1. (1) Any individual desiring a license as a public automobile auctioneer shall submit an application on a form prescribed by the Commission, accompanied by a nonrefundable application fee, along with satisfactory proof that the applicant has:

   1. (a) Reached at least eighteen (18) years of age;
   2. (b) Served as an auctioneer for a period of two (2) years; and
   3. (c) Successfully completed, in addition to the education required by T.C.A. § 62-19- 111(b)(2), fifteen (15) hours of more rigorous classroom or online instruction in automobile auctioneering approved by the Commission.

2. (2) An applicant for a public automobile auction license shall submit an application on a form prescribed by the Commission, accompanied by a nonrefundable application fee, and accompanied by satisfactory proof that:

   1. (a) The public automobile auction has a letter of compliance with local ordinances from the local zoning authority;
   2. (b) The public automobile auction has garage keeper’s legal liability insurance in an amount not less than five hundred thousand dollars ($500,000);
   3. (c) The public automobile auction has a surety bond of fifty thousand dollars ($50,000) issued by a licensed bonding company;
   4. (d) The public automobile auction has a compiled financial statement prepared in accordance with generally accepted accounting principles by a certified public accountant or public accountant dated not earlier than twelve (12) months prior to the date of the application;
   5. (e) The public automobile auction has a minimum net worth of one hundred thousand dollars ($100,000);
   6. (f) The public automobile auction has a business telephone number in the public automobile auction’s name;
   7. (g) The public automobile auction has a permanently installed professional business sign with letters which are at least eight (8) inches in height;
   8. (h) The public automobile auction has a current business tax license as required by local law;
   9. (i) The public automobile auction has displayed on its premises a valid motor vehicle dealer license from the Tennessee Motor Vehicle Commission issued in the name of the public automobile auction; and
   10. (j) The public automobile auction has displayed on its premises a valid license from the Tennessee Auctioneer Commission issued in the name of the public automobile auction.

Authority: T.C.A. §§ 62-19-106, 62-19-111, and 62-19-128. Administrative History: Original rule filed October 15, 2008; effective December 29, 2008. Amendments filed April 13, 2020; effective July 12, 2020. Amendments filed December 6, 2024; effective March 6, 2025.