{"data":{"id":"us-ky/krs-330.192","jurisdiction":"us-ky","citation":"KRS 330.192","heading":"Auctioneer's education, research, and recovery fund -- Annual fees,","body":"charges, and assessments -- Purpose -- Use -- Statement of income and\nexpenses -- Coverage of licensees.\n(1) (a) There is hereby created and established in the State Treasury the auction eer's\neducation, research, and recovery fund.\n(b) In addition to the license fees established in KRS 330.070, and KRS 330.095,\nthe board may assess each licensee a renewal recovery fee established by\nadministrative regulations promulgated by the board in a ccordance with KRS\nChapter 13A. Each initial applicant shall pay an initial recovery fee\nestablished by administrative regulations promulgated by the board in\naccordance with KRS Chapter 13A.\n(2) The purposes of the auctioneer's education, research, and re covery fund shall be as\nfollows:\n(a) When a licensee has been duly found guilty of violating one (1) or more of the\nprovisions of this chapter, or one (1) or more of the administrative regulations\nduly promulgated by the board, and upon the conclusion of a  final order\nentered by the board or by the courts, if appealed, the board is authorized to\npay to the aggrieved party an amount not to exceed fifty thousand dollars\n($50,000) against any one (1) licensee, if the licensee has refused to pay the\nclaim within twenty (20) days of entry of a final order and provided further\nthat the amount or amounts of money in question are certain and liquidated.\n(b) The board shall maintain a minimum of two hundred fifty thousand dollars\n($250,000) for recovery and guaranty purposes. These funds may be invested\nand reinvested in the same manner as funds of the State Employees'\nRetirement System and the interest from said investments shall be deposited\nto the credit of the research and recovery fund, or, in the discretion of t he\nboard, to the agency fund account as set out in KRS 330.050(6). Sufficient\nliquidity, however, shall be maintained so that money is available to satisfy all\nclaims which may be processed through the board by means of administrative\nhearing as outlined in this chapter.\n(c) The board may use funds in excess of two hundred fifty thousand dollars\n($250,000), whether from the auctioneer's education, research, and recovery\nfund fees or accrued interest thereon, for any of the following purposes:\n1. To advance education and research in the auction field for the benefit of\nthose seeking an auctioneer license, those licensed under the provisions\nof this chapter and to improve and make more efficient the auction\nindustry;\n2. To underwrite educational seminars, cara vans, and other forms of\neducational projects for the general benefit of licensees;\n3. To establish an auction chair or courses at Kentucky state institutions of\nhigher learning for the purpose of making college or university level\ncourses available to licensees and the general public;\n4. To contract for a particular research project in the auction field for the\nCommonwealth of Kentucky;\n5. To sponsor, contract for, and to underwrite all other educational and\nresearch projects that contribute to the advance ment of the auction field\nin Kentucky;\n6. To cooperate with associations of auctioneers and any other groups for\nthe enlightenment and advancement of Kentucky licensees;\n7. To increase the level of the auctioneer's education, research, and\nrecovery fund above two hundred fifty thousand dollars ($250,000); and\n8. To augment the regular trust and agency account of the board for\npurposes of addressing cash flow shortfalls, budge t deficits, and for\nreimbursement of personnel, administrative, operational, and capital\nexpenses incurred by the trust and agency account pursuant to the\npurposes of the education, research, and recovery fund as provided in\nthis section, an amount not to exceed two hundred fifty thousand dollars\n($250,000) annually.\n(d) Within one hundred twenty (120) days after the end of each fiscal year, the\nboard shall make public, through its Web site or other public media, a\nstatement of income and expenses of the au ctioneer's education, research, and\nrecovery fund, the details of which are in accordance with state financial\nreporting requirements.\n(3) (a) If a licensee is found guilty of one (1) or more provisions of this chapter or of\nviolating one (1) or more of th e administrative regulations of the board, and if\nthe amount of the money lost by the aggrieved party or parties is in dispute or\ncannot be determined accurately, then the amount of damages shall be\ndetermined by the Circuit Court in the county where the alleged violation took\nplace, provided that the board has previously determined that a violation of\nthe license laws or of the administrative regulations has occurred and a final\norder has been entered.\n(b) If an order has been entered and the license right s of the licensee have been\nfinally adjudicated, then the local Circuit Court shall determine the monetary\ndamages due from the aforesaid violation or violations.\n(c) When a final order has been entered by the Circuit Court, Court of Appeals, or\nSupreme Co urt, and upon certification to the board, the aggrieved party or\nparties shall be paid an amount not to exceed fifty thousand dollars ($50,000)\nby the board, and the license held by the licensee against whom the claim was\nmade by the aggrieved party shall be suspended at least until the licensee has\nreimbursed the auctioneer's education, research, and recovery fund for all\namounts paid to the aggrieved party due to the violation of the licensee.\n(d) When, upon the final order of the court, the board has pai d from the\nauctioneer's education, research, and recovery fund any sum to the aggrieved\nparty, the board shall be subrogated to all of the rights of the aggrieved party\nto the extent of the payment and the aggrieved party shall, to the extent of the\npayment, assign his right, title, and interest in the judgment to the board.\n(e) All claims for monetary damages or relief from the auctioneer's education,\nresearch, and recovery fund shall be made in writing and submitted to the\nboard within twelve (12) months of the act of the auctioneer giving rise to the\nloss. Failure to file a claim within the twelve (12) month period shall bar the\nclaim. Additional evidence shall be submitted by the claimant if required by\nthe board.\n(f) Notwithstanding any other provisions  of this chapter, no unreimbursed\namount greater than fifty thousand dollars ($50,000) shall be paid by the board\non account of any one (1) licensee, no matter over how long a time, or for how\nmany claims, and no matter what the number of claimants be or t he size of\nsuch claims, individually or in the aggregate. Should the licensee reimburse\nthe fund for all amounts paid, then future claims timely filed with the board\nconcerning different matters may be received pursuant to this section.\n(g) No claims shall  be approved under this section for amounts which, in the\naggregate, exceed the maximum payable on account of any one (1) licensee in\neffect at the time of the act or acts of the licensee giving rise to the claims,\nexcept to the extent of said maximum. Statutory increases in the maximum set\nout in this section do not apply retroactively.\n(4) All categories of licensees under this chapter are covered under the provisions of\nthis section for the benefit and protection of the public.\n(5) This section is not in tended to substitute for, circumvent, or duplicate other\nremedies existing at law or otherwise for claimants or potential claimants, but\nconstitutes a last resort for aggrieved persons who would not, but for the provisions\nof this section, be able to recov er their losses by any other means available. The\nboard shall have full discretion to require that claimants exhaust all other remedies\nprior to proceeding under this section, including but not limited to the remedy of\nobtaining a judgment by all diligent and appropriate means.","path":["KRS Chapter 330"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=44064","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:22Z","sha256":"e23087435a8a288b42d44e9e632eacf1e0ab233d8f0f7e5ae5f1c10ee1630e9b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-330.190","next":"us-ky/krs-330.200"},"notice":"GroundRules: Original legal text. Not legal advice."}