New South Wales Consolidated Acts

PROPERTY, STOCK AND BUSINESS AGENTS ACT 2002 - SECT 66A

66A Offences by auctioneers

(1) At a sale by auction of residential property or rural land, the auctioneer:

(a) must not acknowledge the making of a bid if the bid was not made, and

(b) must not accept a bid if the auctioneer knows that the bid was made by or on behalf of the seller in contravention of section 66, and

(c) must not make more than one bid on behalf of the seller.

Maximum penalty: 250 penalty units.

(2) An auctioneer at a sale by auction of residential property or rural land must not make a bid on behalf of the seller unless:

(a) the conditions under which the auction is conducted permit the making of one bid by the auctioneer on behalf of the seller, and

(b) the auctioneer announced at the auction, before the start of bidding, that the auctioneer is permitted to make one bid on behalf of the seller, and

(c) immediately before, or in the process of, making the bid, the auctioneer announces that the bid is made on behalf of the seller or announces “vendor bid”.

Maximum penalty: 250 penalty units.

(3) Merely announcing the name of the person on whose behalf a bid is made (without stating that the person is the seller) is not sufficient to constitute announcing that the bid is made on behalf of the seller.