§ 4-99-101 - Legislative finding, declaration, and intent. - Arkansas Statutes

4-99-101. Legislative finding, declaration, and intent.

(a) The General Assembly recognizes that the widespread use of telephone solicitors to initiate sales of goods, real property, and investment opportunities has created numerous problems for purchasers and investors which are inimical to good business practices. Telephonic sales have a significant impact upon the economy and well-being of this state and its local communities. However, purchasers have suffered substantial losses because of misrepresentations, lack of full and complete information regarding both the telephonic seller and the goods and investments the telephonic seller is offering, and failure of delivery. The provisions of this chapter relating to telephonic sellers are necessary for the public welfare.

(b) It is the intent of the legislature in enacting this chapter to:

(1) Provide each prospective telephonic sales purchaser with information necessary to make an intelligent decision regarding the offer made;

(2) Safeguard the public against deceit and financial hardship;

(3) Ensure, foster, and encourage competition and fair dealings among telephonic sellers by requiring adequate disclosure; and

(4) Prohibit representations that tend to mislead.