§ 17-371 Definitions.
AC § 17-371
As used in this subchapter, the following terms have the following meanings: Arm’s length transaction. The term “arm’s length transaction” means a sale of a business for consideration that reflects the fair market value of such business or its assets, between 2 informed and willing parties, that is not made, wholly or in part, for the purpose of enabling the seller to avoid liability for violations issued by the department. A sale shall be presumed not to be an arm's length transaction if it is: 1. A sale to an individual, or to a corporation or other business that is owned by the spouse, domestic partner, parent, grandparent, child or stepchild of any of the sellers, or is the direct descendent of a grandparent, the spouse or domestic partner of any of the sellers; 2. A sale to an individual or entity that has a business or financial interest in the seller; or 3. A sale to an entity in which any of the sellers has a business or financial relationship. Permit. The term “permit” means a written license and authorization to carry on specified activities as regulated by this subchapter or other applicable law enforced by the department. Permittee. The term “permittee” means a natural person or other entity who holds a valid permit issued by the commissioner pursuant to this subchapter or other applicable law enforced by the department. Pet shop. The term “pet shop” means a facility other than an animal shelter, as such term is defined in section 17-802, where live animals are sold, exchanged, bartered, or offered for sale as pet animals to the general public at retail for profit. Such definition shall not include duly incorporated humane societies dedicated to the care of unwanted animals that make such animals available for adoption, whether or not a fee for such adoption is charged. (L.L. 2015/005, 1/17/2015, eff. 6/1/2015; Am. L.L. 2015/053, 6/2/2015, eff. 6/1/2015; Am. L.L. 2024/132, 12/21/2024, retro. eff. 12/15/2024) Editor's note: For related unconsolidated provisions, see Appendix A at L.L. 2015/005.
