(a) The commission may, upon its own motion, and shall, upon the verified complaint in writing of any person, hold a hearing as provided in this chapter and investigate the actions of any auctioneer, affiliate auctioneer or any person who assumes to act in either capacity; provided, that the complaint with the evidence, documentary or otherwise, presented in connection with the complaint, makes out a prima facie case.

(b) The commission may suspend, revoke or refuse to renew any license issued under this chapter where the license has been obtained by false or fraudulent representations or for any of the following causes:

(1) Making any substantial misrepresentation including, but not limited to, individuals licensed solely as bid caller auctioneers who hold themselves out to others as principal auctioneers or public automobile auctioneers;

(2) Pursuing a continued and flagrant course of misrepresentation or making false promises through agents or advertising or otherwise;

(3) Accepting valuable consideration as an affiliate auctioneer for the performance of any of the acts specified in this chapter, from any person, except the licensee's employer auctioneer;

(4) Failing to account for or remit, within a reasonable time, any money belonging to others that comes into the licensee's possession, commingling funds of others with the licensee's own or failing to keep the funds of others in an escrow or trustee account; provided, however, that nothing in this section shall be construed to require an auto auction as defined in § 55-17-102(1)(A) to maintain or use an escrow account when the auction does not accept and deposit funds of others;

(5) Paying valuable consideration to any person for services performed in violation of this chapter;

(6) Being convicted in a court of competent jurisdiction of this or any other state, or of the United States, of a criminal offense involving moral turpitude or a felony. However, an action taken under this subdivision (b)(6) shall be subject to the applicable provisions of the Fresh Start Act that are compiled in chapter 76, part 1 of this title;

(7) Violating any provision of this chapter, or any rule or regulation duly promulgated under this chapter;

(8) Failing to furnish voluntarily to all interested parties, at the time of execution, copies of all written instruments prepared by the auctioneer or affiliate auctioneer;

(9) Failing prior to the sale at public auction to enter into a written contract with the owner or consignee of any property to be sold, containing the terms and conditions upon which the licensee receives the property for sale;

(10) Engaging in the business of auctioning real property without being duly licensed as a broker or affiliate broker under the Tennessee Real Estate Broker License Act of 1973, compiled in chapter 13 of this title;

(11) Knowingly using false bidders, cappers or pullers;

(12) Any conduct of any auctioneer that demonstrates improper, fraudulent, incompetent or dishonest dealings;

(13) Violating title 55, chapter 17, or any rule duly promulgated under title 55, chapter 17, pertaining to the sale or auction of motor vehicles; or

(14) Negotiating or executing an auction contract to sell goods, take possession of seller assets, or take possession of auction proceeds as a bid caller auctioneer licensee.

(c) The affirmative vote of a majority of the commission shall be necessary to revoke or suspend a license.

(d) An auctioneer or affiliate auctioneer may retire the auctioneer's or affiliate auctioneer's license by making such request in writing and paying the appropriate fees set by the commission. The written request must be accompanied by the license certificate and pocket card. The retiree shall be responsible for notifying the commission of any change in address. Only licenses that are current and in good standing with the commission may be retired.