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SB516 SUB1 Senate Bill 516 History

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SB516 SUB1
COMMITTEE SUBSTITUTE

FOR

Senate Bill No. 516

(By Senators Yost, Miller and Carmichael)

____________

[Originating in the Committee on Labor;

reported March 20, 2013.]                             

____________


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; conditioning issuance of a license upon the posting of a bond; clarifying that the face amount of the bond is determined from the inventory of goods to be sold; and changing the authority for the approval of the form of bond from the local prosecuting attorney to the Commissioner of Labor.
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 SALES.
§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 pursuant 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 commissioner.



     NOTE: The purpose of this bill is to modify the bonding requirement for closing-out sales by clarifying the calculation of the face amount and changing the approval authority to the commissioner of labor.


     Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.
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