743.01 TYPES OF SALES; PURPOSES.

   Public auctions, going-out-of-business sales and distress merchandise sales of any nature are injurious to the peace, health and welfare of the community. When employed as an established merchandising practice, these sales cause irreparable injury to merchants not employing such devices, render uncertain the conditions of employment in retail establishments, reduce the value of public property in the community and foster destructive and unfair competition in the business community. These sales, when they are conducted as established practice, involve an unusual hazard of fraud and misrepresentation.

   It is the purpose of this chapter to prohibit public auctions, going-out-of-business sales and distress merchandise sales as established merchandising practice and to require such sales to be licensed limiting going-out-of-business sales and public auctions solely to the purpose of liquidating estates and/or businesses. (1967 Code §115.17)