§ 1072. Definitions
Oklahoma Statutes AnnotatedTitle 21. Crimes and Punishments
21 Okl.St.Ann. § 1072
§ 1072. Definitions
As used in the Oklahoma Pyramid Promotional Scheme Act:
6. “Pyramid promotional scheme” means any plan or operation by which a participant gives consideration for the opportunity to receive compensation which is derived primarily from the person's introduction of other persons into the plan or operation rather than from the sale of goods, services or intangible property by the participant or other persons introduced into the plan or operation; and
7. “Reasonable commercial terms” includes repurchase by the seller, at the participant's request and upon termination of the business relationship or contract with the seller, of all unencumbered products purchased by the participant from the seller within the previous twelve (12) months which are unused and in commercially resalable condition. Repurchase by the seller shall be for not less than ninety percent (90%) of the actual amount paid by the participant to the seller of the products, less any consideration received by the participant for purchase of the products being returned. A product shall not be deemed nonresalable solely because the product is no longer marketed by the seller, unless it is clearly disclosed to the participant at the time of sale that the product is a seasonal, discontinued, or special promotion product, and not subject to the repurchase obligation.
Credits
Laws 1995, c. 186, § 2, eff. Nov. 1, 1995.
21 Okl. St. Ann. § 1072, OK ST T. 21 § 1072
Current with emergency effective legislation through Chapter 295 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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