1-1 AN ACT
1-2 relating to a going out of business sale.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Section 17.83(a), Business & Commerce Code, is
1-5 amended to read as follows:
1-6 (a) To conduct a going out of business sale, a person must
1-7 file an original inventory with the chief appraiser [county clerk]
1-8 of the appraisal district [county] in which the person's principal
1-9 place of business in the state is located. The original inventory
1-10 must be accompanied by a filing fee of $20.
1-11 SECTION 2. Subchapter F, Chapter 17, Business & Commerce
1-12 Code, is amended by adding Section 17.835 to read as follows:
1-13 Sec. 17.835. NOTICE OF FILING OF ORIGINAL INVENTORY. Not
1-14 later than the fifth business day after the date on which a person
1-15 files an original inventory under Section 17.83, the chief
1-16 appraiser shall send notice of the filing to the comptroller, the
1-17 county clerk of the county in which the person's principal place of
1-18 business in the state is located, and the tax collector for each of
1-19 the taxing units that tax the property described in the original
1-20 inventory.
1-21 SECTION 3. Section 17.84(a), Business & Commerce Code, is
1-22 amended to read as follows:
1-23 (a) After receiving an original inventory, the chief
1-24 appraiser [county clerk] shall issue to the applicant a permit for
2-1 a going out of business sale. The permit is valid for 120 days
2-2 after the day that it is issued and is not renewable.
2-3 SECTION 4. Section 17.86, Business & Commerce Code, is
2-4 amended to read as follows:
2-5 Sec. 17.86. SALE INVENTORY. Before the end of each 30-day
2-6 period during the going out of business sale the permit holder
2-7 shall file with the chief appraiser [county clerk] a sale inventory
2-8 containing a complete and detailed list of the goods, wares, and
2-9 merchandise listed in the original inventory that have not been
2-10 sold before the date that the sale inventory is filed. A sale
2-11 inventory must list items offered on the beginning date of the sale
2-12 separately from the items added to the sale inventory after that
2-13 date.
2-14 SECTION 5. Section 17.87, Business & Commerce Code, is
2-15 amended to read as follows:
2-16 Sec. 17.87. FINAL INVENTORY. Within 30 days after the day
2-17 that the going out of business sale ends, the permit holder shall
2-18 file with the chief appraiser [county clerk] a final inventory.
2-19 The final inventory must include:
2-20 (1) the name and address of the permit holder;
2-21 (2) a statement of the disposition of the items listed
2-22 in the original inventory that were not sold during the going out
2-23 of business sale and the name and address of any person purchasing
2-24 those items after the ending date of the sale; and
2-25 (3) a description of the place where the sale was
2-26 held.
2-27 SECTION 6. This Act takes effect September 1, 2001, and
3-1 applies only to a going out of business sale for which an original
3-2 inventory is filed on or after the effective date of this Act. A
3-3 going out of business sale for which an original inventory is filed
3-4 before the effective date of this Act is governed by the law in
3-5 effect on the date that the inventory is filed, and the former law
3-6 is continued in effect for that purpose.
_______________________________ _______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 394 was passed by the House on March
29, 2001, by a non-record vote.
_______________________________
Chief Clerk of the House
I certify that H.B. No. 394 was passed by the Senate on May
10, 2001, by the following vote: Yeas 29, Nays 0, 1 present, not
voting.
_______________________________
Secretary of the Senate
APPROVED: __________________________
Date
__________________________
Governor