|SB 1269||Revises laws relating to contracts of farm equipment|
|LR Number:||4981S.01P||Fiscal Note:||4981-01|
|Committee:||Agriculture, Conservation, Parks & Tourism|
|Last Action:||04/30/02 - Hearing Conducted H Agriculture Committee||Journal page:|
|Effective Date:||August 28, 2002|
SB 1269 - This act repeals the law relating to the repurchase of industrial, maintenance, and construction power equipment and outdoor power equipment used for lawn, garden, golf course, landscaping, or grounds maintenance upon cancellation of contracts. The act replaces the term "farm implements" in the definition of inventory with the terms "equipment" and "implements" in the law relating to the repurchase of farm machinery inventory on the termination of a dealership. This act requires wholesalers, manufacturers, or distributors to repurchase equipment, implements, machinery, and attachments at 100% of the net cost and to repurchase repair parts at 95% of the current net price at the termination of a contract, with some exceptions.
This act is identical to HB 1958 (2002).