63G-6a-117. Sale of previously purchased procurement item -- Limitations.
213 words·~1 min read·
/ut/title-63g/chapter-6a/63g-6a-117·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/10/2016
63G-6a-117. Sale of previously purchased procurement item -- Limitations.
(1)As used in this section:
(a)"Buyback purchaser" means a person who buys a procurement item from the procurement unit to which the person previously sold the procurement item.
(b)"Excess repurchase amount" means the difference between:
(i)the amount a buyback purchaser pays to a procurement unit to purchase a procurement item that the buyback purchaser previously sold to the procurement unit; and
(ii)the amount the procurement unit paid to the buyback purchaser to purchase the procurement item.
(2)A procurement unit that sells a procurement item to a buyback purchaser for an amount that exceeds the amount the procurement unit paid for the procurement item:
(a)shall require the buyback purchaser to pay cash for the procurement item;
(b)may not accept the excess repurchase amount in the form of a credit, discount, or other incentive on a future purchase that the procurement unit makes from the buyback purchaser; and
(c)may not use the excess repurchase amount to acquire an additional procurement item from the person who paid the excess repurchase amount.
Enacted by Chapter 180 , 2016 General Session
Technically renumbered to avoid duplication of section number also used as new number in SB184, Chapter 355.