Section 117 – Sale of previously purchased procurement item — Limitations.

• (1) As used in this section:
  • (a) “Buyback purchaser” means a person who buys a procurement item from the procurement unit to which the person previously sold the procurement item.
  • (b) “Excess repurchase amount” means the difference between:
    • (i) the amount a buyback purchaser pays to a procurement unit to purchase a procurement item that the buyback purchaser previously sold to the procurement unit; and
    • (ii) the amount the procurement unit paid to the buyback purchaser to purchase the procurement item.

• (2) A procurement unit that sells a procurement item to a buyback purchaser for an amount that exceeds the amount the procurement unit paid for the procurement item:
  • (a) shall require the buyback purchaser to pay cash for the procurement item;
  • (b) may not accept the excess repurchase amount in the form of a credit, discount, or other incentive on a future purchase that the procurement unit makes from the buyback purchaser; and
  • (c) may not use the excess repurchase amount to acquire an additional procurement item from the person who paid the excess repurchase amount.

Enacted by Chapter 180, 2016 General Session

Technically renumbered to avoid duplication of section number also used as new number in SB184, Chapter 355.