407.671. Definitions. - Missouri Statutes

Definitions.

407.671. As used in sections 407.670 to 407.679, thefollowing 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 otherbusiness enterprise operating for profit within the state ofMissouri, the primary purpose of which is to provide benefits tomembers from the cooperative purchase of services or merchandise;

(3) "Buyer" or "member", any status by which any naturalperson is entitled to any of the benefits of a discount buyingorganization;

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

(5) "Prepayment", any payment greater than fifty dollars forservice, merchandise or membership made before any service ormerchandise is rendered. Money received by a club from afinancial institution upon assignment of a contract shall beconsidered prepayment when and to the extent the member isrequired to make prepayments to the financial institutionpursuant to the contract.

(L. 1988 H.B. 988)