1. (a) A retail merchant may accept an item for commission on consignment from a person only if, not later than seven
2. (7) days after accepting the item, the retail merchant enters into a written contract with the person that specifies the following:
3. (1) The value of the item.
4. (2) The time within which the proceeds from the sale must be paid to the consignor if the item is sold.
5. (3) The commission the retail merchant is to receive if the item is sold.
6. (4) The minimum price for the sale of the item.
7. (5) Any discounts ordinarily given by the retail merchant in the regular course of business.

8. (b) If a retail merchant violates this section, the consignor may bring an action in a court with jurisdiction to void the consignor's contractual obligations to the retail merchant. A retail merchant who violates this section is liable to the consignor in an amount equal to:

   1. (1) fifty dollars ($50);
   2. (2) any actual, consequential, or incidental damages sustained by the consignor because of the violation of this section; and
   3. (3) reasonable attorney's fees.

As added by P.L.85-2009, SEC.2. Amended by P.L.1-2010, SEC.97.