Sec. 51.151. DISCLOSURE TO PURCHASER OF BUSINESS OPPORTUNITY. (a) Except as provided by Section 51.164, a seller must provide a purchaser with a written disclosure statement that meets the requirements of this subchapter.
(b) The seller must provide the disclosure statement at least 10 business days before the earlier of the date:
(1) the purchaser signs a business opportunity contract; or
(2) the seller receives any consideration.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.
Structure Texas Statutes
Title 4 - Business Opportunities and Agreements
Chapter 51 - Business Opportunities
Subchapter D. Disclosure Statement
Section 51.151. Disclosure to Purchaser of Business Opportunity
Section 51.152. Cover Sheet of Disclosure Statement
Section 51.153. Contents: Names and Addresses
Section 51.154. Contents: Sales Periods
Section 51.155. Contents: Services Description
Section 51.156. Contents: Updated Financial Statement
Section 51.157. Contents: Training Description
Section 51.158. Contents: Security Description
Section 51.159. Contents: Delivery Date; Cancellation of Contract
Section 51.160. Contents: Sales or Earnings Representation
Section 51.161. Contents: Legal Action History
Section 51.162. Contents: Bankruptcy or Reorganization
Section 51.163. Contents: Contract Copy
Section 51.164. Use of Disclosure Document From Other Regulatory Agency