{"data":{"id":"us-ky/krs-330.110","jurisdiction":"us-ky","citation":"KRS 330.110","heading":"License suspension, revocation, and other penalties -- Grounds --","body":"Emergency orders and hearings.\n(1) The board may suspend for a period up to five (5) years or revoke the license of any\nlicensee, or levy fines not to exceed two thousand dol lars ($2,000), with a\nmaximum fine of five thousand dollars ($5,000) per year arising from any single\nincident or complaint, against any licensee, or place any licensee on probation for a\nperiod of up to five (5) years, or require successful passage of any  examination\nadministered by the board, or require successful completion of any course of\nauction study or auction seminars designated by the board, or issue a formal\nreprimand, or order any combination of the above, for violation by any licensee of\nany of the provisions of this chapter, or for any of the following causes:\n(a) Obtaining a license through false or fraudulent representation;\n(b) Making any substantial misrepresentation;\n(c) Pursuing a continued and flagrant course of misrepresentation or inte ntionally\nmaking false promises or disseminating misleading information through\nagents or advertising or otherwise;\n(d) Accepting valuable consideration as an apprentice auctioneer for the\nperformance of any of the acts specified in this chapter, from any person,\nexcept his or her principal auctioneer;\n(e) Failing to account for or remit, within a reasonable time, any money belonging\nto others that comes into the licensee's possession, commingling funds of\nothers with the licensee's own funds, or failing to  keep the funds of others in\nan escrow or trustee account;\n(f) Paying valuable consideration to any person for services performed in\nviolation of this chapter, or procuring, permitting, aiding, or abetting any\nunlicensed person acting in violation of any of the provisions of this chapter;\n(g) Entering a plea of guilty, an Alford plea, a plea of no contest to, or being\nconvicted of:\n1. Any felony; or\n2. A misdemeanor involving theft, deception, fraud, burglary, or violence,\nor that relates to the practice of auctioneering; and\nthe time for appeal has passed or the judgment of conviction has been finally\naffirmed on appeal;\n(h) Violation of any provision of this chapter or any administrative regulation\npromulgated by the board;\n(i) Failure to furnish voluntarily at the time of execution, copies of all written\ninstruments prepared by any licensee to each signatory of the written\ninstrument;\n(j) Any conduct of a licensee which demonstrates bad faith, dishonesty,\nincompetence, or untruthfulness;\n(k) Any other conduct that constitutes improper, fraudulent, dishonest, or\nnegligent dealings;\n(l) Failure to enter into a binding written auction listing contract with the seller or\nwith the seller's duly authorized agent prior to advertising, p romoting, or\noffering any real or personal property by or at auction;\n(m) Failure to provide a receipt to all persons consigning personal property with\nany licensee for auction;\n(n) Failure to establish and maintain, for a minimum of five (5) years from fi nal\nsettlement, complete and correct written or electronic records and accounts of\nall auction transactions, including:\n1. Listing contracts, including the name and address of the seller;\n2. Written purchase contracts;\n3. Descriptive inventory and final bid amounts of all items or lots offered;\n4. Buyer registration records; and\n5. Settlement records, including all moneys received and disbursed and\nescrow account activity;\n(o) Failure of any licensee to deliver within thirty (30) days any auction -related\ninformation, including but not limited to advertisements, listing contracts,\npurchase contracts, clerking records, buyer registration records, settlement\nrecords, escrow account information, license, or any other auction -related\ninformation to the board or the board's designee upon request; or\n(p) Failure of a principal auctioneer to provide supervision to his or her apprentice\nauctioneers to ensure compliance with this chapter and the administrative\nregulations promulgated thereunder.\n(2) If any licensee is alleged to have committed a violation that warrants emergency\naction, including emergency suspension of the licensee's license, the board may\nconduct an emergency hearing in accordance with KRS Chapter 13B as it relates to\nemergency orders and emergency he arings. The board shall promulgate\nadministrative regulations to describe the specific circumstances and allegations\nthat authorize emergency action.","path":["KRS Chapter 330"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=52550","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:22Z","sha256":"2457141d2288d539e9f25a675464f08716e1ac5680a80c0cdfb32ed76cba0110","source_id":"us-ky","stale":false,"prev":"us-ky/krs-330.100","next":"us-ky/krs-330.115"},"notice":"GroundRules: Original legal text. Not legal advice."}