47-25-1602 - Recordkeeping Receipts. - Tennessee Statutes

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.

[Acts 1998, ch. 884, § 2.]