If it appears to the clerk that all the statements in the application are true, that the proposed sale is of the character represented therein, that the application is in full compliance with the terms and conditions of the Oklahoma Consumer Protection Act, that the required license fee has been paid, and that the ten-day waiting period has expired with no objections from the district attorney, the clerk shall issue a license to the applicant authorizing the advertising and conducting of the sale as described in the application, subject to the following conditions:

1. Only the goods, wares, and merchandise included in the inventory attached to the application shall be sold at the sale;

2. Upon the commencement of the sale and for its duration the license shall be prominently displayed in the place of sale by the licensee;

3. All advertisement of discount prices shall indicate that the prices are discounted from the manufacturer's suggested retail price and the manufacturer's suggested retail price shall be accurately displayed in such advertisements or all advertisements of discount prices shall indicate that the prices are discounted from the regular sales prices at which the merchandise has been offered at the location of the sale for at least sixty (60) days prior to the sale and such regular prices shall be accurately displayed in advertisements where discount prices are advertised by specific dollar amounts or percentage amounts of savings;

4. No closing out sale shall be held at any location other than the regular place of business of the licensee and the licensee shall have conducted business at such location for a period of at least six (6) months; and

5. The licensee shall keep suitable books during the sale, at the location at which the sale is conducted. Daily entries shall be made in said books showing:

a.dollar amount of retail sales, and

b.dollar amount of markdowns; for the purposes of the Oklahoma Consumer Protection Act, the term markdowns is the difference between retail and wholesale price of goods wholesaled by the licensee, and

c.dollar amount, both retail and cost price, of goods on back order received, and

d.dollar amount of wholesale sale.

The books shall be open for inspection during business hours by appropriate officials responsible for the enforcement of this act.

Amended by Laws 1983, c. 103, § 3, eff. Nov. 1, 1983.