§ 51403. Purchase Transactions
TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51403. Purchase Transactions. (a) For each recycled product purchase, the recycler shall require proper identification from each seller. “Proper identification” shall mean a government issued photographic identification including, but not limited to, a driver’s license, military identification card, or passport. (b) The seller shall sign a statement verifying that he or she is the rightful owner of the goods or is otherwise entitled to sell the goods. (c) A recycler shall, at the time of making a purchase, require the signature of the seller and shall be required to obtain copies of proper identification from the seller. (d) The recycler shall, at the time of making a purchase, deliver to the seller a receipt on which shall be legibly written or printed in English the information required under 4 CMC § 51402(a). (e) All transactions shall be videotaped by closed circuit camera or other video recording device. There shall be no audio recording of transactions. The signature form endorsed by the seller pursuant to § 51403(c) shall contain the following phrase: “THIS TRANSACTION IS BEING VIDEO-RECORDED.” Recordings of transactions shall be preserved by the recycler for six months following the transaction. (f) A recycler, at the time of making a purchase of copper wire, shall withhold the payment for the copper wire purchase for ten days. The recycler shall document the sale in accordance with this chapter, and shall provide a copy of the sale receipt to the Department of Public Safety Commissioner within three days of the sale transaction. After the tenth business day from the date of the sale, the recycler may pay by cash or check mailed to the seller or collected by the seller unless otherwise instructed by the Department of Public Safety. A recycler who violates the payment withholding or failure to provide the sale receipt as required in this subsection shall be penalized $500.00 or imprisonment of not more than one year, or both.*
- So in original. Source: PL 15-36, § 3 (51303), modified; (f) enacted by PL 19-57 § 2 (Aug. 1, 2016). Commission Comment: The Commission changed the reference to “§ 51302(a)” in subsection (d) above to “§ 51402(a)” and the reference to “§ 51303(c)” in subsection (e) above to “§ 51403(c)” to agree with renumbered sections pursuant to its authority by 1 CMC § 3806.
Source: CNMI Law Revision Commission