Section 734.16 - Records of sales(a) General rule.--Every licensee and registrant under this act who receives or accepts any property for sale at auction or sale through an online trading assistant consignment sale transaction shall maintain a written record which shall contain the following information, provided that if the transaction is being conducted by an auction company or a trading assistant company, the records shall be maintained by the auction company or trading assistant company: (1) The name and address of the seller of the property to be sold.(2) A copy of the written or electronic contract authorizing the transaction containing the terms and conditions of the transaction or a copy of the receiving invoice.(3) A written record of the transaction.(b)Inspection of records.--The records referred to in subsection (a) shall be open at all reasonable times for inspection by the board or any person who is authorized in writing for that purpose by the board and who exhibits the written authorization to the licensee or registrant before making an inspection.(c) Retention of records.--The written records shall be kept on file in the office of the licensee or registrant for a period of not less than two years and, if the licensee or registrant is notified of a complaint against the licensee or registrant, the records shall be maintained until the complaint is finally resolved.(d)Receipts.--Every licensee or registrant must provide a written receipt for all transactions conducted by the licensee or registrant, which receipt may be provided electronically. Copies of receipts must be retained for not less than two years.Amended by P.L. TBD 2016 No. 88, § 12, eff. 9/18/2016.1983, Dec. 22, P.L. 327, No. 85, § 16, effective 1/1/1984. Amended 2008, Oct. 8, P.L. 1080, No. 89, §6, effective in 60 days [ 12/8/2008].