Terms used throughout this chapter unless the context plainly requires otherwise shall mean: (1) "Buying club," any corporation, partnership, unincorporated association, or other business enterprise organized with the primary purpose of providing benefits to members from the cooperative purchase of services or merchandise; (2) "Club," any buying club; (3) "Contract," any written agreement by which one becomes a member of a club; (4) "Member," any status by which any natural person is entitled to any of the benefits of a club; (5) "Prepayment," any payment greater than twenty - five dollars for service, merchandise or membership made before the service is rendered. Money received by a club from a financial institution upon assignment of a contract shall be considered prepayment when and to the extent the member is required to make prepayments to the financial institution pursuant to the contract.
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