30-14-2501. Definitions. As used in this part, the following definitions apply:
     (1) "Actual price" means the price to be paid by the dealer less any incentive paid by the manufacturer, whether paid to the dealer or the ultimate purchaser of the motorsports vehicle.
     (2) "Control" or "controlling" means:
     (a) the possession of, title to, or control of 10% or more of the voting equity interest in a person, whether directly or indirectly through a fiduciary, agent, or other intermediary; or
     (b) the possession, direct or indirect, of the power to direct or cause the direction of the management or policies of a person, whether through the ownership of voting securities, through director control, by contract, or otherwise, except as expressly provided under the franchise agreement.
     (3) "Line-make" means a type of motorsports vehicle produced by a manufacturer.
     (4) "Motorsports vehicle" means a personal watercraft as defined in 23-2-502, a snowmobile as defined in 23-2-601, a motorcycle as defined in 61-1-101, a motor-driven cycle as defined in 61-1-101, or a quadricycle as defined in 61-1-101.
     (5) "Operate" means to manage a dealership, whether directly or indirectly.
     (6) "Own" or "ownership" means to hold the beneficial ownership of 1% or more of any class of equity interest in a dealership, whether the interest is that of a shareholder, partner, limited liability company member, or otherwise. To hold an ownership interest means to have possession of, title to, or control of the ownership interest, whether directly or indirectly through a fiduciary, agent, or other intermediary.
     (7) "Person" has the meaning provided in 30-14-102.

     History: En. Sec. 1, Ch. 152, L. 2007.