Georgia Auctions Regulations
Whether you are looking to buy or sell at an auction in Georgia, there is a lot of information to consider. You need to know where it is taking place, what is being sold and who the auctioneer is. There are also specific rules for those who participate in an auction. These regulations are designed to protect the buyer, seller and the auctioneer.
Georgia auctions and auction companies are required to maintain an escrow account. This is an account that holds all auction proceeds/funds until they are disbursed to the proper parties. The escrow account must be kept separate from the auctioneer’s personal accounts or general operating account for the company. The escrow account number must be included on all applications for licensure or renewal and must be verified as active.
Bid and Beyond: Navigating the Thriving Auction Scene in Georgia
Government property that is no longer needed is redistributed or sold to certain organizations and the public. The surplus property is largely comprised of furniture, equipment and vehicles. In order to receive surplus property, the organization must be registered with the Department of Administrative Services. Organizations must meet the definition of donee and be an agency, a municipality or a non-profit entity.
Auctioneers who are seeking to be licensed in Georgia must complete a course of study at an approved auctioneer school and pass the state exam. The Commission will review the applicant’s license application to ensure that all requirements have been met. If the application is determined to be complete, the applicant will be made eligible for the exam through PSI.
