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2009 SESSION
HB 2086 Retail Franchise Act; replaces references to grants of franchises with sales of franchises.
Introduced by: Harry R. Purkey | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Virginia Retail Franchise Act. Replaces references to "grants" of franchises with "sales" of franchises in order to conform Virginia's forms with the terminology used by the Federal Trade Commission and the North American Securities Administrator's Association, Inc. A sale is defined as including every contract or agreement of sale or grant of, contract to sell, or disposition of a franchise or interest in a franchise for value. The measure is emergency legislation to take effect upon passage.
SUMMARY AS INTRODUCED:
Virginia Retail Franchise Act. Replaces references to "grants" of franchises with "sales" of franchises in order to conform Virginia's forms with the terminology used by the Federal Trade Commission and the North American Securities Administrator's Association, Inc. The provision stating that the Virginia Retail Franchise Act applies to grants and offers to grant franchises on and after July 1, 1972, is repealed. The measure is emergency legislation to take effect upon passage.