§3124. Compensation of auctioneers
A.(1) No auctioneer shall demand or receive a higher compensation for his services on judicial sales of immovable property made under order of court than a commission of seven percent on the amount of each adjudication made by him.
(2) On sales of succession property in which minors have an interest, property belonging to minors or in which they have an interest, and of property surrendered by insolvents made pursuant to an order or decree of any court of the state, the auctioneer shall not demand or receive a commission on each adjudication of more than four percent on the first ten thousand dollars and two percent on the excess. However, in cases where minors are interested, these lower rates shall be charged only on their proportionate share of the property, reserving to the auctioneer the right to receive the regular rate on the remainder of the interest involved.
(3) Upon sales of movables, the commission shall not be more than ten percent as to judicial sales.
B. On all sales made by the representative of a succession or syndic or an insolvent, there shall be a commission of no more than two percent.
C.(1) The auctioneer shall include in all advertisements, including but not limited to newspaper, radio, television, and brochures, the amount of any buyer's fee that will be charged.
(2) The auctioneer shall post in writing at the registration desk, in a conspicuous place, the amount of any buyer's fee.
(3) Upon opening an auction, the auctioneer shall verbally announce the amount of any buyer's fee, explain what the fee is, how such fee will be paid, and how the fee will work.
Acts 1986, No. 564, §4, eff. July 2, 1986; Acts 1999, No. 637, §1.