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| Extension of Credit | 6.65 – 6.67 | ||||||||||
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T.D. ATF-74, 45 FR 63251, Sept. 23, 1980, unless otherwise noted.
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Subscribe to: 27 CFR Part 6 Subpart C - Extension of Credit
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Extension of credit by an industry member to a retailer for a period of time in excess of 30 days from the date of delivery constitutes a means to induce within the meaning of the Act.
[T.D. ATF-364, 60 FR 20422, Apr. 26, 1995]
For the purpose of this part, the period of credit is calculated as the time elapsing between the date of delivery of the product and the date of full legal discharge of the retailer, through the payment of cash or its equivalent, from all indebtedness arising from the transaction.
An extension of credit (for product purchases) by an industry member to a retailer whose account is in arrears does not constitute a means to induce within the meaning of the Act so long as such retailer pays in advance or on delivery an amount equal to or greater than the value of each order, regardless of the manner in which the industry member applies the payment in its records.
[T.D. ATF-364, 60 FR 20422, Apr. 26, 1995]