H. B. 2166
(By Delegates Morgan, Stephens and D. Poling)
[Introduced February 13, 2013; referred to the
Committee on the Judiciary.]
A BILL to amend and reenact §47-11B-9 of the Code of West Virginia,
1931, as amended, relating to the bond required for
closing-out sales, fire sales and defunct business sales.
Be it enacted by the Legislature of West Virginia:
That §47-11B-9 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 11B. CLOSING-OUT SALES, FIRE SALES AND DEFUNCT BUSINESS
§47-11B-9. Bond required.
No A license shall may not be issued unless the applicant
files with the commissioner a bond with corporate surety payable to
the State of West Virginia conditioned upon the faithful observance
of all the provisions of this article, the payment to any
municipality or the state of all taxes due and owing or which may become due and the indemnifying of any purchaser at such the sale
who suffers any loss by reason of misrepresentation made in
connection with such the sale: Provided, That the aggregate
liability of the surety for all breaches of the conditions of the
bond shall in no event may not exceed the amount of said the bond.
The amount of said the bond shall be determined based on the
inventory required to be filed with the commissioner by section
four of this article, and calculated as follows: Five percent of
the first $100,000 of the retail value of all the goods, wares and
merchandise to be offered at such the sale, two percent of the next
$400,000 and one percent of the balance. Said The bond shall be
approved as to form and sufficiency by the prosecuting attorney or
his assistant of the county in which such sale is to be conducted
NOTE: The purpose of this bill is to modify the bonding
requirement for closing-out sales.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would