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You must keep a dealers record with the following information for every item you acquire in your business:
This must be recorded in the dealer’s record as soon as possible. If you fail to comply with these requirements and are convicted – you could be fined up to $10,000. The dealer’s record must be kept and available for no less than 3 years from the date of transaction.
All items must be kept in an unaltered state for 14 days after the transaction. Goods must be able to be reasonably and conveniently inspected by police on request during this period.
You don’t have to keep items for 14 days if they are returned to the person you acquired them from or if you are selling them as an agent for the owner and you have noted the following details of the owner:
If you fail to comply with these requirements and are convicted – you could be fined up to $10,000.
Each item must be labelled with the number you have assigned to it. This label must be attached to the item at all times. If a group of items are bought as a single item and there is a single item that would have a resale value of more than $40 or has a unique identifier or serial number, the single item must be labelled. Any remaining items may be regarded as a single item.
A licensed secondhand dealer cannot enter into a buyback contract. If convicted you could be fined up to $10,000.
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