(1) To conduct the public auction in an efficient and equitable manner, the treasurer is granted broad powers to set the bidding rules governing the public auction. Such powers include:(a) Recognizing buyers in numerical sequence, in rotation, or in the order in which bids are made;(b) Determining the order in which the public auction is conducted; and(c) Setting minimum bid increases.(2)(a) The treasurer shall announce bidding rules at the beginning of the public auction. The bidding rules apply to all bidders throughout the public auction.(b) If the public auction is conducted by means of the internet or other electronic medium, the treasurer shall post the internet bidding rules on the electronic medium at least fourteen calendar days before the date of sale. The bidding rules apply to all bidders throughout the public auction.(3) Notwithstanding subsection (1) of this section, the treasurer shall: (a) Only accept bids that are greater than the combined value of the amount owed to the lawful holder and the fees and costs incurred by the treasurer in complying with this article 11.5; and(b) Not accept bids made by a county official or a county employee acting in their individual he lawful holder and the fees and costs incurred by the treasurer in complying with this article 11.5; and(b) Not accept bids made by a county official or a county employee acting in their individual capacity or by an immediate family member of a county official or a county employee.(4) When the treasurer conducts a public auction in accordance with this article 11.5, the treasurer may accept payment of the purchase price in the form of cash, cashier's check, bank check, or electronic funds transfer, subject to the treasurer's bidding rules.Added by 2024 Ch. 165,§ 5, eff. 7/1/2024.
Colorado Legal Code