36-11A-1.4. 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.