Going-out-of-business sales, requirements, limitations, extension
If a business wants to hold a going-out-of-business sale, they have to tell the attorney general in writing at least 10 days before the sale starts, including what dates the sale will run and a list of items being sold. No new items can be added once the sale begins, and the sale can only last up to 60 days unless the attorney general approves extra time based on a written explanation. Licensed auctioneers do not have to follow these rules.
407.800. Going-out-of-business sales, requirements, limitations, extension — exceptions. — Any person, except a licensed as defined in section 343.010, who advertises or conducts a going-out-of-business sale or any sale of which indicates the person conducting the sale is terminating or the person's trade, commerce or business for any reason shall inform the , in writing, not less than ten days prior to the sale of the duration of the sale by indicating the first and last days of the sale. Any person who informs the attorney general that the person is going to conduct a going-out-of-business sale shall submit to the attorney general regarding the items which will be offered for sale during the going-out-of-business sale. The shall not be supplemented after the beginning of such sale. The going-out-of-business sale shall not exceed a period of sixty days unless an extension has been with the attorney general's office by . Such affidavit shall indicate the duration of such extension and the reasons therefor, and the time extension shall not exceed a reasonable time period as determined by the attorney general based upon the information provided to the attorney general by the person conducting the sale. Any affidavit supporting the request for an extension shall describe the efforts made by the person and the person's plan to dispose of such sale items, and shall state why the items remain unsold, and shall contain any other information requested by the attorney general. A violation of this section shall be considered a violation of and shall be remedied section 407.100. If the attorney general fails to take within one hundred twenty days after a violation of this section occurs, the or of the may take action as provided in sections 407.020 and 407.100.
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Source & history notes
(L. 1980 H.B. 993, A.L. 1986 S.B. 685, A.L. 1995 H.B. 558)
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