The auctioneer shall submit an expense report with supporting documentation to the State Treasurer within 30 days of the auction to ensure proper reimbursement of the auction expenses pursuant to § 55.1-2421 of the Code of Virginia. Reimbursable expenses shall include: advertisements, postage, payroll, and any other expenses directly related to the auction, but in no case shall the expense reimbursement exceed 5.0% of the proceeds collected. Proceeds do not include recording fees.

Statutory Authority

§ 55.1-2439 of the Code of Virginia.

Historical Notes

Derived from VR640-04-1 § 11, eff. July 1, 1992; amended, Virginia Register Volume 38, Issue 11, eff. March 3, 3022.