Nebraska Statutes 59-1726. Marketing plan; seller; use of certain phrases; prohibited
In selling, leasing, or offering to sell or lease a seller-assisted marketing plan in this state, sellers of such plans shall not:
Terms Used In Nebraska Statutes 59-1726
- Buy-back or secured investment: shall mean any representation which implies in any manner that the purchaser's initial payment is protected from loss. See Nebraska Statutes 59-1713
- Contract: A legal written agreement that becomes binding when signed.
- Equipment: shall mean machines, all electrical devices, video or audio devices, molds, display racks, vending machines, coin-operated game machines, machines which dispense products, and display units of all kinds. See Nebraska Statutes 59-1707
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Purchaser: shall mean a person who is solicited to become obligated or does become obligated on a seller-assisted marketing plan contract. See Nebraska Statutes 59-1706
- Seller: shall mean a person who sells or leases or offers to sell or lease a seller-assisted marketing plan and:
(1) Has sold, leased, represents, or implies that the seller has sold or leased, whether in Nebraska or elsewhere, at least five seller-assisted marketing plans within twenty-four months prior to a solicitation. See Nebraska Statutes 59-1705
- Seller-assisted marketing plan: shall mean the sale or lease or offer for sale or lease of any product, equipment, supplies, services, license, or any combination thereof which will be used by or on behalf of the purchaser to begin or maintain a business when:
(1) The seller of the plan has advertised or in other manner solicited the purchase or lease of the plan. See Nebraska Statutes 59-1703
- Services: shall mean any assistance, guidance, direction, work, labor, or services provided by the seller to initiate or maintain the seller-assisted marketing plan. See Nebraska Statutes 59-1710
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
- Supplies: shall mean any and all materials used to produce, grow, breed, or make any product or item. See Nebraska Statutes 59-1708
(1) Use the phrase buy-back or secured investment or similar phrase orally or in writing when soliciting, offering, leasing, or selling a seller-assisted marketing plan if the security is the value of the equipment, supplies, products, or services supplied by the seller to the purchaser; or
(2) Use the phrase buy-back or secured investment or similar phrase orally or in writing when soliciting, offering, leasing, or selling a seller-assisted marketing plan unless there are no restrictions or qualifications whatsoever preventing or limiting a purchaser from being able to invoke the buy-back or secured portion of the seller-assisted marketing plan contract at any time the purchaser desires during the one-year period following the contract date.