201 KAR 3:045. Recordkeeping and accounting.

      RELATES TO: KRS 330.110(5)

      STATUTORY AUTHORITY: KRS 330.050(8)

      NECESSITY, FUNCTION, AND CONFORMITY: To protect the public through adequate recordkeeping and accounting.

      Section 1. (1) Any principal or apprentice auctioneer licensed by the Kentucky Board of Auctioneers shall be required to provide a receipt or receipts to all individuals or businesses placing merchandise with him for sale by him at auction. Every apprentice and principal auctioneer shall keep a copy of each receipt given for merchandise as provided herein, and shall give a true copy of said receipts to the owner of the property accepted for sale at auction.

      (2) A principal auctioneer shall further render an accounting and settlement with the seller of any property sold at auction within thirty (30) days after the conclusion of such sale unless there is a legal requirement that funds held in escrow by that principal auctioneer be held longer than said thirty (30) days. (5 Ky.R. 695; eff. 6-6-79.)