A license shall be issued to an applicant when the probate judge to whom the application for a going out of business sale or distress merchandise sale is made is satisfied after investigation and public hearing that:
(1) The applicant intends to discontinue his business at the location designated in the application on the date specified therein if such sale is a going out of business sale;
(2) The applicant's inventory, on hand and on order, is not out of proportion to the stock normally carried by such applicant;
(3) The applicant has not purchased or otherwise acquired goods, wares, or merchandise for the purpose of conducting a going out of business sale or distress merchandise sale;
(4) The goods, wares, or merchandise to be offered for sale are those of a bona fide merchant of the State of Alabama;
(5) No misrepresentation of the goods to be sold has been made or will be practiced; and
(6) The applicant has complied with the provisions of this chapter in all other respects not specifically set forth in this section.