Section 37-25A-50 – Action on bond.
37-25A-50. Action on bond. Any person who violates §§37-25A-14, 37-25A-43, 37-25A-45, and 37-25A-46, or who breaches any business opportunity contract or agreement or any obligation arising under the contract or agreement, is liable to the purchaser who may sue the surety of the bond, either at law or in equity to recover all money or […]
Section 37-25A-51 – Liability of person aiding or controlling violator.
37-25A-51. Liability of person aiding or controlling violator. Any person who controls or materially aids a person liable under §37-25A-46 or 37-25A-47 shall be liable jointly and severally with and to the same extent as the person committing the violation. Source: SL 1985, ch 305, §51.
Section 37-25A-52 – Limitation of actions to enforce civil liability.
37-25A-52. Limitation of actions to enforce civil liability. No action may be maintained under §§37-25A-47 to 37-25A-49, inclusive, unless commenced before the expiration of three years after the act of transaction constituting the violation. Source: SL 1985, ch 305, §52.
Section 37-25A-53 – Rights and remedies under chapter additional.
37-25A-53. Rights and remedies under chapter additional. The rights and remedies under this chapter are in addition to any other rights or remedies that may exist at law or in equity. Source: SL 1985, ch 305, §53.
Section 37-25A-54 – Waiver of rights void.
37-25A-54. Waiver of rights void. Any condition, stipulation or provision binding any purchaser of a business opportunity to waive compliance with or relieving a person from any duty or liability imposed by or any right provided by this chapter or any rule or order issued pursuant to this chapter is void. Source: SL 1985, ch […]
Section 37-25A-55 – Civil penalty.
37-25A-55. Civil penalty. The director may impose a civil penalty against a person named in an order issued under §37-25A-30 for violation of §§37-25A-7, and 37-25A-43 to 37-25A-46, inclusive. The amount of the civil penalty may not exceed five thousand dollars for each act or omission that constitutes the basis for issuing the order. Any […]
Section 37-26-1 – Definition of terms.
37-26-1. Definition of terms. Terms used throughout this chapter unless the context plainly requires otherwise shall mean: (1)”Buying club,” any corporation, partnership, unincorporated association, or other business enterprise organized with the primary purpose of providing benefits to members from the cooperative purchase of services or merchandise; (2)”Club,” any buying club; (3)”Contract,” any written agreement by […]
Section 37-26-2 – Fraudulent offer or sale of membership as felony.
37-26-2. Fraudulent offer or sale of membership as felony. Any person who employs, directly or indirectly, any device, scheme, or artifice to defraud in connection with the offer or sale of any membership or engages, directly or indirectly, in any act, practice, or course of business which operates or would operate as a fraud or […]
Section 37-26-3 – Bond required of buying club–Amount.
37-26-3. Bond required of buying club–Amount. Every buying club shall maintain a cash bond or a bond issued by a surety company licensed to do business in this state in the penal sum of one hundred thousand dollars. Source: SL 1975, ch 246, §6.
Section 37-26-4 – Loss covered by bond–Filing and approval of bond–Action on bond.
37-26-4. Loss covered by bond–Filing and approval of bond–Action on bond. The bond required by §37-26-3 shall be in favor of the state for the benefit of any member who suffers loss of any prepayment made pursuant to a contract entered into after March 27, 1975, due to insolvency of the club or the cessation […]