7 U.S.C. § 499i — Accounts, records, and memoranda; duty of licensees to keep; contents; suspension of license for violation of duty

submitted 96 years ago by ch. 436 to r/title-7-AGRICULTURE · 70 words · no verdicts yet

in plain englishAI-generated · not legal advice

Commission merchants, dealers, and brokers must keep full, accurate records of every business transaction. This includes who truly owns the business, even through stock or other arrangements. If they don't, the Secretary can publish the facts or suspend their license for up to ninety days.

This section is one rule about recordkeeping. Every commission merchant, dealer, and broker must keep accounts, records, and memoranda that fully and correctly show all of their business transactions — including who truly owns the business, whether through stock ownership or otherwise. If they don't keep these records properly, the Secretary can publish the facts and circumstances, and/or suspend the offender's license by order for up to ninety days.

the actual law source: uscode.house.gov ↗public domain

Every commission merchant, dealer, and broker shall keep such accounts, records, and memoranda as fully and correctly disclose all transactions involved in his business, including the true ownership of such business by stockholding or otherwise. If such accounts, records, and memoranda are not so kept, the Secretary may publish the facts and circumstances and/or, by order, suspend the license of the offender for a period not to exceed ninety days.

Source credit: (June 10, 1930, ch. 436, § 9, 46 Stat. 535.)

history & why it existsrecord from the source credit

1930Enacted · Act of June 10, 1930, ch. 436 · 46 Stat. 535

A history note hasn’t been published yet. The record shows enactment by ch. 436 on 1930-06-10.

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