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3125
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MARVIN MANDEL, Governor
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SUBFRANCHISOR UNTIL THESE OBLIGATIONS HAVE BEEN
SATISFIED. AT THE OPTION OF THE FRANCHISOR, HE MAY
FURNISH AN ADEQUATE SURETY BOND AS PROVIDED BY RULE OF
THE COMMISSIONER. THE AGGREGATE LIABILITY OF THE SURETY
MAY NOT EXCEED THE PENAL SUM OF THIS BOND.
330.
THE APPLICATION FOR REGISTRATION SHALL BE
ACCOMPANIED BY A PROPOSED OFFERING PROSPECTUS, WHICH
SHALL CONTAIN THE MATERIAL INFORMATION SET FORTH IN THE
APPLICATION FOR REGISTRATION, AS SPECIFIED BY RULE OF THE
COMMISSIONER, AND ADDITIONAL DISCLOSURES AS HE MAY
REQUIRE. THE APPLICATION FOR REGISTRATION SHALL BE
ACCOMPANIED BY A PROPOSED OFFERING PROSPECTUS, WHICH
SHALL CONTAIN THE MATERIAL INFORMATION SET FORTH IN THE
APPLICATION FOR REGISTRATION AS SPECIFIED BY RULE OF THE
COMMISSIONER. THE COMMISSIONER MAY ACCEPT, IN LIEU OF
THE REGISTRATION APPLICATION OR OFFERING PROSPECTUS SET
FORTH IN THIS SUBTITLE, A REGISTRATION APPLICATION OR
OFFERING PROSPECTUS REQUIRED BY A FEDERAL GOVERNMENT
AGENCY, THE GOVERNMENT AGENCY OF ANOTHER STATE, OR A
REGISTRATION APPLICATION AND OFFERING PROSPECTUS APPROVED
BY AN ASSOCIATION OF THE ADMINISTRATORS OF STATE
FRANCHISE LAWS WHICH HE DETERMINES ENCOMPASSES DISCLOSURE
REQUIREMENTS SIMILAR TO THOSE CONTAINED IN THIS SUBTITLE.
THE PROSPECTUS SHALL RECITE IN BOLD TYPE OF NOT LESS THAN
10-POINT TYPE THAT REGISTRATION DOES NOT CONSTITUTE
APPROVAL, RECOMMENDATION OR ENDORSEMENT BY THE
COMMISSIONER.
331.
THE COMMISSIONER MAY ISSUE SUMMARILY A STOP ORDER
DENYING THE EFFECTIVENESS OF OR SUSPENDING OR REVOKING
EFFECTIVENESS OF ANY REGISTRATION IF HE FINDS:
(1) THERE HAS BEEN A FAILURE TO COMPLY WITH ANY OF
THE PROVISIONS OF THIS LAW OR THE RULES AND REGULATIONS
OF THE COMMISSIONER;
(2) THE OFFER OR SALE OF THE FRANCHISE WOULD
CONSTITUTE MISREPRESENTATION TO, OR DECEIT OR FRAUD OF
THE PURCHASERS;
(3) ANY PERSON IDENTIFIED IN THE APPLICATION HAS
BEEN CONVICTED OF AN OFFENSE UNDER SUBSECTION (5) OF
SECTION 327, OR IS SUBJECT TO AN ORDER, OR HAS HAD A
CIVIL JUDGMENT ENTERED AGAINST HIM AS DESCRIBED IN
SUBSECTION (5) OF SECTION 327, AND THE INVOLVEMENT OF
THIS PERSON IN THE SALE OR MANAGEMENT OF THE FRANCHISE
CREATES AN UNREASONABLE RISK TO PROSPECTIVE FRANCHISEES.
232.
IF A STOP ORDER IS NOT IN EFFECT UNDER THIS
SUBTITLE, REGISTRATION OF THE OFFER OF FRANCHISES
AUTOMATICALLY BECOMES EFFECTIVE AT 12 O'CLOCK NOON OF THE
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