Ending your auctioneer or chattel auctioneer licence
Your licence may end for a number of reasons, such as:
- it expires and you don’t renew it
- you choose to surrender the licence
- we cancel or suspend your licence.
You may not transfer your licence to another person for any reason.
Surrendered licence
You must contact us in writing to surrender your licence. You will need to:
- immediately return your licence documents to us
- finalise and close any trust accounts
- notify us when your trust accounts are closed
- give us a final audit of each trust account within 2 months of closing it.
The licence will be invalid from the day you surrender it.
You may only submit your notice:
Cancelled licence
We will immediately cancel your licence if you:
- are convicted of a serious offence
- become bankrupt or insolvent (as an individual)
- are wound up or struck off (as a corporation).
- Or a corporation executive officer become subject to a relevant control order
A serious offence is anything punishable by 3 or more years in prison. These include:
- violent offences (including threats to use violence)
- fraud and dishonesty
- drug trafficking
- extortion
- arson
- unlawful stalking, intimidation, harassment or abuse
- any offence of a sexual nature.
If we cancel your licence, you will have 14 days to return your licence document. You must cease trading immediately.
Suspended licence
We may suspend your licence if:
- we consider the licence was obtained, renewed or restored because of materially incorrect or misleading information
- we suspect an irregularity with your trust account
- you are an employee and may be responsible for an irregularity or deficiency in the licensee’s trust account
- you have failed to file an audit report
- a receiver is appointed over your property
- you breach or we believe you have breached the Property Occupations Act 2014, the Motor Dealers and Chattel Auctioneers Act 2014, the Agents Financial Administration Act 2014 or the Property Agents and Motor Dealers Act 2000.
We can suspend a licence for up to 28 days. We will notify you within 14 days of the start of your suspension. However, if the suspension is in relation to failure to lodge an audit report, the licence may be suspended until you file the relevant audit report.
Once you get our notification, you will have 14 days to return your licence document. You must cease trading immediately.