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Terms used in this chapter, unless the context otherwise requires, mean:

(1)    "Advertising," any circular, prospectus, advertisement, or other material or any communication by radio, television, pictures, or similar means used in connection with an offer or sale of any business opportunity;

(2)    "Business opportunity," a contract or agreement, between a seller and purchaser, express or implied, orally or in writing, wherein it is agreed that the seller shall provide to the purchaser any products, equipment, supplies, or services enabling the purchaser to start a business and the seller represents that:

(a)    The seller shall provide or assist the purchaser in finding locations for the use or operation of vending machines, racks, display cases, or other similar devices, on premises neither owned nor leased by the purchaser or seller;

(b)    The seller shall provide or assist the purchaser in finding outlets or accounts for the purchaser's products or services;

(c)    The seller shall purchase any products made, produced, fabricated, grown, bred, or modified by the purchaser;

(d)    The seller guarantees that the purchaser shall derive income from the business which exceeds the price paid to the seller;

(e)    The seller shall refund all or part of the price paid to the seller, or repurchase any of the products, equipment, or supplies provided by the seller, if the purchaser is dissatisfied with the business; or

(f)    The seller shall provide a marketing plan;

(3)    "Director," the director of the Division of Insurance;

(4)    "Franchise," a contract or agreement as defined in § 37-5B-1;

(5)    "Franchisee," a person to whom a franchise is granted;

(6)    "Franchisor," a franchisor as defined in § 37-5B-1;

(7)    "Marketing plan," advice or training provided to the purchaser by the seller pertaining to the sale of any products, equipment, supplies, or services and the advice or training includes, but is not limited to, preparing or providing:

(a)    Promotional literature, brochures, pamphlets, or advertising materials;

(b)    Training regarding the promotion, operation, or management of the business opportunity; or

(c)    Operational, managerial, technical, or financial guidelines or assistance;

(8)    "Offer" or "offer to sell," includes every attempt to dispose of a business opportunity for value or solicitation of an offer to purchase a business opportunity;

(9)    "On-going business," an existing business that, for at least six months prior to the offer, has been operated from a specific location, has been open for business to the general public and has substantially all of the equipment and supplies necessary for operating the business;

(10)    "Person," an individual, corporation, trust, partnership, incorporated or unincorporated association or any other entity;

(11)    "Purchaser," a person who enters into a contract or agreement for the acquisition of a business opportunity or a person to whom an offer to sell a business opportunity is directed;

(12)    "Sale" or "sell," includes every contract or agreement of sale, contract to sell, disposition of a business opportunity or interest in a business opportunity for value;

(13)    "Seller," a person who sells or offers to sell a business opportunity or any agent or person who directly or indirectly acts on behalf of such person or a person recommended by the seller.

Source: SL 1985, ch 305, § 1; SL 2008, ch 203, § 55; SL 2017, ch 231 (Ex. Ord. 17-2), § 19, eff. Apr. 13, 2017.

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