N.Y. General Business Law 898-A – Definitions
§ 898-a. Definitions. For purposes of this article, the following terms shall have the following meanings:
Terms Used In N.Y. General Business Law 898-A
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
1. "Deceptive acts or practices" shall have the same meaning as defined in article twenty-two-A of this chapter.
2. "Reasonable controls and procedures" shall mean policies that include, but are not limited to: (a) instituting screening, security, inventory and other business practices to prevent thefts of qualified products as well as sales of qualified products to straw purchasers, traffickers, persons prohibited from possessing firearms under state or federal law, or persons at risk of injuring themselves or others; and (b) preventing deceptive acts and practices and false advertising and otherwise ensuring compliance with all provisions of article twenty-two-A of this chapter.
3. "False advertising" shall have the same meaning as defined in article twenty-two-A of this chapter.
4. "Gun industry member" shall mean a person, firm, corporation, company, partnership, society, joint stock company or any other entity or association engaged in the sale, manufacturing, distribution, importing or marketing of firearms, ammunition, ammunition magazines, and firearms accessories.
5. The terms "knowingly" and "recklessly" shall have the same meaning as defined in § 15.05 of the penal law.
6. "Qualified product" shall have the same meaning as defined in 15 U.S.C. § 7903(4).