1.    A grain buyer may not purchase grain by a credit-sale contract except as provided in this section. All credit-sale contracts must be in writing and must be consecutively numbered when printing the contract. The grain buyer shall maintain an accurate record of all credit-sale contract numbers, including the disposition of each numbered form, whether by execution, destruction, or otherwise. Each credit-sale contract must include:

a.    The seller’s name and address. b.    The conditions of delivery.

c.    The amount and kind of grain delivered. d.    The price per unit or basis of value.

e.    The date payment is to be made.

f.    The duration of the credit-sale contract.

g.    Notice in a clear and prominent manner that the sale is not protected by the bond coverage provided for in section 4.1-59-09. However, if the grain buyer has obtained bond coverage in addition to that required by section 4.1-59-09 and the coverage extends to the benefit of credit-sale contracts, the grain buyer may state that fact in the credit-sale contract along with the extent of the coverage.

2.    The contract must be signed by both parties and executed in duplicate. An electronic signature satisfies this requirement. A holder of an unsigned contract is not eligible for any protection provided by chapter 4.1-61. The grain buyer shall retain one copy and deliver one copy to the seller. Upon revocation, termination, or cancellation of a grain buyer’s license, the payment date for all credit-sale contracts, at the seller’s option, must be advanced to a date not later than thirty days after the effective date of the revocation, termination, or cancellation, and the purchase price for all unpriced grain must be determined as of the effective date of revocation, termination, or cancellation in accordance with all other provisions of the contract.

3.    A buyer that offers deferred-payment contracts shall inform producers of bond protection.