(a) Any person desiring to conduct a going-out-of-business sale shall, at least five days prior to the date on which the sale is to be commenced, make written application to the Director of Finance, on forms furnished by the Director and sworn to by the applicant before a person authorized to administer oaths. If, due to circumstances beyond the control of the applicant, an application cannot be made five days prior to the commencement of the sale, the Director shall waive the five-day requirement. Each application shall contain the following information and such other information as the Director may deem necessary:
(1) The name and address of the owner of the goods, wares or merchandise to be sold;
(2) The name and address of the person or business from whom such goods were acquired;
(3) The address where the sale is to be held;
(4) The commencement and termination dates of the sale;
(5) A statement as to whether the proposed sale is to be made by the applicant as the owner or acting on behalf of some other person; and if the applicant is acting on behalf of some other person, then the name and address of such person shall be furnished;
(6) A general description of the property and the approximate value thereof. A bill of sale from the former owner to the person who applies for the license to conduct such sale shall be sufficient if it generally describes the property so sold and its approximate value; and
(7) If the proposed sale of goods, wares and merchandise is advertised or offered for sale as being bankrupt stock, the name of the bankrupt firm, person or corporation, and where such bankruptcy adjudication occurred.
(b) No person, in contemplation of a going-out-of-business sale, shall order any goods, wares or merchandise for the purpose of selling and disposing of the same at such sale. Any unusual purchase and additions to the stock of such goods, wares and merchandise within 60 days prior to the filing of the application for a license to conduct such sale shall be presumptive evidence that such purchases and additions to stock were made in contemplation of such sale. If the Director, after he or she issues a license for any sale provided for by this chapter, discovers evidence that the person to whom the license has been granted had in truth and in fact violated this section, it shall be sufficient grounds for revoking the license.