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2007 SESSION
HB 2786 Retail Franchising Act; requirement of SCC for franchise registration.
Introduced by: Johnny S. Joannou | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Retail Franchising Act. Authorizes the State Corporation Commission to require, as a condition of franchise registration, that the franchise fees and other funds paid by a franchisee to the franchisor be escrowed or deferred until the franchisor's preopening obligations are fulfilled, if the liabilities of the franchisor or any controlling person exceed the franchisor's assets. The Commission is required to prescribe procedures regarding exemptions. The measure also clarifies that it is not unlawful for a person to grant an unregistered franchise if the franchise is exempted from registration by the Commission by rule or order.
SUMMARY AS INTRODUCED:
Retail Franchising Act. Authorizes the State Corporation Commission to require, as a condition of franchise registration, that the franchise fees and other funds paid by a franchisee to the franchisor be escrowed or deferred until the franchisor's preopening obligations are fulfilled, if the liabilities of the franchisor or any controlling person exceed the franchisor's assets. The measure also clarifies that it is not unlawful for a person to grant an unregistered franchise if the franchise is exempted from registration by the Commission by rule or order.