§47. Application for going-out-of-business sale license; deposit; fee

A. Each person desiring to conduct a going-out-of-business sale shall make application to the consumer protection section at least five days prior to the opening date of such sale. Application for such licensure shall be in writing, under oath, in the form prescribed by the consumer protection section, and shall contain all information pertaining to the reasons and character of the sale, including the following:

(1) The opening and termination dates of the sale.

(2) A complete inventory of the goods actually on hand in the place where such sale is to be conducted, including all details necessary to locate exactly and identify fully the goods to be sold.

(3) The names and residences of owners or partners in whose interest the sale is to be conducted.

B. Any applicant who uses the services of a promoter for a going-out-of-business sale shall include a signed and dated copy of his agreement with the promoter as part of his application.

C. The consumer protection section may request that an applicant submit such other information as deemed necessary by that section.

D. Each application shall be accompanied by a deposit of either five hundred dollars or a dollar amount equal to one percent of the wholesale cost of the inventory specified in Paragraph (2) of Subsection A of this Section, whichever amount is greater. However, no such deposit shall exceed five thousand dollars.

E. Each application shall be accompanied by a license fee of one hundred dollars.

Acts 1995, No. 669, §1.