Must property auction organizations in Vietnam notify the list of its auction practice interns to the provincial-level Justice Department of the locality where it is located?
- Must property auction organizations in Vietnam notify the list of its auction practice interns to the provincial-level Justice Department of the locality where it is located?
- What is the administrative fine imposed on the property auction organization for failing to notify the list of its auction practice interns to the provincial-level Justice Department of the locality where it is located?
- What are the regulations on auction practice internship?
Must property auction organizations in Vietnam notify the list of its auction practice interns to the provincial-level Justice Department of the locality where it is located?
According to the provisions of Clause 2, Article 24 of the 2016 Law on Property Auction in Vietnam, property auction organizations have the following obligations:
- To conduct property auction according to the principles, order and procedures prescribed in this Law and take responsibility for property auction results;
- To promulgate a rule of auction under Article 34 of this Law and other relevant laws;
- To organize auctions continuously at the notified time and venues, except where it is impossible to do so due to force majeure events;
- To request auctioned property sellers to hand over property and relevant title deeds to auctioned property buyers. In case they are authorized by auctioned property sellers to preserve or manage auctioned property, to hand over such property and relevant title deeds to buyers;
- To pay compensations for damage caused during the property auction in accordance with law;
- To perform obligations under property auction service contracts;
- To keep books to monitor auctioned property and auction registers;
- To request provincial-level Justice Departments of localities where they are located to grant or revoke auctioneer cards;
- To purchase insurance for professional liability of their auctioneers under Article 20 of this Law;
- To report to provincial-level Justice Departments of localities where they are located lists of their practicing auctioneers and auction practice interns;
- To report to provincial-level Justice Departments of localities where they are located on their organization and operation on an annual basis or upon request. Businesses that have branches shall also report to provincial-level Justice Departments of localities where their branches register operation;
- To fulfill examination and inspection requests of competent state agencies;
- Other obligations prescribed by law.
Must property auction organizations in Vietnam notify the list of its auction practice interns to the provincial-level Justice Department of the locality where it is located? (Image from the Internet)
What is the administrative fine imposed on the property auction organization for failing to notify the list of its auction practice interns to the provincial-level Justice Department of the locality where it is located?
According to Clause 2, Article 24 of Decree No. 82/2020/ND-CP, violations against regulations on operation of property auction organizations are prescribed as follows:
Violations against regulations on operation of property auction organizations
...
2. A fine of between VND 7,000,000 and VND 10,000,000 shall be imposed for one of the following acts:
a) Failing to make a voucher or failing to write information on the receipt of payment for the purchase of auction participation documents;
b) Collecting the deposit or returning the deposit in contravention of regulations;
c) Failing to preserve or improperly preserve auctioned assets when delivered;
d) Auction of assets that have not yet been appraised, which, according to the provisions of law, must be appraised;
dd) Failing to comply with the reporting regime on organization and operation;
e) Failing to make, manage and use the books as prescribed;
g) Failing to report the list of auctioneers and auctioneer trainees at their organization to the Department of Justice;
h) Failing to apply for an auctioneer card to the auctioneer of his/her organization;
i) Failure to purchase professional liability insurance for auctioneers of their organization;
k) Failing to disclose contents of operation registration or changes to operation registration of the asset auction enterprise;
l) Failing to notify the operation registration of the branch or the address of the representative office of the asset auction enterprise;
m) Operating contrary to the contents of the operation registration certificate of the asset auction enterprise;
n) Failing to request changes to the operation registration information in terms of the name, address of the head office, branch, representative office or legal representative of the enterprise;
o) Erasing, correcting, falsifying contents of operation registration papers of enterprises or branches of asset auction enterprises;
p) Request the Department of Justice to issue auctioneer cards to auctioneers who do not work at their organizations;
q) Failing to make an auction record at the auction; make a record but do not detail or accurately the progress of the auction or lack the signature of one of the components as prescribed or do not have the stamp of the auction organization or let people not attending the auction sign the auction records;
r) Collecting improperly the selling price of auction participation dossiers;
s) Conducting the auction without a written notice from the person having the auctioned asset about the price step, unless the person having the property does not decide the price step;
t) Illegally making agreements with relevant individuals and organizations during the auction process, affecting the lawful rights and interests of a third party, except for the case specified at Points i and k, Clause 3, Points b and d Clause 4, Points c, e and g Clause 5 of this Article.
Thus, a property auction organization that fails to notify the list of its auction practice interns to the provincial-level Justice Department of the locality where it is located may be subject to an administrative fine of up to VND 10,000,000.
What are the regulations on auction practice internship?
According to Article 13 of the 2016 Law on Property Auction in Vietnam, the auction practice internship is as follows:
Auction practice internship
1. Persons possessing an auction training certificate and persons exempt from auction training may be admitted as interns in property auction organizations.
2. The duration of auction practice internship is 6 months and shall be counted from the date a property auction organization notifies the list of its auction practice interns to the provincial-level Justice Department of the locality where it is located.
3. A property auction organization shall assign auctioneers to instruct auction practice interns. Instructing auctioneers shall guide, supervise, and take responsibility for, jobs performed by interns.
Auction practice interns may receive practice skills instructions and perform jobs related to property auction as assigned by their instructing auctioneers and take responsibility before their instructing auctioneers for such jobs. Auction practice interns may not conduct an auction.
4. Persons who have completed their internship duration prescribed in Clause 2 of this Article may take the examination of auction practice internship results.
The examination of auction practice internship results covers auction practice skills, the law on property auction and relevant laws, and professional code of ethics of auctioneers.
5. The examination of auction practice internship results shall be held by the Auction Practice Internship Result Examination Council formed by the Ministry of Justice. The Council is composed of a representative of the Ministry of Justice as its chairperson, and representatives of related agencies and organizations and a number of auctioneers as its members.
Thus, the auction practice apprenticeship is prescribed as above.
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