§ 51:1821 Definitions
§ 51:1822 Surety bond
§ 51:1823 Prohibited acts
§ 51:1824 Unfair practice

Terms Used In Louisiana Revised Statutes > Title 51 > Chapter 23 - Business Opportunity Sellers and Agents

  • Agent: means a person who solicits prospective purchasers or negotiates on behalf of a seller. See Louisiana Revised Statutes 51:1821
  • Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
  • Business opportunity: means the sale or lease for an initial required consideration exceeding three hundred dollars of any goods or services which are transferred to a purchaser for the purpose of enabling the purchaser to start a business, and in which the seller or agent:

    (a)  Represents that the seller or an entity to which it will refer the purchaser, will provide or assist the purchaser in finding business locations on premises neither owned nor leased by the purchaser or seller for the use or operation of vending machines, racks, display cases, currency-operated amusement machines, or other similar devices; or

    (b)  Represents that the seller, or any entity to which it will refer the purchaser, will purchase any or all products to be sold, made, produced, fabricated, assembled, grown, bred, or modified by the purchaser using in whole or in part the supplies, services, or goods sold to the purchaser by the seller; or

    (c)  Guarantees that the purchaser is to derive income from the business opportunity which exceeds the price paid for the business opportunity, or that the seller is to refund all or part of the price paid for the business opportunity, or repurchase any of the products, equipment, supplies, or goods supplied by the seller, if the purchaser is unsatisfied with the business opportunity; or

    (d)  Represents that for a fee exceeding three hundred dollars the seller will provide a sales plan or marketing program which will enable the purchaser to derive income from the business opportunity which exceeds the price paid for the business opportunity. See Louisiana Revised Statutes 51:1821

  • Department: means the Department of Justice. See Louisiana Revised Statutes 51:1821
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Initial required consideration: includes consideration required by express condition or practical necessity, or for which the buyer or lessee becomes obligated before the commencement of the business, or during the following one hundred eighty days. See Louisiana Revised Statutes 51:1821
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Seller: means a person or entity which sells or leases, or offers to sell or to lease a business opportunity. See Louisiana Revised Statutes 51:1821
  • Service of process: The service of writs or summonses to the appropriate party.