Section 110. Reimbursable expenses and required documents of the auctioneer

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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 § 55-186 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.

Historical Notes

Derived from VR640-04-1 § 11, eff. July 1, 1992.

Statutory Authority

§ 55-200.1 of the Code of Virginia.

                    
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