HF 131

1st Engrossment - 88th Legislature (2013 - 2014) Posted on 05/08/2013 04:17pm

A bill for an act
relating to commerce; requiring estate sale conductors to post a bond to protect
owners of the property to be sold; proposing coding for new law in Minnesota
Statutes, chapter 325E.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [325E.70] ESTATE SALE CONDUCTORS; BONDING REQUIRED.
new text end

new text begin Subdivision 1. new text end

new text begin Definitions. new text end

new text begin (a) For purposes of this section, the terms defined in
this subdivision have the meanings given.
new text end

new text begin (b) "Estate sale" means a sale, to which the public is invited, of physical assets,
suited primarily for household or personal use, owned by one or more individuals or
families, or by the estate of a deceased individual. Estate sale does not include an auction.
new text end

new text begin (c) "Estate sale conductor" means an individual, including an auctioneer, who
conducts, or contracts to conduct, an estate sale in the expectation or hope of receiving
financial compensation for services rendered.
new text end

new text begin (d) "Conducts an estate sale" means entering into and performing an agreement with
the owner or owners of property to be sold at an estate sale, in which agreement the
estate sale conductor undertakes to take responsibility for conducting the sale, including
functions such as advice, advertising, pricing, display of merchandise, selling, receiving
and accounting for payments, and record-keeping.
new text end

new text begin Subd. 2. new text end

new text begin Estate sale conductor bonding requirement. new text end

new text begin (a) Before entering into an
agreement to conduct an estate sale, the estate sale conductor shall give or previously have
filed a corporate surety bond to the county in which the estate sale will take place, or in
which the estate sale conductor resides, in a penal sum of at least $20,000, conditioned
that the estate sale conductor will pay all sums required by law or contract and in all
things conform to the contract and to all laws relevant to the estate sale or to persons who
conduct estate sales. The county treasurer, for approval, shall endorse the bond and file it
in the county treasurer's office.
new text end

new text begin (b) Paragraph (a) applies to an auctioneer who conducts an estate sale, on the same
basis as any other estate sale conductor, regardless of whether the auctioneer has also
posted the bond required under section 330.02 for the auctioneer's sales conducted as
an auctioneer.
new text end

new text begin Subd. 3. new text end

new text begin Exemption. new text end

new text begin This section shall not apply to licensed certified public
accountants or licensed attorneys.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective January 1, 2014, and applies to
estate sales conducted on or after that date.
new text end