The fast tracked regulation as currently offered reads as:

B. Notwithstanding the provisions of subsection A of 18 VAC 25-21-150, for proceeds which are paid via credit card, the payment of such proceeds from the credit card issuer shall be deposited into an auction escrow account upon receipt from the credit card issuer.

I propose that it be amended to read as follows to include all electronic fund transfers (EFT) and not just credit cards but also debit cards, check cards, check scans, wire transfers, etc.  The current proposed regulation severely limits it authority to only credit card transactions. The suggested language that would correct the deficiency follows:

B. Notwithstanding the provisions of subsection A of 18 VAC 25-21-150, for proceeds which are paid via credit card, debit card, check card, or any other electronic funds transfer (EFT) method shall be deposited into an auction escrow account upon receipt from the originating source.

Respectfully submitted,

Frank W. MaGann, President

VCPM AUCTIONS LLC  VAF #2908000679

Thank you for publishing proposed amendments to the Regulations of the Virginia Auctioneer Board.

A review of the proposed amendments has revealed that the proposals are restrictive in nature and likely out of date and obsolete because they specify only funds transferred by credit cards.

The Board should reconsider the issue and revise the amendments to cover other commonly accepted forms of electronic fund transfer.

Additionally, any proposed changes should further clarify the regulations requiring the deposit of auction proceeds in an auction escrow account.