™Your Policy Risk Impact Agent
114 chapters · 762 sections in this title.
Mich. Comp. Laws § 445.1512 Escrow of initial investment and other funds; time; surety bond; financial institution as escrow agent; release of escrowed funds; affidavit.
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Sec. 12. (1) A franchisor whose most recent financial statements are unaudited and which show a net worth of less than $100,000.00 shall, at the request of a franchisee, arrange for the escrow of initial investment and other funds paid by the franchisee or subfranchisor until the…
Mich. Comp. Laws § 445.1513 Conditions prohibiting offering for sale or selling franchise.
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Sec. 13. A franchise shall not be offered for sale or sold in this state if any of the following apply: (a) The franchisor's method of business includes or would include activities which are illegal where performed. (b) A person identified in the disclosure statement has been con…
Mich. Comp. Laws § 445.1519 Filing change in information contained in notice.
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Sec. 19. A franchisor shall file with the department promptly in writing any change in the information contained in the notice as originally submitted or amended.
Mich. Comp. Laws § 445.1520 Accounts of franchise sales; reports; examination of records.
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Sec. 20. A franchisor offering franchises for sale in this state shall keep and maintain accounts of franchise sales in accordance with generally accepted accounting principles and shall make and file with the department such reports as the department may by rule or order prescri…