§ 66-97. Filing with Secretary of State.
§ 66‑97. Filing withSecretary of State.
(a) The seller of everybusiness opportunity shall file with the Secretary of State two copies of thedisclosure statement required by G.S. 66‑95, accompanied by a fee in theamount of two hundred fifty dollars ($250.00) made payable to the Secretary ofState, prior to placing any advertisement or making any other representationsto prospective purchasers in this State. The seller shall update this filing asany material change in the required information occurs, but no less thanannually.
(b) Every seller shallfile, in such form as the Secretary of State may prescribe, an irrevocableconsent appointing the Secretary of State or his successors in office to be hisattorney to receive service of any lawful process in any noncriminal suit,action or proceeding against the seller or his successor, executor oradministrator which arises under this Article after the consent has been filed,with the same force and validity as if served personally on the person filingthe consent. Service may be made by leaving a copy of the process in the officeof the Secretary of State, but is not effective unless (i) the plaintiff, whomay be the Attorney General in a suit, action or proceeding instituted by him,forthwith sends notice of the service and a copy of the process by registeredmail to the defendant or respondent at his address on file with the Secretaryof State, and (ii) the plaintiff 's affidavit of compliance with this sectionis filed in the case on or before the return date of the process, if any, orwithin such further time as the court allows.
(c) If the seller of abusiness opportunity is required by G.S. 66‑96 to provide a bond orestablish a trust account, he shall file with the Secretary of State two copiesof the bond or two copies of the formal notification by the depository that thetrust account is established contemporaneously with compliance with subsections(a) or (d).
(d) The Secretary ofState may accept the Uniform Franchise Offering Circular (UFOC) or the FederalTrade Commission Basic Disclosure Document, provided, that the alternativedisclosure document shall be accompanied by a separate sheet setting forth thecaption and statement and any other information required by G.S. 66‑95.
(e) Failure to so file shallbe a Class 1 misdemeanor. (1977, c. 884, s. 1; 1981, c. 817, s. 3; 1993, c. 539,s. 521; 1994, Ex. Sess., c. 24, s. 14(c); 2003‑284, s. 35B.3(a).)