Article 67Supplement v1, p. 67

COMMERCIAL LAWS SUPPLEMENT

amount paid to, receivable by or paid or payable to the

buyer or to another person in his behalf.

g) "Banned hazardous substance" means (1) any toy or

other articles intended for use by children, which are

hazardous per se , or which bear or contain substances

harmful to human beings; or (2) any hazardous substance

intended or packaged in a form suitable for use in the

household,

which

the

implementing

agency

by

regulation, classifies as "banned hazardous substance"

notwithstanding the existence of cautionary labels, to

safeguard public health and safety: Provided , That the

implementing agency may, by regulation, exempt from

this Act, articles which by reason of their functional

purpose require the inclusion of the hazardous substance

involved

and

which

bear

appropriate

labels

giving

adequate directions and warnings for their safe use.

Procedures for the issuance, amendment or repeal of

regulations pursuant to clause (2) or paragraph (g) of this

Article shall be governed by the rules and regulations

promulgated by the Department of Health; Provided ,

That

if

the

Department

of

Health

finds

that

the

distribution

for

household

use

of

the

hazardous

substance involved presents an imminent hazard to the

public health, it may publish in a newspaper of general

circulation a notice of such finding and such substance

shall be deemed to be a "banned hazardous substance"

pending the issuance of regulation formally banning

such substance.

h) "Batch" means a quantity of any drug or device

produced during a given cycle of manufacture.

i) "Business name, firm name or style" means any name

or designation other than the true name of a person,

partnership, corporation or association which is used or

signed in connection with his/its business or in

1) any written or printed receipt, including receipt for tax

on business;

2) any written or printed contract not verified by a notary

public;

3) any written or printed evidence of any agreement or

business transaction; and

4) any sign or billboard kept conspicuously exhibited in

plain view in or at the place of the business, announcing a

firm name or business name or style.

j)

"Cash

price

or

delivered

price",

in

case

of trade

transaction, means the amount of money which would

constitute full payment upon delivery of the property

(except money) or service purchased at the creditor's

place of business. In the case of financial transactions,

cash price represents the amount received by the debtor

upon consummation of the credit transaction, net of

finance

charges

collected at the time the credit is

extended, if any.

k) "Chain distribution plans" or "pyramid sales schemes"

means sales devices whereby a person, upon condition

that

he

makes

an

investment,

is

granted

by

the

manufacturer or his representative a right to recruit for

profit one or more additional persons who will also be

granted such right to recruit upon condition of making

similar investments: Provided , That, the profits of the

person employing such a plan are derived primarily from

the recruitment of other persons into the plan rather

than from the sale of consumer products, services and

credit:

Provided,

further ,

That

the limitation on the

number of participants does not change the nature of

the plan.

l) "Closing out sale" means a consumer sale wherein the

seller uses the announcement to create the impression

that he is willing to give large discounts or merchandise

in order to reduce, dispose or close out his inventory and

business.

m) "Commerce" means the sale, lease, exchange, traffic or

distribution of goods, commodities, productions, services

or property, tangible or intangible.

n)

"Consumer"

means

a

natural

person

who

is

a

purchaser,

lessee, recipient or prospective purchaser,

lessor or recipient of consumer products, services or

credit.

o) "Consumer credit" means any credit extended by a

creditor to a consumer for the sale or lease of any

consumer product or service under which part or all of

the price or payment therefor is payable at some future

time, whether in full or in installments.

p) "Consumer loan" means a loan made by the lender to a

person which is payable in installments for which a

finance charge is or may be imposed. This term includes

credit transactions pursuant to an open-end-credit plan

other than a seller credit card.

q)

"Consumer

products

and services" means goods,

services and credits, debts or obligations which are

primarily for personal, family, household or agricultural

purposes, which shall include but not limited to food,

drugs, cosmetics, and devices.

r) "Consumer product safety rule" means a consumer

product safety standard described in Article 78 or a rule

under

this

Chapter

declaring

a

consumer

product

banned hazardous product.

s) "Consumer transaction" means (1) (i) a sale, lease,

assignment, award by chance, or other disposition of

consumer products, including chattels that are intended

to be affixed to land, or of services, or of any right, title, or

interest

therein,

except

securities as defined in the

Securities Act and contracts of insurance under the

Insurance Code, or (ii) grant of provision of credit to a

consumer for purposes that are primarily personal, family,

household

or

agricultural,

or

(2)

a

solicitation

or

promotion by a supplier with respect to a transaction

referred to in clause (1).

t) "Corrosive" means any substance which on contact with

living tissue will cause destruction of tissue by chemical

action.

u) "Cosmetics" means (1) articles intended to be rubbed,

poured,

sprinkled or sprayed on, introduced into or

otherwise applied to the human body or any part thereof

for cleansing, beautifying, promoting attractiveness, or

altering the appearance, and (2) article intended for uses

as a component of any such article except that such term

shall not include soap.

v) "Counterfeit product" means any consumer product

which, or the container or labeling of which, without

authorization, bears the trademark, trade name, or other

identifying

mark, imprint, or device, or any likeness

thereof, of a consumer product manufacturer, processor,

packer, distributor, other than the person or persons who

in fact manufactured, processed, packed or distributed

such product and which thereby falsely purports or is

represented to be the product of, or to have been packed

or distributed by such consumer product manufacturer,

processor, packer, or distributor.

w) "Credit card" means any card, plate, coupon book or

other credit device existing for the purpose of obtaining

money, property, labor or services on credit.

x) "Credit Sale" means a sale of products, services or an

interest in land to a person on credit where a debt is

payable in installments or a finance charge is imposed

and includes any agreement in the form of a bailment of

products or lease of products or real property if the bailee

or lessee pays or agrees to pay compensation for use a

sum

substantially equivalent to or in excess of the

aggregate value of the products or real property involved

and it is agreed that the bailee or lessee will become, or

for no other or a nominal consideration has the option to

become, the owner of the products or real property upon

full compliance with the terms of the agreement.

y) "Credit transaction" means a transaction between a

natural person and a creditor in which real or personal

property, services or money acquired on credit and the

person's obligation is payable in installment.

© Compiled by RGL

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