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Session Laws, 1996
Volume 794, Page 4009   View pdf image
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PARRIS N. GLENDENING, Governor                             S.B. 380

"As required by Maryland law, the seller has established a trust account__ (account

number) with__ (name and address of bank or savings institution). Before signing a

contract to buy this business opportunity, you should ask the bank or savings institution
about the current status of the trust account.";

[(19)] (20) the following statement: "If the seller fails to deliver the
products, equipment, or supplies necessary to begin substantial operation of the business
within 45 days after the delivery date stated in your contract, you may notify the seller in
writing and demand that the contract be canceled."; [and]

[(20)] (21) if the seller makes a statement about sales, earnings, or range of
sales or earnings that may be made through the business opportunity, a statement of:

(i) the total number of buyers who have bought from the seller, within
3 years before the date of the disclosure statement, business opportunities that involve
the products, equipment, supplies, or services being offered; and

(ii) to the seller's knowledge, the total number of those buyers who
have actually received earnings in the amount or range specified;

(22)    A STATEMENT OF:

(I)      THE TOTAL NUMBER OF BUSINESS OPPORTUNITIES THAT ARE
THE SAME OR SIMILAR IN NATURE TO THOSE THAT HAVE BEEN SOLD OR
ORGANIZED BY THE SELLER;

(II)    THE NAMES AND ADDRESSES OF BUYERS WHO HAVE
REQUESTED A REFUND OR RESCISSION FROM THE SELLER WITHIN THE LAST 12
MONTHS AND THE NUMBER OF THOSE BUYERS WHO HAVE RECEIVED THE REFUND
OR RESCISSION; AND

(III) THE TOTAL NUMBER OF BUSINESS OPPORTUNITIES THAT THE
SELLER INTENDS TO SELL IN THE STATE WITHIN THE NEXT 12 MONTHS;

(23)    A COPY OF THE MOST RECENT AUDITED FINANCIAL STATEMENT OF
THE SELLER, PREPARED WITHIN 13 MONTHS AFTER THE DATE OF THE FIRST OFFER
IN THE STATE, TOGETHER WITH A STATEMENT OF ANY MATERIAL CHANGES IN THE
FINANCIAL CONDITION OF THE SELLER FROM THE DATE OF THE MOST RECENT
AUDITED FINANCIAL STATEMENT;

(24)    A LIST OF STATES IN WHICH THIS BUSINESS OPPORTUNITY IS
REGISTERED;

(25)    A LIST OF STATES IN WHICH THE DISCLOSURE STATEMENT IS ON
FILE;

(26)    A LIST OF STATES THAT HAVE DENIED, SUSPENDED, OR REVOKED
THE REGISTRATION OF THIS BUSINESS OPPORTUNITY;

(27)    A SECTION ENTITLED "RISK FACTORS" CONTAINING A SERIES OF
CONCISE STATEMENTS SUMMARIZING THE PRINCIPAL FACTORS THAT MAKE THIS
BUSINESS OPPORTUNITY A HIGH RISK OR OF A SPECULATIVE NATURE, EACH

- 4009 -

 

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Session Laws, 1996
Volume 794, Page 4009   View pdf image
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