AGENCY
BUYING SERVICES--THE BUYING SERVICES ACT OF 1975
FLEA MARKET VENDORS
HOME INSULATION, LABELING AND ADVERTISING OF
RECORDS RETENTION PERIOD
SECURITIES--THE GEORGIA SECURITIES ACT OF 1973
DEALERS AND SALESMEN, RECORDS OF
DESIGNATED DEALERS AND SALESMEN SELLING DESIGNATED SECURITIES
INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES, RECORDS OF
ISSUERS OF REGISTERED SECURITIES
SELF-SERVICE STORAGE FACILITIES
WAREHOUSES, STATE LICENSED AND BONDED
COTTON WAREHOUSING
LEAF TOBACCO, CARRY-OVER STORAGE AND SALE
LEAF TOBACCO WAREHOUSING
WAREHOUSEMEN, RECORDS OF
WAREHOUSING, CONVENIENCE
WEIGHTS AND MEASURES
Citation: O.C.G.A. Section 10-6-30 Agents and
fiduciaries to keep accounts; effect of neglect.
Regulating Agency: None.
Requirement: To keep accounts in a regular
manner and to be always ready with them in support by proper
vouchers.
Affected Persons: Agents, trustees,
administrators, guardians, receivers, and all other fiduciaries.
Retention Period: Not specified.
Citation: O.C.G.A. Section 10-1-600 Records
to be Kept; Inspection Thereof.
Regulating Agency: Governor's Office of Consumer
Affairs.
Requirement: To keep and maintain (1) accurate
accounts, books, and records of all transactions in the State of
Georgia; (2) copies of all agreements; (3) dates and amounts of
payments made and accepted thereon; and (4) the names and
addresses of all members in the State of Georgia.
Persons Affected: Each buying service or club
licensed in the State of Georgia.
Retention Period: Not specified.
Citation: O.C.G.A. 10-1-360 "Flea Market
Vendor's Record-Keeping" Defined; To obtain and maintain a
permanent record book of all transactions.
Regulating Agency: State Revenue Commissioner
Requirement: To obtain and maintain a permanent
record book which includes: Any property acquired for the purpose
of retail sale; the date of any transaction; the name, age, and
address of the person, corporation, or entity from whom the
property was acquired, a description of the general appearance of
any such person, and the distinctive number from such person's
drivers license or other similar identification card; the price
paid for such property; and the signature of the seller.
Persons Affected: Any person who sells personal
property at a flea market.
Retention Period: A period of not less than two
years.
Citation: Rule 122-6-.01 Labeling and
Advertising of Home Insulation.
Regulating Agency: Governor's Office of Consumer
Affairs.
Requirement: To keep: (1) records of each item
of information in the "Room" section of the ASTM test
method that is used for a test and (2) to keep records for
extruded polystyrene, polyurethane, and polyisocyanurate of the
name and address of the testing lab that did the test; the date
of the test; the date of each test report received from the lab;
the date each test report was sent to the manufacturer; the
specimen that was tested; and, for aluminum foil, the emissurity
level that was found in the test. [NOTE: The
Office of Consumer Affairs has adopted by reference the Federal
Trade Commission's trade regulation rule concerning labeling and
advertising of home insulation (16 C.F.R. 460). The requirements,
thus, come from the federal rule.]
Persons Affected: Home insulation manufacturers
and testing labs.
Retention Period: Three years.
Related Code Sections: O.C.G.A. Section
10-1-394.
Citation: O.C.G.A. Section 10-11-2 Time
period for retention of business records.
Regulating Agency: None.
Requirement: None. This statutory provision
permits the destruction of business records which are required by
Georgia law to be kept or preserved after the expiration of three
(3) years, unless a specific period is designated by law for
their preservation.
Persons Affected: Persons required to keep or
preserve business records by Georgia law.
Retention Period: Three (3) years from the
making of such records, unless a specific period is designated by
law.
Citation: O.C.G.A. Section 10-5-3(l) Records.
Regulating Agency: Commissioner of Securities
(Secretary of State).
Requirement: To make and keep such accounts and
other records with respect to sales of securities in the State of
Georgia as the Commissioner of Securities may by rule or
regulation require. See Rule 590-4-2-.03.
Persons Affected: Every dealer, limited dealer,
salesman, and limited salesman registered under the Georgia
Securities Act of 1973 (O.C.G.A. 10-5-1, et seq.)
Retention Period: Five years unless the
Commissioner of Securities shall provide otherwise.
Citation: Rule 590-4-2-.03 Records. Amended.
Regulating Agency: Commissioner of Securities
(Secretary of State).
Requirement for NASD-member or SECO dealers: To
make and keep such records as are required by the NASD and the
SEC.
Requirements for Limited Dealers who buy and sell
securities or hold securities for the account of customers and
are not SEC-registered or NASD-member dealers:
Requirements are extensive. See the text of the Rule
590-4-2-.03(2).
Requirements for Dealers and Limited Dealers who buy and
sell securities or hold securities for the account of customers:
Requirements are extensive. See the text of the Rule
590-4-2-.03(3), 590-4-2-.03(4), and 590-4-2-.03(5).
Requirements for Limited Dealers who do not hold
securities for the account of customers and whose securities
transactions are limited to selling securities:
Requirements are extensive. See the text of the
Rule 590-4-2-.03(6).
Persons Affected: Every dealer, limited dealer,
salesman, and limited salesman registered under the Georgia
Securities Act (O.C.G.A. 10-5-1, et seq.)
Retention Period: A period of not less than five
years, the first two years in an easily accessible place. [Rules
590-4-2-.03(3), 590-4-2-.03(4), 590-4-2-.03(5), and
590-4-2-.03(6).] Partnership articles or articles of
incorporation or charter, minute books, and stock certificate
books must be preserved during the life of the enterprise and of
any successor enterprise.
Citation: Rule 590-4-2-.03(8) Records.
Amended.
Regulating Agency: Commissioner of Securities
(Secretary of State).
Requirements for Salesmen and Limited Salesmen Who Are
Not Subject to the Recordkeeping Requirements of the SEC or NASD:
To make and maintain a record of all commissions, overrides,
draws, salary, expenses, and other compensation or remuneration
received in connection with his securities sales efforts and to
make and maintain the following records with respect to every
sale of securities in which such salesman participates in any
way: (1) a description of the type and amount of securities sold;
(2) the date of the sale; (2) the sales price and how such price
was determined; (3) the commission earned and received from such
sale; (4) a copy of any sales confirmation, subscription
agreement, and other contract relating to the sale; (5) the name
and address of the purchaser; and (6) the name and address of any
person in addition to the salesman who participated in the sale,
the nature of the participation, and the compensation or
remuneration received by such other person for his assistance.
Persons Affected: Every salesman and limited
salesman registered under the Georgia Securities Act (O.C.G.A.
10-5-1, et seq.) who is not subject to the recordkeeping
requirements of the SEC or the NASD.
Retention Period: A period of not less than five
years, the first two years in an easily accessible place.
Citation: O.C.G.A. Section 10-5-12(m)(2)(D)
Unlawful Practices.
Regulating Agency: Commissioner of Securities
(Secretary of State).
Requirement: To obtain from the person to whom
the designated dealer is selling a designated security a manually
signed and dated copy of a written suitability statement
described in detail in O.C.G.A. Section 10-5-12(m)(2)(C).
Persons Affected: Any designated dealer or
designated salesman of securities who is selling a designated
security.
Retention Period: Not specified, but see Rule
590-4-2-.03.
Related Code Sections: O.C.G.A. Section 10-5-2(a)(9) [definition of "designated dealer"], Section 10-5-2(a)(10) [definition of "designated salesman"], and Section 10-5-2(a)(11) [definition of "designated security"].
Citation: O.C.G.A. Section 10-5-3(l) Records.
Regulating Agency: Commissioner of Securities
(Secretary of State).
Requirement: To make and keep such accounts and
records with respect to its business activities in the State of
Georgia as the Commissioner of Securities may by rule or
regulation require.
Retention Period: Five years unless the
Commissioner of Securities shall provide otherwise.
Citation: Rule 590-4-8-.09 Books and Records
to be Maintained by Investment Advisers.
Regulating Agency: Commissioner of Securities
(Secretary of State).
Requirement: Requirements are extensive. See the
text of the Rule.
Retention Period: A period of not less than five
years from the end of the fiscal year during which the last entry
was made on such record, with the records being held during the
first two years in an appropriate office of the investment
adviser.
Related Code Sections: O.C.G.A. Section
10-5-3(k).
Citation: Rule 590-4-3-.05 Records to be Made
and Maintained by Issuers of Registered Securities. Amended.
Regulating Agency: Commissioner of Securities
(Secretary of State).
Requirement: Requirements are extensive. See the
text of the Rule.
Persons Affected: Every issuer of securities
which are subject to an effective registration statement.
Retention Period: A period of 12 months after
the effective date of the registration statement or any renewal
thereof.
Related Code Sections: O.C.G.A. Sections
10-5-5(b)(2), 10-5-10(d), and 10-5-2(a)(16) [definition of
"issuer"].
Citation: O.C.G.A. Section 10-4-75 Warehouse
Receipt Books; Execution and Sealing of Receipts.
Regulating Agency: Marketing Division of the
Department of Agriculture.
Requirement: To be accountable for each receipt
in a cotton warehouse receipt book.
Persons Affected: Every warehouse conducting
business under the Georgia State Warehouse Act (O.C.G.A. Title
10, Chapter 4, Article 1) which stores cotton.
Retention Period: Not specified, but see Rule
40-14-3-.05, which requires preservation of all books, papers,
accounts, and other records relating to the operation of the
warehouse during the effective period of the license for a period
of six years or until released in writing by the Commissioner of
Agriculture or the Director of the Marketing Division of the
Department of Agriculture.
Related Code Sections: O.C.G.A. Sections
10-4-23 and 10-4-24.
Citation: Rule 40-18-3-.06 Licensed Leaf
Tobacco Storage Operators Records and Reports.
Regulating Agency: Commissioner of Agriculture.
Requirement: To keep records containing (1) the
number of pounds of carry-over tobacco received by the licensed
operator for storage until the next selling season, identifying
the amount from each producer; (2) the final disposition of the
tobacco, whether redeemed by the producer or sold by the operator
for the producer at the subsequent selling season; (3) the origin
and disposition of the carry-over tobacco; (4) copies of all
reports which the operator is required by law or regulation to
submit to the United States Department of
Agriculture/Agricultural Stabilization Conservation Service; and
(5) a statement of the amount of tobacco tendered by a producer,
giving the United States Department of Agriculture/Agricultural
Marketing Service grade for each individual sheet of tobacco and
the amount to be charged for servicing that tobacco other than
actual cost of redrying as leaves or strips and shipping charges.
Persons Affected: Licensed leaf tobacco storage
operators.
Retention Period: Not specified.
Related Code Sections: O.C.G.A. Section
10-4-140 and the sections following.
Citation: O.C.G.A. Section 10-4-108 Records
and Reports of Warehousemen. [Leaf Tobacco]
Regulating Agency: Department of Agriculture.
Requirement: To keep a correct daily account of
the number of pounds of leaf tobacco sold upon the floor of a
tobacco warehouseman's warehouse.
Persons Affected: Each leaf tobacco warehouse
licensee.
Retention Period: Not specified.
Citation: Rule 40-18-2-.03 Records and
Reports. Amended.
Regulating Agency: Department of Agriculture.
Requirement: To keep records containing: (1) the
weekly total of tobacco purchased at flue-cured leaf tobacco
auction sales establishments licensed under Rule 40-18-2-.02; (2)
the weekly total of tobacco purchased at non-auction sales from
other dealers, giving name, address, dealer number assigned by
USDA-ASCS, and pounds purchased from each dealer; (3) the weekly
total of tobacco purchased at non-auction sales from producer,
giving name, address, county, pounds purchased, and Farm Serial
Number for each producer; (4) indication as to whether the
Georgia Agricultural Commodity Commission tobacco assessment was
collected for the weekly total of tobacco purchased at
non-auction sales from producers; (5) the weekly total of sales
of tobacco purchased at non-auction by the licensee, listed by
name, address, and amount sold to each person, firm, or
corporation; and (6) a final report at the end of each marketing
year, showing sales of all tobacco purchased at nonauction sales
by the licensee.
Persons Affected: Licensed tobacco dealers. [NOTE:
Rule 40-18-2-.01 defines "tobacco dealer" as "any
person, firm or corporation purchasing tobacco at auction at any
flue-cured leaf tobacco auction sales establishment
licensed" under Rule 40-18-2-.02.]
Retention Period: Not specified.
Related Code Sections: O.C.G.A. Section
10-4-114.
Citation: O.C.G.A. Section 10-4-23 Records of
Warehousemen.
Regulating Agency: Department of Agriculture.
Requirement: To keep for inspection, in a place
of safety, complete and correct records of all agricultural
products received at the warehouse for storage or delivered
therefrom, including a separate account of all such agricultural
products owned by the warehouseman, of all warehouse receipts
issued by him, and of the receipts returned to and canceled by
him.
Persons Affected: Every warehouseman conducting
a warehouse under the Georgia State Warehouse Act. (O.C.G.A.
Title 10, Chapter 4, Article 1).
Retention Period: Such period as the
Commissioner of Agriculture may prescribe.
Citation: O.C.G.A. Section 10-4-24 Inspection
of Records; Preservation of Records When License Terminated.
Regulating Agency: Department of Agriculture.
Requirement: To preserve all books, papers,
accounts, and other records required to be kept under O.C.G.A.
Section 10-4-23 relating to the operation of the warehouse during
the effective period of the license, in the event of suspension,
revocation, or other termination of a license issued under
O.C.G.A. Title 10, Chapter 4, Article 1.
Persons Affected: Every warehouseman conducting
a warehouse under O.C.G.A. Title 10, Chapter 4, Article 1.
Retention Period: Such period of time as may be
prescribed by the Commissioner of Agriculture. See Rule
40-14-3-.02, which requires preservation of all books, papers,
accounts, and other records relating to the operation of the
warehouse during the effective period of the license for a period
of six years or until released in writing by the Commissioner of
Agriculture or the Director of the Marketing Division of the
Department of Agriculture.
Citation: Rule 40-14-3-.02 Records. Amended.
Regulating Agency: State Warehouse Division of
the Department of Agriculture.
Requirement: To maintain receiving and shipping
records which will reflect, at least, (1) receipt number; (2)
date issued; (3) to whom issued; (4) identifying mark, if any;
(5) type commodity (except where only one type commodity is
stored or covered by receipts, the type commodity may be listed
at the top of each page); (6) weight or quantity; (7) date
released or shipped; (8) to whom released or shipped; and (9)
shipper's identifying mark, if any.
Persons Affected: All warehousemen coming under
the provisions of the Georgia State Warehouse Act (O.C.G.A. Title
10, Chapter 4, Article 1).
Retention Period: A period of six years or until
released in writing by the Commissioner of Agriculture or the
Director of the State Warehouse Division of the Department of
Agriculture.
Related Code Sections: O.C.G.A. Sections
10-4-23 and 10-4-24.
Citation: O.C.G.A. Section 10-4-192
Convenience Warehouseman to Obtain and Retain Certain
Information; Property Ownership Statement.
Regulating Agency: None, but O.C.G.A. Section
10-4-193 creates criminal penalties for noncompliance.
Requirement: To obtain and retain from each
person renting or leasing a storage space (1) his name, age, home
address, and home telephone number, if any; (2) his social
security number, if any; (3) his driver's license number, if any;
(4) the name and address of his employer; and (5) a written
document, under oath, signed by the person renting or leasing a
storage space from a convenience warehouse, stating that he is
the legal owner of or has legal possession of any property which
he intends to store in the storage space rented or leased by him.
NOTE: Convenience warehousemen are to retain the
original copy of the written document described in (5) above and
to provide a copy of the written document to the lessee.
Persons Affected: Any person engaged in the
business of operating a convenience warehouse.
Retention Period: A period of one year following
the last date on which the storage space was rented or leased to
the person covered by the information.
Citation: Rule 40-15-5-.01 Weighing Tobacco
in Auction Warehouses. Amended.
Regulating Agency: Commissioner of Agriculture.
Requirement: To retain a copy of all records,
including sales tags, weight tickets, account of sales, and other
records covering each transaction.
Persons Affected: Every tobacco auction market
manager.
Retention Period: A period of three years.
Related Code Sections: O.C.G.A. Section
10-2-49.