§ 47-25-1602 — Recordkeeping - Receipts

(a) Every new and unused property merchant shall maintain receipts for the acquisition of new and unused property which must contain all of the following information: (1) The date of the transaction on which the property was acquired; (2) The name and address of the person, corporation, or entity from whom the property was acquired; (3) An identification and description of the property acquired; (4) The price paid for such property; and (5) The signatures of the person selling the property and the new and unused property merchant only if the new and unused property merchant acquires the property vis-á-vis the person selling the property if such person is not regularly engaged in the normal course of business of selling such property. (b) If a new and unused property merchant makes a single purchase of five hundred dollars ($500) or more from an individual or corporation, the bill of sale from such purchase shall be sufficient to satisfy the recordkeeping requirements of this subsection (a).

Legislative History

Acts 1998, ch. 884, § 2.