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HF 131

1st Unofficial Engrossment - 88th Legislature (2013 - 2014) Posted on 05/03/2013 05:04pm

KEY: stricken = removed, old language.
underscored = added, new language.
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.

1.7    Subdivision 1. Definitions. (a) For purposes of this section, the terms defined in
1.8this subdivision have the meanings given.
1.9(b) "Estate sale" means a sale, to which the public is invited, of physical assets,
1.10suited primarily for household or personal use, owned by one or more individuals or
1.11families, or by the estate of a deceased individual. Estate sale does not include an auction.
1.12(c) "Estate sale conductor" means an individual, including an auctioneer, who
1.13conducts, or contracts to conduct, an estate sale in the expectation or hope of receiving
1.14financial compensation for services rendered.
1.15(d) "Conducts an estate sale" means entering into and performing an agreement with
1.16the owner or owners of property to be sold at an estate sale, in which agreement the
1.17estate sale conductor undertakes to take responsibility for conducting the sale, including
1.18functions such as advice, advertising, pricing, display of merchandise, selling, receiving
1.19and accounting for payments, and record-keeping.
1.20    Subd. 2. Estate sale conductor bonding requirement. (a) Before entering into an
1.21agreement to conduct an estate sale, the estate sale conductor shall give or previously have
1.22filed a corporate surety bond to the county in which the estate sale will take place, or in
1.23which the estate sale conductor resides, in a penal sum of at least $20,000, conditioned
1.24that the estate sale conductor will pay all sums required by law or contract and in all
2.1things conform to the contract and to all laws relevant to the estate sale or to persons who
2.2conduct estate sales. The county treasurer, for approval, shall endorse the bond and file it
2.3in the county treasurer's office.
2.4(b) Paragraph (a) applies to an auctioneer who conducts an estate sale, on the same
2.5basis as any other estate sale conductor, regardless of whether the auctioneer has also
2.6posted the bond required under section 330.02 for the auctioneer's sales conducted as
2.7an auctioneer.
2.8    Subd. 3. Exemption. This section shall not apply to licensed certified public
2.9accountants or licensed attorneys.
2.10EFFECTIVE DATE.This section is effective January 1, 2014, and applies to
2.11estate sales conducted on or after that date.