02 NCAC 60B .0507 PAYMENT FOR TREE SEEDLINGS
All applications shall include full payment unless the nursery and tree improvement forester has approved the applicant's credit after a review of the applicant's past credit payment record or credit reference.
(1) If the applicant has no record of default or late payment, no deposit shall be required.
(2) If there is a history of late payment of invoices, a 25% deposit of the total sales price shall be required.
(3) If there is a history of non-payment of invoices, credit shall not be approved without a letter of credit from a financial institution and shall require a 50% deposit of the total sales price.
(4) If there is no past payment history a letter of credit from a financial institution shall be required.
The Director shall waive collection of under payments of five dollars ($5.00) or less and refunds of over payments of five dollars ($5.00) or less, unless a refund is requested.
History Note: Authority G.S. 106-22; 106-878(c); 143B-10;
Eff. February 1, 1976;
Amended Eff. October 5, 1977;
Readopted Eff. November 6, 1980;
Amended Eff. August 1, 2002; August 1, 1988; October 1, 1984;
Transferred from 15A NCAC 09C .0510 Eff. May 1, 2012;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. September 19, 2015.