Okla. Stat. tit. 21, § 21-1072
This is the official text of Okla. Stat. tit. 21, § 21-1072, part of Oklahoma’s Stat. tit. 21, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 21,." Browse the sections below, each linked to its official government source.
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Definitions
Official statutory text
As used in the Oklahoma Pyramid Promotional Scheme Act:
1. "Compensation" means payment of money, thing of value or
financial benefit. Compensation does not include:
a. payment to participants based upon sales of products
purchased for actual use and consumption, or
b. payment to participants under reasonable commercial
terms;
2. "Consideration" means the payment of cash or purchase of
goods, services or intangible property. Consideration does not
include:
a. purchase of products furnished at cost to be used in
making sales and not for resale,
b. purchase of products where the seller offers to
repurchase the participant's products under reasonable
commercial terms, or
c. participant's time and effort in pursuit of sales or
recruiting activities;
Oklahoma Statutes - Title 21. Crimes and Punishments Page 472
3. "Participant" means a person who contributes money into a
pyramid promotional scheme;
4. "Person" means an individual, a corporation, a partnership
or any association or unincorporated organization;
5. "Promote" means:
a. to contrive, prepare, establish, plan, operate or
advertise, or
b. to induce or attempt to induce other persons to be a
participant;
6. "Pyramid promotional scheme" means any plan or operation by
which a participant gives consideration for the opportunity to
receive compensation which is derived primarily from the person's
introduction of other persons into the plan or operation rather than
from the sale of goods, services or intangible property by the
participant or other persons introduced into the plan or operation;
and
7. "Reasonable commercial terms" includes repurchase by the
seller, at the participant's request and upon termination of the
business relationship or contract with the seller, of all
unencumbered products purchased by the participant from the seller
within the previous twelve (12) months which are unused and in
commercially resalable condition. Repurchase by the seller shall be
for not less than ninety percent (90%) of the actual amount paid by
the participant to the seller of the products, less any
consideration received by the participant for purchase of the
products being returned. A product shall not be deemed nonresalable
solely because the product is no longer marketed by the seller,
unless it is clearly disclosed to the participant at the time of
sale that the product is a seasonal, discontinued, or special
promotion product, and not subject to the repurchase obligation.
1. "Compensation" means payment of money, thing of value or
financial benefit. Compensation does not include:
a. payment to participants based upon sales of products
purchased for actual use and consumption, or
b. payment to participants under reasonable commercial
terms;
2. "Consideration" means the payment of cash or purchase of
goods, services or intangible property. Consideration does not
include:
a. purchase of products furnished at cost to be used in
making sales and not for resale,
b. purchase of products where the seller offers to
repurchase the participant's products under reasonable
commercial terms, or
c. participant's time and effort in pursuit of sales or
recruiting activities;
Oklahoma Statutes - Title 21. Crimes and Punishments Page 472
3. "Participant" means a person who contributes money into a
pyramid promotional scheme;
4. "Person" means an individual, a corporation, a partnership
or any association or unincorporated organization;
5. "Promote" means:
a. to contrive, prepare, establish, plan, operate or
advertise, or
b. to induce or attempt to induce other persons to be a
participant;
6. "Pyramid promotional scheme" means any plan or operation by
which a participant gives consideration for the opportunity to
receive compensation which is derived primarily from the person's
introduction of other persons into the plan or operation rather than
from the sale of goods, services or intangible property by the
participant or other persons introduced into the plan or operation;
and
7. "Reasonable commercial terms" includes repurchase by the
seller, at the participant's request and upon termination of the
business relationship or contract with the seller, of all
unencumbered products purchased by the participant from the seller
within the previous twelve (12) months which are unused and in
commercially resalable condition. Repurchase by the seller shall be
for not less than ninety percent (90%) of the actual amount paid by
the participant to the seller of the products, less any
consideration received by the participant for purchase of the
products being returned. A product shall not be deemed nonresalable
solely because the product is no longer marketed by the seller,
unless it is clearly disclosed to the participant at the time of
sale that the product is a seasonal, discontinued, or special
promotion product, and not subject to the repurchase obligation.
Status: in_force · Read it on the official government site
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