New Jersey Administrative Code
Title 2 - AGRICULTURE
Chapter 72 - BONDING REQUIREMENTS OF COMMISSION MERCHANTS, DEALERS, BROKERS AND AGENTS
Subchapter 3 - COMMISSION MERCHANTS, DEALERS AND BROKERS RECORD OF TRANSACTION
Section 2:72-3.3 - Broker's record of transaction, copy to grower

Universal Citation: NJ Admin Code 2:72-3.3

Current through Register Vol. 56, No. 18, September 16, 2024

(a) Every broker or broker's agent, upon negotiating the sale of an agricultural commodity on behalf of a grower shall, simultaneously with the negotiation of said sale of the agricultural commodity, make an invoice stating in detail for each agricultural commodity the following:

1. Name and address of broker;

2. Name and address of grower and the purchaser;

3. Date on which the transaction occurred;

4. Name of the agricultural commodity;

5. Terms of the sale;

6. Date of delivery;

7. Price of the sale. If the price to be paid is based upon a market quotation for such agricultural commodity, the record shall specify the date and location of the market to be used in arriving at the purchase price; and

8. The timeframe in which payment should be made.

(b) A copy of the invoice containing the above information shall be issued to both the grower and the purchaser upon negotiation of the sale of the agricultural commodity by the broker.

(c) The broker shall retain the invoice in his possession for a period of not less than one year from the date on the invoice. These records must be presented upon demand to an authorized agent of the New Jersey Department of Agriculture.

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