§ 106-418.1 – Short title.

106-418.1. Short title. This Article shall be known by the short title of "North Carolina Livestock Prompt Pay Law." (1973, c. 38, s. 2.)

§ 106-418.2 – Legislative intent and purpose.

106-418.2. Legislative intent and purpose. The purpose of the Article is to regulate the sale of livestock by auction at public livestock markets and to assure prompt payment for livestock sold. (1973, c. 38, s. 1.)

§ 106-418.3 – Definitions.

106-418.3. Definitions. As used in this Article, unless the context clearly requires otherwise: (1) "Banking business day" means a day in which banks are normally open for business in North Carolina. (2) "Commissioner" means the Commissioner of Agriculture of North Carolina or his designated agent or agents. (3) "Custodial accounts" means custodial accounts for trust […]

§ 106-418.4 – Duties of Commissioner.

106-418.4. Duties of Commissioner. The Commissioner shall regulate, by and with the consent of the Board of Agriculture as provided herein, the payment for livestock sold at auction. (1973, c. 38, s. 4.)

§ 106-418.5 – Collection of payment.

106-418.5. Collection of payment. Collection of payment for livestock purchased at auction shall be made by the public livestock market on the same date of purchase of the livestock, and the proceeds therefrom shall be deposited by the public livestock market in their custodial account not later than the next banking business day following the […]

§ 106-418.6 – Action upon failure of payment.

106-418.6. Action upon failure of payment. It shall be the duty and responsibility of each public livestock market to report to the Commissioner within 24 hours after having knowledge that a check or draft issued in payment for livestock has been dishonored or that a buyer of livestock at auction has not fulfilled his obligation […]

§ 106-418.7 – Authority of Board of Agriculture, North Carolina Public Livestock Market Advisory Board and the Commissioner.

106-418.7. Authority of Board of Agriculture, North Carolina Public Livestock Market Advisory Board and the Commissioner. The Board of Agriculture shall establish rules and regulations pertaining to the purchase and payment of livestock sold in this State at public livestock markets. The North Carolina Public Livestock Market Advisory Board shall recommend rules and regulations pertaining […]

§ 106-418.7A – Civil penalties.

106-418.7A. Civil penalties. The Commissioner may assess a civil penalty of not more than five thousand dollars ($5,000) against any person who violates a provision of this Article or any rule promulgated thereunder. In determining the amount of the penalty, the Commissioner shall consider the degree and extent of harm caused by the violation. The […]