Dealers -- Records mandated -- Records subject to inspection.
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(1) A dealer who receives livestock for sale or consignment shall promptly record:
(a) the name and address of the consignor;
(b) the date received;
(c) the condition and quantity upon arrival;
(d) the date of sale for account of the producer-consignor;
(e) the sale price;
(f) an itemized statement of the charges to be paid by the producer-consignor;
(g) the individual or group identification of the livestock;
(h) the nature and amount of any claims the dealer has against third persons for overcharges or damages; and
(i) if the dealer has a direct or indirect financial interest in the business of the purchaser, or, if the purchaser has a similar financial interest in the business of the dealer, the name and address of the purchaser.
(2)
(a) The dealer shall provide a copy of the livestock receipt to the producer immediately upon delivery of the product.
(b) The records required by this section shall be retained for a period of one year following the date of consignment and shall be available during business hours for inspection by the department.
(c) A consignor involved in a consignment subject to inquiry may inspect relevant records.
(3)
(a) A dealer shall file an annual report of the records required under Subsection (1) with the department on a form prescribed and furnished by the department.
(b) The dealer shall file the report by April 15 following the end of a calendar year, or if the records are kept on a fiscal year basis, by 90 days after the close of the fiscal year.
(c) The commissioner may, for good cause shown or by the commissioner's own motion, grant an extension to the filing deadline under Subsection (3)(b).
(d) For purposes of this Subsection (3), "dealer" does not include a packer buyer registered to purchase livestock for slaughter only.
(e) The department shall accept reports as required by the Packers and Stockyards Administration for livestock under the Packers and Stockyards Act, 1921, 7 U.S.C. Sec. 181, et seq.
(f) The reports required under this Subsection (3) may be subject to audit and establish the basis for bond adequacy.