Section 407.671

Title XXVI TRADE AND COMMERCE

Chapter 407

Effective - 28 Aug 1988   

  407.671.  Definitions. — As used in sections 407.670 to 407.679, the following terms shall mean:

  (1)  "Business day", any day other than a Saturday, Sunday, or legal holiday;

  (2)  "Buying service", "buying club", or "club", any person, corporation, partnership, unincorporated association or other business enterprise operating for profit within the state of Missouri, the primary purpose of which is to provide benefits to members from the cooperative purchase of services or merchandise;

  (3)  "Buyer" or "member", any status by which any natural person is entitled to any of the benefits of a discount buying organization;

  (4)  "Contract", any written agreement by which one becomes a member of a club;

  (5)  "Prepayment", any payment greater than fifty dollars for service, merchandise or membership made before any service or merchandise is rendered.  Money received by a club from a financial institution upon assignment of a contract shall be considered prepayment when and to the extent the member is required to make prepayments to the financial institution pursuant to the contract.

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(L. 1988 H.B. 988)