A. In lieu of beginning or continuing an action pursuant to the Pyramid Promotional Schemes Act, the attorney general may accept a written assurance of discontinuance of any practice in violation of that act from the person who has engaged in the unlawful practice. The attorney general may require an agreement by the person engaged in the unlawful practice that by a date set by the attorney general and stated in the assurance, he will make restitution to all persons of money, property or other things received from them in any transaction related to the unlawful practice. All settlements are a matter of public record.
B. A person need not accept restitution pursuant to an assurance. His acceptance of restitution bars recovery of any damages in any action by him or on his behalf against the same defendant on account of the same unlawful practice.
C. A violation of an assurance entered into pursuant to this section is a violation of the Pyramid Promotional Schemes Act.
History: 1953 Comp., § 50-20-5, enacted by Laws 1973, ch. 377, § 5; 1987, ch. 100, § 5.
ANNOTATIONSThe 1987 amendment, effective June 19, 1987, substituted "Pyramid Promotional Schemes Act" for "Pyramid or Multilevel Sales Act" in Subsection A and Subsection C and made a minor language change in Subsection A.