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2014 SESSION

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HB 1065 Virginia Petroleum Products Franchise Act; right of first refusal.

Introduced by: Timothy D. Hugo | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Virginia Petroleum Products Franchise Act; right of first refusal. Grants franchise service station dealers the first right of refusal to purchase their business when the station's franchisor attempts to sell the business. A franchisor that owns or leases as lessee a leased marketing premises is prohibited from selling, transferring, or assigning the franchisor's interest in the premises 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, with certain exceptions, or (ii) offered to the dealer a right of first refusal of any bona fide offer acceptable to the franchisor made by another person to acquire the franchisor's interest in the premises. The measure applies only to the sale, assignment, or transfer of a franchisor's interest in a leased marketing premises located only in Planning District 8, and does not apply to leased marketing premises owned or controlled by a jobber/distributor.


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