South Carolina Code of Regulations
Chapter 5 - DEPARTMENT OF AGRICULTURE
Article 8 - LIVESTOCK SALES
Section 5-423 - Prompt Payment

Universal Citation: SC Code Regs 5-423
Current through Register Vol. 48, No. 9, September 27, 2024

Payment for livestock purchased at auction shall be made on the same date of purchase of the livestock. Such payment shall be made by cash, check or draft. All such funds shall be deposited by the next banking day into the custodial account of the sales establishment and no loans from this account shall be made to any purchaser of livestock. At the conclusion of each sale, the operator must complete and forward to the South Carolina Department of Agriculture certification of compliance with the provisions of Article 5 of Chapter 11 of Title 47 of the 1976 Code. Should any check or draft tendered by the purchaser of livestock not be honored by the financial institution on which it is drawn, the operator must notify immediately the Marketing Division of the South Carolina Department of Agriculture providing the name of the individual responsible for such financial irresponsibility along with his address and the amount and date that the check was written. A copy of the nonhonored instrument must be forwarded to the Marketing Division of the South Carolina Department of Agriculture within twenty-four hours of its receipt.

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