List of summaries, consolidations and regulations
The Closing-out Sales Act
Under The Closing-out Sales Act, a retail seller must apply to the municipality for a licence to conduct a closing-out sale. A closing-out sale includes such sales as a selling out sale, moving out sale, liquidator's sale, insolvency sale, smoke, fire or water damage sale, and a lease-expired sale.
It does not include a sale conducted by:
This Act applies only if the municipality in which the sale is to occur has passed bylaws for this purpose. The municipality may then appoint an inspector for these purposes.
The application for a licence must be accompanied by an inventory containing:
The inventory must be verified by affidavit, kept at the office of the inspector, and made available for public inspection. Before issuing a licence, the inspector may verify the information in the inventory and may make such inquiries as he or she deems fit.
The sale must last not less than 30 days or more than 90 days. If all of the merchandise has not been sold by the sale-end date, the seller may apply to the inspector for an extension. Only one license can be issued each year except in the case of a sale as a result of fire. The sale must be for existing stock and no other merchandise can be brought in for the sale.