AN ACT relating to judicial sales.

Summary

The law lets a court order a licensed auctioneer to run a public sale of real or personal property and requires the auctioneer’s fee to be paid from the sale proceeds. Fees for foreclosure sales are capped – up to 10% of the price for real property and up to 25% (with an extra 10% premium allowed) for personal property – while other sales use a fee agreed between the parties. Advertising costs are also paid from the proceeds, and the bill clarifies who may receive fees.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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