A principal or public automobile auctioneer shall disclose the existence and amount of any “buyer’s premium,” commission, or fee to be charged to buyers at an auction sale. Such disclosure shall be made in all advertising and orally announced immediately prior to the start of an auction.

Authority: T.C.A. §§ 62-19-106 and 62-19-118(c)(2). Administrative History: Original rule filed February 28, 2001; effective May 14, 2001. Amendments filed April 13, 2020; effective July 12, 2020.