721.01 LEGISLATIVE FINDINGS.
   Council finds that:
   (a)   The provisions of this Chapter 721 regulating distress merchandise sales are being circumvented by persons who purchase the stock in trade of defunct businesses and conduct liquidation sales at the former place of business of such defunct businesses;
   (b)   In most such sales the persons conducting the sales represent to the public that the goods, wares and merchandise being sold have been purchased from defunct businesses and that such goods, wares and merchandise are being sold at greatly reduced prices, whereas in reality most of the goods, wares and merchandise offered at such sales were never a part of the stock in trade of such defunct businesses but were purchased by the persons conducting the sales only for the purpose of being offered for sale at such sales;
   (c)    Misrepresentation with respect to the real retail value of such goods, wares and merchandise are commonplace and many persons are being deceived and defrauded by such sales, and
   (d)   The regulation of such sales is necessary to protect the public welfare.
      (Ord. 17-59. Passed 3-9-59. )