(a) An application for a license as a motor vehicle wholesale auction shall be accompanied by a state privilege license fee equal to the fee levied under Section 40-12-392 and any additional fee for issuing licenses as may be otherwise prescribed by law. (b) A privilege license issued to a motor vehicle wholesale auction under this article shall be valid for one year from the first day of October and shall be renewed on October 1 of each year. Thirty days of grace for obtaining the license shall be allowed without penalty. Thereafter, penalties prescribed under this article for delinquent licenses shall be imposed.
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