(a) Every new and unused property merchant shall maintain receipts for the acquisition of new and unused property which must contain all of the following information:
(1) The date of the transaction on which the property was acquired;
(2) The name and address of the person, corporation, or entity from whom the property was acquired;
(3) An identification and description of the property acquired;
(4) The price paid for such property; and
(5) The signatures of the person selling the property and the new and unused property merchant only if the new and unused property merchant acquires the property vis-á-vis the person selling the property if such person is not regularly engaged in the normal course of business of selling such property.
(b) If a new and unused property merchant makes a single purchase of five hundred dollars ($500) or more from an individual or corporation, the bill of sale from such purchase shall be sufficient to satisfy the recordkeeping requirements of this subsection (a).
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