Rhode Island General Laws 42-61.1-1. Definitions
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As used in this chapter, which shall be known and may be cited as the “Prizes and Gifts Act”:
(1) “Anything of value,” “item of value” or “item” means any item or service with monetary value.
(2) “Handling charge” means any charge, fee, or sum of money which is paid by a consumer to receive a prize, gift, or any item of value including, but not limited to, promotional fees, redemption fees, registration fees, or delivery costs.
(3) “Person” means any natural person, corporation, trust, partnership, association, and any other legal entity.
History of Section.
P.L. 1991, ch. 276, § 1.
Terms Used In Rhode Island General Laws 42-61.1-1
- 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.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- item: means any item or service with monetary value. See Rhode Island General Laws 42-61.1-1
- 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.
- Person: means any natural person, corporation, trust, partnership, association, and any other legal entity. See Rhode Island General Laws 42-61.1-1