Idaho Code 54-2704 – Record for Commercial Accounts
Current as of: 2023 | Check for updates
|
Other versions
(1) Every scrap metal business must create and maintain a permanent record with a commercial enterprise, including another scrap metal business, in order to establish a commercial account. That record, at a minimum, must be retained for five (5) years and must include the following information:
(a) The full name of the commercial enterprise or commercial account;
(b) The business address and telephone number of the commercial enterprise or commercial account;
(c) The full name of the primary contact of the commercial enterprise or whoever is authorized to deliver nonferrous metal and stainless steel and commercial metal property to the scrap metal business; and
(d) The full name of the primary contact of the commercial enterprise who is authorized to permit a scrap metal business to take possession of nonferrous metal and stainless steel and commercial metal property at the business location of the commercial enterprise.
(2) The record maintained by a scrap metal business for a commercial account must document every purchase or receipt of nonferrous metal and stainless steel and commercial metal property made in the previous five (5) years from the commercial enterprise. The documentation must include, at a minimum, the following information:
(a) The time, date and value of the property being purchased or received;
(b) A description of the predominant types of property being purchased or received.
Terms Used In Idaho Code 54-2704
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- Property: includes both real and personal property. See Idaho Code 73-114
(3) Payment for nonferrous metal and stainless steel and/or commercial metal property purchased or received by the scrap metal business under a commercial account will be made by cash, credit cards, electronic funds transfer or check payable to the commercial enterprise.