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. (1) Is authorized under federal law;
2. (2) Received the product from a person who is authorized as required under federal law;
3. (3) Received the transaction information and transaction statement from the prior owner of the product, as required by federal law;
4. (4) Did not knowingly ship a suspect or illegitimate product;
5. (5) Had systems and processes in place to comply with verification requirements outlined in federal law;
6. (6) Did not knowingly provide false transaction information; and
7. (7) Did not knowingly alter the transaction history.

Source: SL 2017, ch 174 , § 5.