A. Purchasers at auctions of valuable articles, as that term is defined in section 5.16.230 of this chapter, or its successor, may return such articles purchased at auction for a period of ninety (90) days to the auction house licensee responsible and receive from the licensee full refund upon tender of such merchandise with proof of purchase. Failure of the auction house licensee to provide such refund within a period of five (5) days after presentation of such merchandise and demand for refund shall result in loss of the auction house license and forfeiture of posted bond to the extent necessary to satisfy the demand of claimants under this section. To the extent that such auction house licensee fails to meet such claims or the amount of the posted bond required under section 5.16.190 of this chapter is insufficient to meet the claims of purchasers returning merchandise under the provisions of this section, then the auction house licensee shall be liable to such purchasers directly.
B. All auction house licensees shall post a notice in a prominent, conspicuous place wherein any auction sales are being conducted, in letters large enough to be visible to any person with normal vision who may attend said sale, reading substantially as follows:
PURCHASERS OF MERCHANDISE ACQUIRED AT THIS AUCTION MAY, FOR A PERIOD OF 90 DAYS FROM THE DATE OF PURCHASE, RETURN SUCH MERCHANDISE TO (THE AUCTION HOUSE LICENSEE) AND RECEIVE THE FULL REFUND OF ANY AMOUNTS PAID FOR SUCH MERCHANDISE.
(Prior code § 20-5-34)