As used in this chapter, the term, transaction statement, means a statement, in paper or electronic form, that the entity transferring ownership in a transaction:

(1) Is authorized under federal law;

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Terms Used In South Dakota Codified Laws 36-11A-1.4

  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2

(2) Received the product from a person who is authorized as required under federal law;

(3) Received the transaction information and transaction statement from the prior owner of the product, as required by federal law;

(4) Did not knowingly ship a suspect or illegitimate product;

(5) Had systems and processes in place to comply with verification requirements outlined in federal law;

(6) Did not knowingly provide false transaction information; and

(7) Did not knowingly alter the transaction history.

Source: SL 2017, ch 174, § 5.