No establishment which has been issued an on-sale intoxicating liquor license may be open or transact business between the hours of 1:00 a.m. and 8:00 a.m. the following morning, Monday through Saturday, and between 1:00 a.m. to midnight on Sunday unless a Sunday license has also been issued and except when the Sunday is New Year’s Eve, in which case the establishment may be open or transact business until 1:00 a.m. on the Monday following New Year’s Eve.