S.B. 380

VETOES

14-112.

(a)     A person is not excused from attending, testifying, or producing evidence
before the Commissioner, in a proceeding brought by the Commissioner, or in obedience
to a subpoena of the Commissioner on the ground that the testimony or evidence may:

(1)     tend to incriminate the person; or

(2)     subject the person to a penalty or forfeiture.

(b)     (1) If a person claims the privilege against self-incrimination as to a specific
subject, and is then compelled to testify or produce evidence on that subject, the person
may not be prosecuted or subjected to a penalty or forfeiture in connection with that
subject.

(2) A person who testifies is not exempt from prosecution and punishment
for perjury or contempt committed while testifying.

[14-113.

Before a seller places an advertisement or makes any other representation about a
business opportunity to a prospective buyer in the State, the seller shall:

(1)     file with the Commissioner:

(i) a copy of the disclosure statement required by this subtitle or the
documents that the Federal Trade Commission requires for sales of business
opportunities; and

(ii) if required under § 14-115 of this subtitle, the bond or a copy of
the formal notification from the depository of the establishment of the trust account; and

(2)     pay a fee of $250.]
14-113.

A PERSON MAY NOT SELL OR OFFER TO SELL ANY BUSINESS OPPORTUNITY IN
THE STATE OR TO ANY PROSPECTIVE BUYER IN THE STATE UNLESS THE BUSINESS
OPPORTUNITY IS REGISTERED UNDER THIS SUBTITLE.

14-113.1.

(A) IN ORDER TO REGISTER A BUSINESS OPPORTUNITY, THE SELLER SHALL
FILE WITH THE COMMISSIONER ONE OF THE FOLLOWING DISCLOSURE DOCUMENTS:

(1)     A UNIFORM FRANCHISE OFFERING CIRCULAR PREPARED IN
ACCORDANCE WITH THE GUIDELINES ADOPTED BY THE NORTH AMERICAN
SECURITIES ADMINISTRATORS ASSOCIATION, INC, AS AMENDED THROUGH
JANUARY 1, 1996;

(2)     A DISCLOSURE DOCUMENT PREPARED IN ACCORDANCE WITH THE
FEDERAL TRADE COMMISSION RULE ENTITLED "DISCLOSURE REQUIREMENTS AND
PROHIBITIONS CONCERNING FRANCHISING AND BUSINESS OPPORTUNITY
VENTURES" UNDER 16 C.F.R. § 436 (1979);

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