Section 1440.10  Definitions

 

"Act" means the Auction License Act [225 ILCS 407].

 

"Advertisement" means any written, oral, or electronic communication that contains a promotion, inducement, or offer to conduct an auction or offer to provide an auction service, including but not limited to brochures, pamphlets, radio and television scripts, telephone and direct mail solicitation, electronic media, and other means of promotion.

 

"Advisory Board" shall mean the Auctioneer Advisory Board.

 

"Associate Auctioneer" means a person who conducts an auction, but who is under the direct supervision of, and is sponsored by, a licensed auctioneer or auction firm.

 

"Auction" means the sale or lease or property, real or personal, by means of exchanges between an auctioneer or associate auctioneer and prospective purchasers or lessees, which consists of a series of invitations for offers made by the auctioneer or associate auctioneer and offers by prospective purchasers or lessees for the purpose of obtaining an acceptable offer for the sale or lease of the property including the sale or lease of property via mail, telecommunications, or the Internet.

 

"Auction Contract" means a written or oral agreement between an auctioneer, associate auctioneer, or an auction firm and a seller, sellers, lessor or lessors.

 

"Auction Firm" means any corporation, partnership, or limited liability company that acts as an auctioneer and provides an auction service.

 

"Auction School" means any educational institution, public or private, which offers a curriculum of auctioneer education and training approved by OBRE.

 

"Auction Service" means the service of arranging, managing, advertising or conducting auctions.

 

"Auctioneer" means a person or entity who, for another, for a fee, compensation, commission or any other valuable consideration at auction or with the intention or expectation of receiving value consideration by the means of or process of an auction or sale at auction or providing an auction service, offers, negotiates, or attempts to negotiate an auction contract, sale, purchase, or exchange of goods, chattels, merchandise, personal property, real property, or any commodity that may be lawfully kept or offered for sale by or at auction.

 

"Buyer Premium" means any fee or compensation paid by the successful purchaser of property sold or leased at or by auction, to the auctioneer, associate auctioneer, auction firm, seller, lessor or other party to the transaction, other than the purchase price.

 

"Cashier" means a person who accepts, records and documents payments and information from bidders or prospective bidders, and performs other clerical services for and under the direct supervision of a licensed auctioneer or auction firm, while conducting an auction or providing an auction service.

 

"Clerk" means a person who records and documents information and performs other clerical services for and under the direct supervision of an auctioneer or an auction or providing an auction service.

 

"CE" means continuing education.

 

"Commissioner" means the Commissioner of the Office of Banks and Real Estate.

 

"Compensation" means the valuable consideration given by one person or entity to another person or entity in exchange for the performance of some activity or service.  Compensation shall include the transfer of valuable consideration, including but not limited to:

 

commissions;

 

fees;

 

referral fees;

 

bonuses;

 

prizes;

 

merchandise;

 

finder fees;

 

performance of services;

 

coupons or gift certificates;

 

discounts;

 

rebates;

 

a chance to win a raffle, drawing, lottery, or similar game of chance not prohibited by any other law or statue;

 

retainer fee; or salary.

 

"Consignment Sale" means the sale or lease of property at an auction, whereby a person or entity takes temporary control, title or possession of the property to be sold or leased for the purpose of that person or entity to sell or lease the property, receive and distribute the proceeds of the sale or lease of the property.  The person or entity who conducts a consignment sale auction shall not be exempt from licensure under this Act, except for those persons or entities who are other exempt from licensure, as provided by the Act and these Rules.

 

"Goods" means chattels, movable goods, merchandise, or personal property or commodities of any form or type that may be lawfully kept or offered for sale.

 

"Licensee" means any person licensed under the Act.

 

"Livestock Auctioneer" means an auctioneer or associate auctioneer, licensed under this Act, and employed by a business registered as a market agency under the federal Packers and Stockyards Act (7 USC 181 et seq.) or under the Livestock Auction Market Law [225 ILCS 640], who by public outcry sells livestock at the registered business.

 

"Managing Auctioneer" means any person licensed as an auctioneer who manages and supervises an auction firm and licensees sponsored by an auction firm or auctioneer.

 

"OBRE" means the Office of Banks and Real Estate.

 

"Person" shall mean an individual, association, partnership, corporation, limited liability company, or the officers, directors, or employees of the same.

 

"Pre-renewal Period" means the 24 months prior to the expiration date of a license issued under the Act.

 

"Ring Assistant" means a person who acknowledges a bid from a member of the audience during the sale or lease of property at an auction and conveys the bid to the auctioneer, but only the auctioneer may accept the bid for the sale or lease of property at auction.

 

"Rules" means this Part.

 

"School" means a continuing education school approved and licensed in accordance with the Act and this Part.

 

"Sponsor Card" shall mean the temporary permit issued by the sponsoring auctioneer certifying that the licensee named is employed by or associated with the sponsoring auctioneer and the sponsoring auctioneer shall be responsible for the actions of the sponsored licensee.

 

"Sponsoring Auctioneer" means the auctioneer or auction firm who has issued a sponsor card to a licensed associate auctioneer or auctioneer.

 

"Terms and Conditions" means an announcement made orally or in written form at an auction sale, including but not limited to the condition of the property being sold or leased, the type of payment expected from the purchaser, when payment is expected from the purchaser, when possession, control and ownership of the property being sold or leased passes to the purchaser, and any other information which is pertinent to the auction.

 

(Source:  Amended at 25 Ill. Reg. 12586, effective September 28, 2001)