2016 North Dakota Century Code
Title 51 Sales and Exchanges
Chapter 51-06 Trading Stamps and Devices

Download as PDF CHAPTER 51-06 TRADING STAMPS AND DEVICES 51-06-01. Cash value of trading stamps - Redemption. All stamps, coupons, tickets, certificates, cards, or similar devices, hereinafter called trading stamps, which are furnished to any person in the course of the sale of goods or merchandise which may entitle the person holding such trading stamps to receive or procure from any person goods or merchandise free of charge or for less than the retail market price thereof, the value of such trading stamps excluded, shall have the cash value of each trading stamp stated on the face thereof. All such trading stamps must, at the option of the holder, be redeemable in cash at any office or agency of the trading stamp company redeeming the trading stamps in merchandise or at any business establishment furnishing such trading stamps with the sale of merchandise. Provided, further, that the provisions of this chapter do not apply to any coupon, ticket, certificate, card, or other similar device issued or distributed by a manufacturer or packer, which is redeemable for any goods, wares, or merchandise, either by the manufacturer or packer, or their agents, or an independent contractor acting for redemption. 51-06-02. Retention of redemption funds. Any person, firm, corporation, limited liability company, or association furnishing trading stamps to retailers and agreeing to redeem trading stamps as provided in this chapter may not discontinue the redemption of trading stamps without first notifying the secretary of state of such intention to discontinue redemption. Upon such notice, the secretary of state shall direct that all funds set aside by the person, firm, corporation, limited liability company, or association for the redemption of trading stamps and such additional funds as in the judgment of the secretary of state may be necessary, be retained by such person, firm, corporation, limited liability company, or association responsible for the redemption of trading stamps for a period of six months for the purpose of redeeming outstanding stamps in merchandise or reimbursing the holders thereof in cash. The secretary of state may require the filing of an acceptable surety bond conditioned upon the redemption of outstanding trading stamps or the reimbursement of the holders thereof. 51-06-03. Penalty. Any person violating any of the provisions of this chapter is guilty of a class B misdemeanor. Page No. 1

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