Senate Bill (H)

DIGEST

Doing business or marketing as a cooperative. Specifies that certain cooperative or mutual entities are not subject to the restrictions of the bill. Provides that it is unlawful for a business entity that is not a cooperative or mutual entity to do the following: (1) Use the terms "cooperative", "co-op", "mutual", or any derivative of those terms in a business entity name if the use of the term would create a substantial likelihood of misleading the public by implying that the business entity is a cooperative or mutual entity. (2) Advertise or represent the business entity to the public, its Doing business or marketing as a cooperative. Specifies that certain cooperative or mutual entities are not subject to the restrictions of the bill. Provides that it is unlawful for a business entity that is not a cooperative or mutual entity to do the following: (1) Use the terms "cooperative", "co-op", "mutual", or any derivative of those terms in a business entity name if the use of the term would create a substantial likelihood of misleading the public by implying that the business entity is a cooperative or mutual entity. (2) Advertise or represent the business entity to the public, its customers, or prospective customers as a cooperative or mutual entity or as an entity operating on a cooperative or mutual basis. Defines the term "cooperative or mutual entity". Requires the department of agriculture to regulate the use of the terms "cooperative", "co-op", "mutual", and any derivative of those terms. Authorizes the use of civil penalties and administrative dissolution by the secretary of state to enforce the restrictions on the use of the terms "cooperative", "co-op", "mutual", and any derivative of those terms. ... View more