As used in this chapter, unless the context otherwise requires: 1. "Prize" means an item or service of value that is offered or awarded to a participant in a real or purported contest, competition, sweepstakes, puzzle, drawing, scheme, plan, or other selection process. 2. "Retail value" of a prize means: a. A price at which the sponsor can substantiate that a substantial number of the prizes have been sold to the public in this state during the preceding year; or b. If the sponsor is unable to satisfy the requirement in subdivision a, then no more than one and one -half times the amount the sponsor paid or would pay for the prize in a bona fide purchase from an unaffiliated seller. 3. "Sponsor" means a person that requires another person in this state to pay money as a condition of awarding the person a prize, or as a condition of allowing the person to receive, use, compete for, or obtain information about a prize, or that creates the reasonable impression that such a payment is required.
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