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367.395 Definitions.
As used in KRS 367.397 to 367.407, unless the context requires otherwise:
(1) "Club" means any buying club or vacation club.
(2) "Contract" means any oral or written agreement by which one becomes a
member of a club.
(3) "Buying club" means any person, corporation, unincorporated association, or
other organization which for a consideration provides or purports to provide its
members or the members of any other buying club with the ability to purchase
goods or services at discount prices; except that such organization shall not
include any buying club in which persons receive discount buying services
incidentally as part of a package of services provided to, or available to, such
individuals on account of membership in such organization which is not
organized for the profit of any person or corporation or which does not have as
one of its primary purposes or businesses the provision of discount buying
services.
(4) "Member" or "membership" means a status by which any natural person is
entitled to any of the benefits of a club.
(5) "Prepayment" means any payment for service or merchandise made before the
service is rendered or the merchandise is received. It is not a prepayment if a
payment for service is made on the same day the service is rendered. Money
received by a club from a financial institution upon assignment of a contract
shall be considered prepayment when and to the extent the member is
required to make prepayments to the financial institution pursuant to the
contract.
(6) "Vacation club" means any person, corporation, unincorporated association, or
other organization which for a consideration provides or purports to provide its
members or the members of any other vacation club with any vacation,
vacation plan, or services connected with the scheduling of a vacation at
discount prices.
Effective:July 15, 1988
History: Amended 1988 Ky. Acts ch. 62, sec. 1, effective July 15, 1988. -- Created
1982 Ky. Acts ch. 21, sec. 1, effective July 15, 1982.
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