Record-keeping obligations

17 Auctioneer record

(1)

Every registered auctioneer must keep an accurate and up-to-date auctioneer record.

(2)

An auctioneer record must show the following information with respect to property offered for sale by auction by a registered auctioneer:

Vendor

(a)

the vendor’s full name, date of birth, contact address, and contact telephone number (if any):

(b)

whether the vendor is selling in trade as a supplier (within the meaning of the Consumer Guarantees Act 1993) or otherwise:

Property

(c)

a description of the property:

Auction

(d)

the date of the auction:

(e)

if the property was auctioned by lot, the lot number:

(f)

whether the sale was subject to a reserve price:

(g)

whether vendor bids were permitted:

(h)

the name of the auctioneer who conducted the sale:

(i)

the highest bid, and whether it was a vendor bid:

(j)

the price at which the property was sold:

(k)

the amount of proceeds paid to the vendor:

(l)

the date on which the proceeds were paid to the vendor.

(3)

The information required to be shown in an auctioneer record must be added to the record as soon as practicable after the information is available.

(4)

The information in an auctioneer record must be kept on the record for at least 3 years.

Compare: 2004 No 70 ss 51, 53