House Bill 504 Summary

• Reenacts the Mississippi Auctioneers License Act (Sections 73-4-1 through 73-4-51) to establish comprehensive licensing and regulatory requirements for auctioneers and auction firms in Mississippi.

• Creates the Mississippi Auctioneer Commission with five members appointed by the Governor (one from each congressional district) to regulate the profession, issue licenses, investigate complaints, and enforce disciplinary actions with fines up to $5,000 per violation.

• Requires auctioneers and auction firm operators to obtain licenses, pass examinations covering ethics, contracts, land economics, and auction practices, maintain $10,000 surety bonds, and comply with record-keeping and accounting standards.

• Removes the repeal date of the Auctioneers License Act (Section 73-4-53) to make the regulatory framework permanent rather than temporary.

• Establishes exemptions from licensing for certain transactions including bankruptcy sales, government sales, charitable auctions without compensation, sealed bid sales, and livestock auctions by nonprofit trade associations.