Title 45, Trade and Commerce

If there is a material change in the information provided under AS 45.66.020 or 45.66.030, the seller shall, within 10 days after the change, file with the department a statement describing the change on a form established by the department by regulation.

(a) A person registering as a seller shall obtain a surety bond in the amount of $75,000 issued by a surety company authorized to do business in the state. The bond must be in favor of the state for the benefit of a buyer and must satisfy the conditions established by the departm…

This chapter applies to a sale of, or an offer to sell, a business opportunity if (1) the offer, regardless of whether either party is then present in this state, originates in this state, or is directed by the offeror to this state and received at the place to which the offer is…

(a) At least 10 days before a buyer signs the contract required by AS 45.66.090, or at least 10 days before receipt of any consideration by the seller, whichever event occurs first, the seller shall give the buyer the written disclosure statement described in (b) of this section,…

(a) In addition to the other requirements of this chapter, a person may not contract to sell a business opportunity unless the contract is in writing and the seller gives a copy of the contract to the buyer when the buyer signs the contract. (b) The department shall establish by …

(a) A seller may not require a buyer to pay as a down payment more than 20 percent of the initial payment unless the excess above the 20 percent is placed in an escrow account that meets the requirements of AS 45.66.110. (b) In this section, (1) “down payment” means that portion …

(a) The holder of an escrow account required by AS 45.66.100 must be a person who is independent from the seller, and the escrow account holder may not make direct disbursements from the escrow account except as provided in (c) and (d) of this section. (b) A seller who establishe…

(a) A buyer who has a claim against an escrow account required by AS 45.66.100 may bring a civil action against the seller or escrow account holder to recover money from the escrow account. (b) Upon the filing of an action brought under this section, the clerk of the court shall …

(a) A buyer may cancel a contract for any reason if the buyer gives notice of the cancellation to the seller within 30 days after signing the contract. (b) In addition to the right to cancel under (a) of this section, a buyer may cancel the contract at any time if the seller (1) …

(a) A person may not state that the person is registered as a seller under this chapter unless the person has complied with the registration or renewal requirements, as applicable, of this chapter. (b) Unless the seller is asked for the information by the buyer, a seller may not …

A person may not, in connection with a sale of or an offer to sell a business opportunity subject to registration under this chapter, directly or indirectly make an untrue statement of material fact in the registration information required in or under AS 45.66.020 — 45.66.050 or …

(a) Acknowledgment of registration by the department under AS 45.66.020(c) does not constitute a finding by the department that a document filed with the department under this chapter is true, complete, or not misleading. (b) Acknowledgment of registration by the department under…

A seller may not request or obtain from a buyer a waiver of the rights or defenses of the buyer under this chapter. A waiver of the rights or defenses of the buyer under this chapter is void.

(a) A seller shall maintain a complete set of records relating to the advertising and promotion of the seller's business opportunity for five years and allow the department to inspect and copy them during reasonable business hours. (b) A seller shall keep all documents relating t…

Except for testimony and records related to an investigation by the department under this chapter, the registration application form, registration renewal form, disclosure statement, bond, contract, and other documents required to be prepared or filed with the department under th…

(a) Subject to the other requirements of this section and after reviewing a response submitted by the person under (b) of this section, the department may issue an order denying, suspending, or revoking a registration or renewal of a registration made by a person under AS 45.66.0…

(a) A seller who recklessly violates AS 45.66.010 — 45.66.060, 45.66.080 — 45.66.110, or 45.66.150 is guilty of a class C felony. (b) A seller who recklessly violates AS 45.66.130(e), 45.66.140, or 45.66.170 is guilty of a class A misdemeanor. (c) Each violation is a separate off…

This chapter does not apply to a sale of or an offer to sell (1) a business opportunity if the total amount of the payments to be made by the buyer under the contract is less than $250; (2) a franchise under 16 C.F.R. Part 436; (3) an ongoing business operated by the seller that …

(a) The rights and remedies in this chapter are in addition to other legal rights and remedies available to a buyer or the department. (b) To the extent of the conflict, the provisions of this chapter govern if a sale of or an offer to sell a business opportunity is regulated by …

The department may adopt regulations under AS 44.62 (Administrative Procedure Act) to carry out the purposes of this chapter.

In this chapter, unless the context indicates otherwise, (1) “advertising” means a circular, a prospectus, an advertisement, or other material or a communication by radio, television, pictures, or similar means used in connection with a sale of or an offer to sell a business oppo…