576.123 - Records of commission merchants, dealers and brokers. - Nevada Statutes

576.123  Records of commission merchants, dealers and brokers.

      1.  Every commission merchant, having received any farm products for sale as a commission merchant, shall promptly make and keep a correct record showing in detail the following with reference to the handling, sale or storage of the farm products:

      (a) The name and address of the consignor.

      (b) The date received.

      (c) The condition and quantity upon arrival.

      (d) Date of the sale for account of the consignor.

      (e) The price for which sold.

      (f) An itemized statement of the charges to be paid by the consignor in connection with the sale.

      (g) The names and addresses of all purchasers if the commission merchant has any financial interest in the business of the purchasers, or if the purchasers have any financial interest in the business of the commission merchant, directly or indirectly, as holder of the other’s corporate stock, as copartner, as lender or borrower of money to or from the other, or otherwise, the interest must be noted in the records following the name of the purchaser.

      (h) A lot number or other identifying mark for each consignment, which number or mark must appear on all sales tags and other essential records needed to show the amount for which the farm products actually sold.

      (i) Any claim or claims which have been or may be filed by the commission merchant against any person for overcharges or for damages resulting from the injury or deterioration of the farm products by the act, neglect or failure of the person. The records must be open to the inspection of the Director and the consignor of farm products for whom the claim or claims are made.

      2.  Every dealer purchasing any farm products from the producer thereof shall promptly make and keep for 1 year a correct record showing in detail the following:

      (a) The name and address of the grower.

      (b) The date received.

      (c) The price to be paid.

      (d) An itemized statement of any charges paid by the dealer for the account of the producer.

      3.  Every broker, upon negotiating the sale of farm products, shall issue to buyer and seller a written memorandum of sale, showing price, date of delivery, quality and other details concerned in the transaction. A copy of the memorandum must be retained by the broker for 1 year.

      (Added to NRS by 1965, 394; A 1993, 1770; 1999, 3710)