Transaction statement defined

As used in this chapter, the term, transaction statement, means a statement, in paper or electronic form, that the entity transferring ownership in a transaction: (1) Is authorized under federal law; (2) Received the product from a person who is authorized as required under federal law; (3) Received the transaction information and transaction statement from the prior owner of the product, as required by federal law; (4) Did not knowingly ship a suspect or illegitimate product; (5) Had systems and processes in place to comply with verification requirements outlined in federal law; (6) Did not knowingly provide false transaction information; and (7) Did not knowingly alter the transaction history. Source: SL 2017, ch 174 , § 5.