Michigan Compiled Laws
Act 269 of 1974 - Franchise Investment Law (445.1501 - 445.1546)
Section 445.1520 - Accounts of Franchise Sales; Reports; Examination of Records.

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 prescribe, including an annual report setting forth the franchises sold by it, the proceeds derived therefrom, and the names and addresses of all of the franchisor's franchise agents in this state. All these records are subject at any time to a reasonable periodic, special, or other examinations by a representative of the department, within or without this state, as the department deems necessary or appropriate in the public interest or for the protection of franchisees.
History: 1974, Act 269, Eff. Oct. 15, 1974 ;-- Am. 1984, Act 92, Eff. June 20, 1984

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 445 - Trade and Commerce

Act 269 of 1974 - Franchise Investment Law (445.1501 - 445.1546)

Section 445.1501 - Short Title; Construction.

Section 445.1502 - Definitions.

Section 445.1503 - Additional Definitions; Burden of Proof.

Section 445.1504 - Arrangements Between Franchisor and Franchisee to Which Act Applicable; Making Offer or Sale of Franchise in State; Accepting Offer to Sell in State; Communication of Acceptance.

Section 445.1504a - Applicability of Act.

Section 445.1504b - Franchisee as Sole Employer.

Section 445.1505 - Prohibited Conduct in Connection With Offer, Sale, or Purchase of Franchise.

Section 445.1505a - Franchise Opportunities Handbook.

Section 445.1506 - Exemption of Offer and Sale of Franchise From MCL 445.1507a and 445.1508; Circumstances; Compliance With MCL 445.1508.

Section 445.1507 - Repealed. 1984, Act 92, Eff. June 20, 1984.

Section 445.1507a - Notice Required Prior to Offering for Sale or Selling Franchise; Fee; Form and Contents of Notice; Indorsement, Return, and Duration of Notice; Effect of Compliance; Penalty for Failure to File Notice; Duty of Franchisor With Effe...

Section 445.1508 - Prospective Franchisee to Be Provided Copy of Disclosure Statement, Notice, and Proposed Agreements; Form and Contents of Disclosure Statement; Location and Contents of Notice.

Section 445.1509-445.1511 - Repealed. 1984, Act 92, Eff. June 20, 1984.

Section 445.1512 - Escrow of Initial Investment and Other Funds; Time; Surety Bond; Financial Institution as Escrow Agent; Release of Escrowed Funds; Affidavit.

Section 445.1513 - Conditions Prohibiting Offering for Sale or Selling Franchise.

Section 445.1514-445.1518 - Repealed. 1984, Act 92, Eff. June 20, 1984.

Section 445.1519 - Filing Change in Information Contained in Notice.

Section 445.1520 - Accounts of Franchise Sales; Reports; Examination of Records.

Section 445.1521 - Certain Facts Not to Constitute Finding or Approval; Representation Inconsistent With Section Prohibited.

Section 445.1522 - Service of Process.

Section 445.1523 - Untrue Statement, Omission, or Failure to Give Notice of Change.

Section 445.1524 - Filing of Advertisement or Sales Literature; Exemption From Liability.

Section 445.1525 - Publication of False or Misleading Advertisement Prohibited.

Section 445.1526 - Repealed. 1984, Act 92, Eff. June 20, 1984.

Section 445.1527 - Void and Unenforceable Provisions.

Section 445.1528 - Pyramid.

Section 445.1529, 445.1530 - Repealed. 1984, Act 92, Eff. June 20, 1984.

Section 445.1531 - Liability for Damages or Rescission; Basis of Damages.

Section 445.1532 - Joint and Several Liability.

Section 445.1533 - Statute of Limitations.

Section 445.1534 - Civil Liability; Liability Under Other Statute or Common Law.

Section 445.1535 - Action by Department for Injunction, Restitution, or Compliance; Restraining Order; Writ of Mandamus; Appointment of Receiver or Conservator; Bond Not Required; Costs; Notice of Action; Opportunity to Cease and Desist or to Confer...

Section 445.1536 - Investigations; Statements Under Oath; Administration of Oaths and Affirmations; Subpoena; Evidence; Order Requiring Appearance; Self-Incrimination; Perjury; Contempt.

Section 445.1537 - Repealed. 1984, Act 92, Eff. June 20, 1984.

Section 445.1538 - Violation; Penalty; Punishing Crime Under Other Statute.

Section 445.1539 - Prohibited Conduct Equivalent to Appointment of Corporations and Securities Bureau as Attorney for Service of Process; Procedure for Service of Process.

Section 445.1540 - Collection and Disposition of Fees and Fines; Detailed Statement; Fee for Filing Notice Under MCL 445.1507a.

Section 445.1541 - Rules.

Section 445.1542 - Documents Subject to MCL 15.231 to 15.246; Publication of Information; Disclosure of Information Withheld From Public Inspection; Evidence Sought Under Subpoena.

Section 445.1543-445.1545 - Repealed. 1984, Act 92, Eff. June 20, 1984.

Section 445.1546 - Prior Acts, Offenses, Rights, Liabilities, Penalties, Forfeiture, or Punishments Not Impaired or Affected; Transfer of Records, Personnel, and Funds.