24-13-1-1. Definitions

Sec. 1. The definitions in this chapter apply throughout this article. As added by P.L.105-2017, SEC.3.

24-13-1-2. “Appropriate Inventory Repurchase Program”

Sec. 2. “Appropriate inventory repurchase program” means a program by which an entity repurchases from a salesperson current and marketable inventory in the possession of the salesperson, upon request and upon commercially reasonable terms, when the salesperson’s business relationship with the entity ends. As added by P.L.105-2017, SEC.3.

24-13-1-3. “Commercially Reasonable Terms”

Sec. 3. “Commercially reasonable terms” means the repurchase of current and marketable inventory within twelve (12) months after the date of purchase at not less than ninety percent (90%) of the original net cost, less appropriate set-offs and legal claims, if any. As added by P.L.105-2017, SEC.3.

24-13-1-4. “Compensation”

Sec. 4. “Compensation” means a payment of any money, thing of value, or financial benefit conferred in return for inducing another person to participate in a pyramid promotional scheme. As added by P.L.105-2017, SEC.3.

24-13-1-5. “Consideration”

Sec. 5. “Consideration” means the payment of cash or the purchase of goods, services, or intangible property. The term does not include the purchase of goods or services furnished at cost to be used in making sales and not for resale, or time and effort spent in pursuit of sales or recruiting activities. As added […]

24-13-1-6. “Inventory”

Sec. 6. “Inventory” includes both goods and services, including company produced promotional materials, sales aids, and sales kits that an entity requires independent salespersons to purchase. As added by P.L.105-2017, SEC.3.

24-13-1-7. “Inventory Loading”

Sec. 7. “Inventory loading” means the requirement or encouragement by a plan or operation that its independent salesperson purchase inventory in an amount that exceeds the amount that the salesperson can expect to resell for ultimate consumption or to consume in a reasonable time period, or both. As added by P.L.105-2017, SEC.3.

24-13-1-8. “Promote”

Sec. 8. “Promote” means to contrive, prepare, establish, plan, operate, advertise, or otherwise induce or attempt to induce another person to participate in a pyramid promotional scheme. As added by P.L.105-2017, SEC.3.

24-13-1-9. “Pyramid Promotional Scheme”

Sec. 9. “Pyramid promotional scheme” means any plan or operation by which a person gives consideration for the opportunity to receive compensation that is derived primarily from the introduction of other persons into the plan or operation rather than from the sale and consumption of goods, services, or intangible property by a participant or other […]