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F I S C A L I M P A C T R E P O R T

SPONSOR SFC

DATE TYPED 2/23/05

HB

SHORT TITLE Compensation for Auctioneers

SB 57/SFCS

ANALYST Hadwiger

APPROPRIATION

(in $000s)

Appropriation Contained Estimated Additional Impact Recurring

or Non-Rec

Fund

Affected

FY05

FY06

FY05

FY06

NFI

(Parenthesis ( ) Indicate Expenditure Decreases)

SOURCES OF INFORMATION

LFC Files

SUMMARY

Synopsis of Bill

The Senate Finance Committee substitute for SB57 would eliminate caps on the fees paid to auc-

tioneers under Section 61-16-1 NMSA 1978, whereby the auctioneer can not receive more than

10% of the amount of the sales price for items sold for less than $200.00, no more than 8% when

the item sells for between $200.00 and less than $500.00, and 5% when the item sells for more

than $500.00.

Significant Issues

The bill would provide greater flexibility to auctioneers to negotiate for payment from auction

sales proceeds.

FISCAL IMPACT

This bill would have no fiscal impact on the general fund.