(A) Except as otherwise permitted to meet competition as provided by this chapter, it is declared an unfair trade practice and unlawful for any person who is in the retail business of selling motor fuel to sell motor fuel of like grade and quality at retail at a price which is below the cost of acquiring the product plus taxes and transportation where the intent or effect is to destroy or substantially lessen competition or to injure a competitor.
(B) The provisions of subsection (A) shall not apply in the following situations where:
(1) motor fuel is advertised, offered for sale, or sold in a bona fide clearance sale for the purpose of discontinuing trade in such motor fuel, and the advertising, offer to sell, or sale shall state the reason therefor and the quantity of such motor fuel advertised, offered for sale, or to be sold;
(2) motor fuel is sold upon the final liquidation of a business;
(3) motor fuel is advertised, offered for sale, or sold by any fiduciary or other officer under the order or direction of any court;
(4) motor fuel is sold for promotional purposes including, but not limited to, grand opening, anniversary, or promotional sales. However, the total number of days for promotional sales shall not exceed fourteen days within each calendar year; or
(5) an isolated or inadvertent incident occurs that does not exceed two days.
(C) Any person who is in the retail business of selling motor fuel claiming any exemption from subsection (A) under the exceptions provided in subsection (B) must keep and maintain records substantiating this claim. These records must be made available to the Office of the Attorney General on request made in connection with any investigation of a possible violation of this section by the Attorney General.
HISTORY: 1993 Act No. 161, Section 1, eff sixty days after approval (approved June 15, 1993); 2017 Act No. 29 (S.359), Section 1, eff May 10, 2017.
Effect of Amendment
2017 Act No. 29, Section 1, in (C), in the second sentence, deleted "Department of Consumer Affairs and", substituted "Office of the Attorney General" for "the Attorney General's Office", and deleted "department or the" following "possible violation of this section by the".