Current through 2024 Act No. 225.
Section 39-65-10 - DefinitionsAs used in this chapter:
(1) "Commissions" means compensation accruing to a sales representative for payment by a principal, the rate of which is expressed as a percentage of the amount of orders or sales or as a specified amount of each order or sale.(2) "Person" means an individual, corporation, partnership, association, estate, or trust.(3) "Principal" means a person who:(a) manufactures, produces, imports, or distributes a tangible product for wholesale;(b) contracts with a sales representative to solicit orders for the product; and(c) compensates the sales representative, in whole or in part, by commission.(4) "Sales representative" means a person who:(a) contracts with a principal to solicit wholesale orders;(b) is compensated, in whole or in part, by commission;(c) does not place orders or purchase for his own account or for resale; and(d) does not sell or take orders for the sale of products to the ultimate consumer.1988 Act No. 489, eff 5/2/1988.