A. Before purchasing or acquiring pipeline equipment, oil field equipment or used materials, a dealer, broker, or peddler shall require that a bill of sale or invoice for the used materials be executed by the seller or the person who acquires the pipeline equipment, oil field equipment or used materials. The dealer, broker, or peddler shall keep a copy of each bill of sale or invoice at the place of business of the dealer, broker or peddler.

B. The bill of sale or invoice shall include:

1. The name and address of the dealer, broker, or peddler;

2. The serial or other identifying number of the pipeline equipment, oil field equipment or used materials, if available;

3. The kind, make, size, weight, length, and quantity of the pipeline equipment, oil field equipment or used materials purchased or acquired;

4. The date of the purchase or acquisition, if different from the date of the bill of sale or invoice;

5. The name and address of the seller; and

6. The legal description and well name or physical address of the property at the time purchased or acquired.

C. A dealer, broker or peddler shall keep at the place of business of the dealer, broker or peddler all records required to be kept pursuant to this section for two (2) years after the date of the purchase or acquisition of the materials.

D. A person, dealer, peddler or broker who violates the provisions of this section shall, upon conviction, be punished by a fine of not less than Five Hundred Dollars ($500.00) for each violation.

Added by Laws 2008, c. 364, § 6, eff. Jan. 1, 2009.