Section 445.1505 - Prohibited conduct in connection with offer, sale, or purchase of franchise.
FRANCHISE INVESTMENT LAW (EXCERPT)
Act 269 of 1974
445.1505 Prohibited conduct in connection with offer, sale, or purchase of franchise.
Sec. 5.
A person shall not, in connection with the filing, offer, sale, or purchase of any franchise, directly or indirectly:
(a) Employ any device, scheme, or artifice to defraud.
(b) Make any untrue statement of a material fact or 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.
(c) Engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.
History: 1974, Act 269, Eff. Oct. 15, 1974 ;-- Am. 1984, Act 92, Eff. June 20, 1984