(a) All persons subject to this part shall retain records, including, but not limited to, shipping papers, of all petroleum products transactions for a period of three (3) years after December 31 of the year in which the transaction occurred.

Terms Used In Tennessee Code 67-3-815

  • Commissioner: means the commissioner of revenue or the commissioner's designated subordinate official. See Tennessee Code 67-3-103
  • Month: means a calendar month. See Tennessee Code 1-3-105
  • Person: means a natural person, partnership, firm, association, corporation, limited liability company, court appointed representative, state, political subdivision or any other entity, group, or syndicate. See Tennessee Code 67-3-103
  • Petroleum products: means all benzol, gasoline, burning oil, distillate, fuel oil, gas oil, kerosene, naphtha, or any other volatile substance, excluding propane, reflecting a gravity of sixteen degrees (16°. See Tennessee Code 67-3-103
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b) Persons operating terminals, refineries and bulk plants shall retain these records on site for a period of ninety (90) days following the month of the transaction.
(c) Retail stations shall retain these records on site for a period of thirty (30) days following the month of the transaction.
(d) The commissioner may revoke the license or licenses of and assess a civil penalty in the amount of five thousand dollars ($5,000) against a person who fails to comply with this section.
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