Indiana Code 24-5-12-13. Registration statement; gifts, prizes, or other items represented or implied; additional information required
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Sec. 13. If the seller represents or implies, or directs a salesperson to represent or imply, to a prospect that a purchaser will receive one (1) or more items (whether the items are designated as gifts, premiums, bonuses, prizes, or otherwise), the registration statement must also contain the following information:
(2) The value of each item described to a prospect and the basis for the valuation.
(1) A list of items offered.
Terms Used In Indiana Code 24-5-12-13
- item: means tangible or intangible property or services. See Indiana Code 24-5-12-2
- prospect: means a person solicited by a seller. See Indiana Code 24-5-12-6
- salesperson: means a person employed, authorized, or appointed by a seller, including an independent contractor, who solicits a sale on behalf of the seller. See Indiana Code 24-5-12-7
- seller: means a person who, personally, through salespersons, or through the use of an automated dialing and answering device, makes a solicitation if in the solicitation any one (1) of the following occurs:
Indiana Code 24-5-12-8
(3) The price paid by the seller to its supplier for each of these items, and the names, business addresses, and business telephone numbers of the supplier of each item.
(4) The manner in which the seller decides which items a prospect is to receive, if a purchaser is to receive fewer than all of the items described by the seller.
(5) The odds a prospect or purchaser has of receiving each described item, if a purchaser is to receive fewer than all of the items described by the seller.
(6) All terms and conditions that a prospect must meet in order to receive the item, if a purchaser is to receive fewer than all of the items described by the seller.
As added by P.L.253-1987, SEC.1.