Fraud or deceit unlawful

It is unlawful and shall be deemed a Class C2 felony offense for any person, in connection with the offer or sale of any business opportunity in this state, directly or indirectly: 1. To employ any device, scheme or artifice to defraud; 2. To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; or 3. To engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person. Added by Laws 1985, c. 157, § 19, eff. Nov. 1, 1985. Amended by Laws 2025, c. 486, § 301, eff. Jan. 1, 2026.