44TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 1999

RELATING TO ALCOHOLIC BEVERAGE SALES; PROHIBITING BELOW-COST SALES; ESTABLISHING A MINIMUM PERCENT MARKUP.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. A new section of the Liquor Control Act is enacted to read:

"[NEW MATERIAL] RETAIL PACKAGE SALES--MINIMUM MARKUP REQUIREMENT.--

A. No licensee shall sell alcoholic beverages in unbroken packages at retail for less than twenty percent above the wholesale price paid by the licensee for the alcoholic beverage.

B. A retailer shall retain purchase and sales records of all alcoholic beverages sold in unbroken packages for two years following the sale of the item. Information adequate to identify the contents, brand, lot and the purchase and sale prices of the item shall be clearly set forth on the records.

C. A wholesaler shall retain sales records for two years following delivery of the item for retail sale. Information adequate to identify the contents, brand, lot and the purchase and sale price of the item shall be clearly set forth on the records.

D. The department may audit the records of a retailer or wholesaler upon twenty-four-hours' notice during any work day."