the final order of the court, the board has paid from the
auctioneer's education, research, and recovery fund any sum to the aggrieved
party, the board shall be subrogated to all of the rights of the aggrieved party
to the extent of the payment and the aggrieved party shall, to the extent of the
payment, assign his right, title, and interest in the judgment to the board.
(e)
(4)
(5)
All claims for monetary damages or relief from the auctioneer's education,
research, and recovery fund shall be made in writing and submitted to the
board within twelve (12) months of the act of the auctioneer giving rise to the
loss. Failure to file a claim within the twelve (12) month period shall bar the
claim. Additional evidence shall be submitted by the claimant if required by
the board.
(f) Notwithstanding any other provisions of this chapter, no unreimbursed
amount greater than fifty thousand dollars ($50,000) shall be paid by the board
on account of any one (1) licensee, no matter over how long a time, or for how
many claims, and no matter what the number of claimants be or the size of
such claims, individually or in the aggregate. Should the licensee reimburse
the fund for all amounts paid, then future claims timely filed with the board
concerning different matters may be received pursuant to this section.
(g) No claims shall be approved under this section for amounts which, in the
aggregate, exceed the maximum payable on account of any one (1) licensee in
effect at the time of the act or acts of the licensee giving rise to the claims,
except to the extent of said maximum. Statutory increases in the maximum set
out in this section do not apply retroactively.
All categories of licensees under this chapter are covered under the provisions of
this section for the benefit and protection of the public.
This section is not intended to substitute for, circumvent, or duplicate other
remedies existing at law or otherwise for claimants or potential claimants, but
constitutes a last resort for aggrieved persons who would not, but for the provisions
of this section, be able to recover their losses by any other means available. The
board shall have full discretion to require that claimants exhaust all other remedies
prior to proceeding under this section, including but not limited to the remedy of
obtaining a judgment by all diligent and appropriate means.
Effective: June 24, 2015
History: Amended 2015 Ky. Acts ch. 14, sec. 8, effective June 24, 2015. -- Amended
2012 Ky. Acts ch. 98, sec. 2, effective July 12, 2012. -- Amended 2009 Ky. Acts ch.
70, sec. 18, effective June 25, 2009. -- Amended 1998 Ky. Acts ch. 285, sec. 9,
effective July 15, 1998. -- Amended 1992 Ky. Acts ch. 344, sec. 15, effective July
14, 1992. -- Amended 1990 Ky. Acts ch. 170, sec. 15, effective July 13, 1990. -Amended 1984 Ky. Acts ch. 407, sec. 9, effective July 13, 1984. -- Created 1982 Ky.
Acts ch. 79, sec. 5, effective July 15, 1982.
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