Retailers, after closing or selling a business, must return the retail license to the department for cancellation and remit any unpaid or accrued taxes. The department may refuse to issue a new retail license to any person who has failed to comply with the provisions of this section.

In the case of sale of any business the tax is considered to be due at the time of the sale of the fixtures and equipment incident to the business and constitutes a lien against the stock of goods and the fixtures and equipment in the hands of the purchaser, or any other third party, until the tax is paid. The department may not issue a retail license to continue or conduct the business to the purchaser until all taxes due the State have been settled and paid.