40-11-19.2. Public sale authorized upon court order; procedure following satisfaction of lien; disposition of excess proceeds.

1. (1)

   As used in this subsection, the term “public sale” means a sale:#

   1. (A)

      Held at a place reasonably available to persons who might desire to attend and submit bids;#

   2. (B)

      At which those attending shall be given the opportunity to bid on a competitive basis; and#

   3. (C)

      Except as otherwise provided in Title 11 for advertising or dispensing with the advertising of public sales, of which notice is given by advertisement once a week for two weeks in the newspaper in which the sheriff’s advertisements are published in the county where the sale is to be held, and which notice shall state the day and hour, between 9:00 A.M. and 5:00 P.M., and the place of sale and shall briefly identify the motor vehicle to be sold.#

2. (2)

   Upon order of the court issued pursuant to Code Section 40-11-19.1, the towing and storage firm, repair facility, or salvage dealer shall be authorized to sell the motor vehicle to the highest and best bidder at public sale.#

After satisfaction of the lien, the towing and storage firm, repair facility, or salvage dealer selling such motor vehicle shall, not later than 15 days after the date of such sale, provide the Department of Revenue by electronic means a copy of the bill of sale as provided to the purchaser and turn the remaining proceeds of such sale, if any, over to the department to be treated as unclaimed property pursuant to Article 5 of Chapter 12 of Title 44, the “Disposition of Unclaimed Property Act.” The towing and storage firm, repair facility, or salvage dealer selling such vehicle may deduct from such proceeds the cost incurred by the advertisement of the public sale, provided that such amount is no greater than $120.00, and the cost incurred by the holding of the public sale, provided that the cost is no greater than $200.00. Any deduction so made shall be evidenced by receipts or on a form prescribed by the Department of Revenue for such purpose through rule and regulation. Any person convicted of failing to comply with the requirements of this subsection shall be subject to a civil penalty as provided for in Article 5 of Chapter 12 of Title 44.#