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2008 SESSION

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SB 714 Petroleum products franchises; rights of dealers upon sale or assignment of franchise agreement.

Introduced by: Janet D. Howell | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Petroleum products franchises; rights of dealers upon sale of franchise. Provides that when any franchise between a dealer and a refiner located in Planning District 8 is sold or assigned to a third party, the acquiring third party is required to comply with the provisions of the Virginia Petroleum Products Franchise Act that are required of or enforceable against the assigning refiner-franchisor. However, the 1.5-mile divorcement requirement will apply only to a franchise location sold or assigned on or after January 1, 2008.

SUMMARY AS PASSED SENATE:

Petroleum products franchises; rights of leasing franchisor.  Prohibits a franchisor that owns a marketing premises that it leases to a petroleum products dealer or owns a leasehold interest in premises that are occupied by a dealer from selling, transferring, or assigning the franchisor’s interest in the premises to another person unless the franchisor has first either (i) made a bona fide offer to sell, transfer, or assign to the dealer the franchisor’s interest in the premises or (ii) if applicable, offered to the dealer a right of first refusal of any bona fide offer acceptable to the franchisor made by another person or party to purchase the franchisor’s interest in the premises.  After receipt of a bona fide offer from the franchisor, the dealer has not less than 60 days to exercise his rights, and closing on the premises shall occur within 60 days after the dealer's exercise of the rights or the date set out in the offer, whichever is later.

SUMMARY AS INTRODUCED:

Petroleum products franchises; rights of leasing franchisor.  Prohibits a franchisor that owns a marketing premises that it leases to a petroleum products dealer or owns a leasehold interest in premises that are occupied by a dealer from selling, transferring, or assigning the franchisor’s interest in the premises to another person unless the franchisor has first either (i) made a bona fide offer to sell, transfer, or assign to the dealer the franchisor’s interest in the premises or (ii) if applicable, offered to the dealer a right of first refusal of any bona fide offer acceptable to the franchisor made by another person or party to purchase the franchisor’s interest in the premises.