HF 131

1st Unofficial Engrossment - 88th Legislature (2013 - 2014)

Posted on 05/03/2013 05:04 p.m.

1.1A bill for an act 1.2relating to commerce; requiring estate sale conductors to post a bond to protect 1.3owners of the property to be sold;proposing coding for new law in Minnesota 1.4Statutes, chapter 325E. 1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.6    Section 1. new text begin [325E.70] ESTATE SALE CONDUCTORS; BONDING REQUIRED. new text end 1.7     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 new text end 1.8 new text begin this subdivision have the meanings given. new text end 1.9 new text begin (b) "Estate sale" means a sale, to which the public is invited, of physical assets, new text end 1.10 new text begin suited primarily for household or personal use, owned by one or more individuals or new text end 1.11 new text begin families, or by the estate of a deceased individual. Estate sale does not include an auction. new text end 1.12 new text begin (c) "Estate sale conductor" means an individual, including an auctioneer, who new text end 1.13 new text begin conducts, or contracts to conduct, an estate sale in the expectation or hope of receiving new text end 1.14 new text begin financial compensation for services rendered. new text end 1.15 new text begin (d) "Conducts an estate sale" means entering into and performing an agreement with new text end 1.16 new text begin the owner or owners of property to be sold at an estate sale, in which agreement the new text end 1.17 new text begin estate sale conductor undertakes to take responsibility for conducting the sale, including new text end 1.18 new text begin functions such as advice, advertising, pricing, display of merchandise, selling, receiving new text end 1.19 new text begin and accounting for payments, and record-keeping. new text end 1.20     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 new text end 1.21 new text begin agreement to conduct an estate sale, the estate sale conductor shall give or previously have new text end 1.22 new text begin filed a corporate surety bond to the county in which the estate sale will take place, or in new text end 1.23 new text begin which the estate sale conductor resides, in a penal sum of at least $20,000, conditioned new text end 1.24 new text begin that the estate sale conductor will pay all sums required by law or contract and in all new text end 2.1 new text begin things conform to the contract and to all laws relevant to the estate sale or to persons who new text end 2.2 new text begin conduct estate sales. The county treasurer, for approval, shall endorse the bond and file it new text end 2.3 new text begin in the county treasurer's office. new text end 2.4 new text begin (b) Paragraph (a) applies to an auctioneer who conducts an estate sale, on the same new text end 2.5 new text begin basis as any other estate sale conductor, regardless of whether the auctioneer has also new text end 2.6 new text begin posted the bond required under section 330.02 for the auctioneer's sales conducted as new text end 2.7 new text begin an auctioneer. new text end 2.8     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 new text end 2.9 new text begin accountants or licensed attorneys. new text end 2.10 new text begin EFFECTIVE DATE. new text end new text begin This section is effective January 1, 2014, and applies to new text end 2.11 new text begin estate sales conducted on or after that date. new text end