8 CCR 1202-11 Part 9 - Requirements for Maintaining Records

For the purposes of Article 36 of the Act, a commodity handler and farm products dealer shall maintain legible, accurate and complete records and systems of filing for the accounting of all transactions including scale tickets, settlement sheets, and daily position reports.

9.1. Commodity Handlers

9.1.1. Must maintain accurate and complete records at the place of business recorded on the license application.

9.1.2. A commodity handler must maintain scale tickets issued in numerical sequence.

9.1.3. Scale tickets must contain the following:

* Scale ticket number;

* Net weight;

* Dockage;

* Date;

* Owner's name;

* Commodity handler's name or small-volume commodity handler's name;

* Commodity test weight with dockage and grade, if applicable;

* Gross weight;

* Tare weight; and

* Net weight.

9.1.4. A commodity handler must maintain settlement sheets for each depositor.

9.1.5. All settlement sheets must include the following information:

* The owner's name and address;

* The scale ticket numbers;

* Total receipts of all commodities by type;

* Total withdrawals;

* Test weight and grade;

* The date of deliveries;

* The price per bushel or unit;

* The date and amount of payment; and

* If a credit sale contract is used, the credit sale contract number must be included in the settlement sheet.

9.1.6. The Daily Position Report must, at the close of each business day, include an accurate and complete record of each kind and class of commodity based on source documents. In addition, it must include the following:

* Total stocks by commodities received or loaded out;

* Forwarding of commodities to terminal storage;

* Conversions of whole commodities to feed;

* Negotiable warehouse receipt obligations;

* Open storage obligations for each kind and class of commodities;

* Open credit-sale contracts;

* Public-warehouse-owned commodities; and

* If licensed as a public warehouse, the Daily Position Report must also include the total storage obligations.

9.1.7. In addition to the Daily Position Report requirements in Part 9.1.6., a commodity handler licensed as a public warehouse must maintain the following additional documents:

* A complete and accurate record of corrections and adjustments made to the Daily Position Report;

* Records of each holder of a warehouse receipt;

* Records of direct-shipment grain delivered directly from the owner to the purchaser; and

* An accurate and complete accounting system of all money received and disbursed.

9.2. Farm Products Dealers

9.2.1. Farm Products Dealers must maintain accurate and complete records at the place of business recorded on the license application. Such records must include:

9.2.1.1. Any and all ledgers, books of accounts, memoranda, and other documents which relate to farm products purchases and storage transactions. Including:

* Procurement contracts;

* Sales contracts;

* Credit-sale contracts;

* Storage contracts;

* Procurement Invoices; and

* Sales Invoices.

9.2.2. A current record of all farm products credit-sale contract obligations pursuant to section 35-36-307, C.R.S., including all payments and unpaid balances.

9.3. Commodity Handlers and Farm Products Dealer Records Inspections.

9.3.1. All financial records, commodity handling records, farm product dealing records, and payment records must be available for inspection by the Department during ordinary business hours.

9.3.2. Ordinary business hours are from 8 a.m. to 5 p.m., Mountain Standard Time, Monday through Friday, except holidays.

Notes

8 CCR 1202-11 Part 9

37 CR 13, July 10, 2014, effective 7/30/2014 44 CR 13, July 10, 2021, effective 7/30/2021 44 CR 23, December 10, 2021, effective 12/30/2021