The Illinois Auction Law has been changed after passing both houses of the Legislature. The Governor signed it on August 26, 2009 at which time it became effective. Unfortunately, it has not been totally published yet.
Substantive changes include:
• Associate auctioneer license is being discontinued (all will be auctioneers);
• An Illinois licensed auctioneer may receive a fee from another Illinois licensed auctioneer for referring a client or prospect for auction services to the licensed auctioneer;
• Internet auctions must register with the Department and other requirements;
• Eliminates the recovery fund (deposited to the general professions dedicated fund);
• Contracts must be written and state whether the auction is with or without reserve and who receives the buyer’s premium, if one;
• No advertisement or announcement for an "absolute auction" or "auction without reserve" shall include any terms or language regarding a minimum bid or minimum price.
• All advertising for a specific auction shall clearly disclose the name of the sponsoring auctioneer or the sponsoring auctioneer’s properly registered assumed business name.
• Licensees must notify the Division in writing within 24 hours of an address change.
• A licensee must conspicuously post or deliver to all registered participants the complete terms and conditions of the auction and shall clearly announce before the aucton the material terms and conditins necessary to understand the procedures for the auction.
• Auction Advisory Board shall consist of seven members, five of whom are Auctioneers;
• Hearings shall be before the Auction Advisory Board;
• IDFPR may contract third parties for services necessary for the administration of the Act.
Rule changes include:
• It is no longer necessary to include your license number in advertising;
• Four CE courses can be taken in the same day; and
• The deadline to acquire them will be December 31 of even-numbered years, starting this license period. In other words, your existing license will now expire on December 31, 2010. As far as known, there will be no additional fee for the extra 18 months.
