A BILL TO BE ENTITLED
AN ACT to extend the amount of time that auctioneers have to account for or pay over funds from an auction sale.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 85B‑8(a)(3) reads as rewritten:
"(3)	Any failure to account for or to pay over within a reasonable time funds belonging to another which have come into the licensee's possession through an auction sale. Under this subdivision, a "reasonable time" shall not exceed 30 days, unless an item has been purchased on extension and requires third‑party authentication, in which case a "reasonable time" shall not exceed 90 days."
SECTION 2.  This act is effective when it becomes law and applies to funds received through an auction sale that occurs on or after that date.