126fd

     On page 1, line 9, of the printed bill, delete ":".

     On page 1, delete line 10, and insert "charges at least the minimum fee required by section 2 of this Act.".

     On page 1, delete lines 11 to 13, inclusive.

     On page 2, line 20, delete "five" and insert "ten".

     On page 3, delete lines 1 to 24, inclusive, and insert:

"

     Each licensee who owns an on-sale license issued pursuant to subdivision 35-4-2(4) or (6) as of January 1, 2008, shall report the amount originally paid for the on-sale license to the municipality or county that issued the license. The declared purchase price shall be made under oath and shall include the documents establishing the amount paid. If the transaction for the purchase of the on-sale license included real or personal property, the full market value of the real or personal property on the date of the original sale shall be deducted from the total transaction price to determine the amount paid by the licensee for the on-sale license. The burden of establishing the amount paid for the license shall be on the licensee. Any licensee contesting the fair market value of the real and personal property may appeal the valuation to circuit court.

     Section 4. Any municipality or county adopting the ordinance pursuant to section 1 of this Act shall set the price of a new on-sale license, pursuant to section 1 of this Act, at or above the current fair market value. For purposes of this section, the term, current market value, means the documented price of the on-sale license most recently sold prior to January 1, 2008, through an arm's-length transaction, less the value of any real or personal property included in the transaction. Each on-sale license holder as of January 1, 2008, shall report to the municipality or county the date and price paid for its on-sale license.

     Section 5. The municipality or county shall maintain a registry of each on-sale license that is being offered for sale and furnish a copy of the registry to anyone who requests a new on-sale license. The municipality or county may only issue a new license pursuant to this Act if no on- sale license is on the registry or a person desiring to purchase an on-sale license listed on the registry provides documentation showing that the person is unable to purchase the on-sale license on terms satisfactory to both the potential buyer and seller. The price of any on-sale license registered as, for sale, with the municipality or county shall be sold at the current price set by the municipality or county.

     Section 6. The existing on-sale license holder is responsible for registering with the municipality or county that the on-sale license is for sale pursuant to section 6 of this Act.".

     On page 4, delete line 1.