Iowa Code 714B.1 – Definitions
Current as of: 2023 | Check for updates
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As used in this chapter, unless the context otherwise requires:
1. “Advertisement” means as defined in section 714.16, subsection 1.
Terms Used In Iowa Code 714B.1
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Merchandise: means as defined in section 714. See Iowa Code 714B.1
- Person: means as defined in section 714. See Iowa Code 714B.1
- Prize: means a gift, award, cash award, or other merchandise of value that is offered or awarded to a person in a real or purported contest, competition, sweepstakes, puzzle, drawing, scheme, plan, or other selection process. See Iowa Code 714B.1
- Sponsor: means a person who awards another person a prize or who allows the person to receive, use, compete for, or obtain information about a prize. See Iowa Code 714B.1
- year: means twelve consecutive months. See Iowa Code 4.1
2. “Merchandise” means as defined in section 714.16, subsection 1.
3. “Person” means as defined in section 714.16, subsection 1.
4. “Prize” means a gift, award, cash award, or other merchandise of value that is offered or awarded to a person in a real or purported contest, competition, sweepstakes, puzzle, drawing, scheme, plan, or other selection process.
5. “Retail value” of a prize means the following:
a. A price at which the sponsor of the prize can substantiate that a substantial number of the items of merchandise have been sold to the public in the year preceding the date of the written prize notice in the regular course of business other than through a prize promotion.
b. No more than one and one-half times the amount the sponsor paid for the prize in a bona fide purchase from an unaffiliated seller, if the sponsor is unable to substantiate a price pursuant to paragraph “a”.
6. “Sponsor” means a person who awards another person a prize or who allows the person to receive, use, compete for, or obtain information about a prize.