S.B.380

VETOES

STATEMENT INCLUDING A CROSS-REFERENCE TO THE PAGE ON WHICH FURTHER
INFORMATION REGARDING THAT RISK FACTOR MAY BE FOUND IN THE
DISCLOSURE DOCUMENT; AND

(28) ANY OTHER INFORMATION THAT THE COMMISSIONER REQUIRES
BY REGULATION OR ORDER.

14-115.

(a)     If a seller guarantees that a buyer will derive from a business opportunity
income that will exceed the price paid for the business opportunity or represents that the
seller will refund all or part of the price paid or repurchase the products, equipment, or
supplies sold or leased by the seller if the buyer is not satisfied with the business
opportunity, the seller shall:

(1)     get a surety bond in favor of the State from a surety company authorized
to do business in the State; or

(2)     establish a trust account in favor of the State with an insured bank or
savings institution in the State.

(b)     The amount of the bond or trust account shall be at least $50,000.

(c)     (1) A person may bring an action against the bond or trust account to
recover damages resulting from:

(i) a violation of this subtitle; or

(ii) the seller's breach of the contract for the sale of a business
opportunity.

(2) The surety or trustee is liable only for actual damages up to the amount
of the bond or trust account.

14-116.

The seller shall:

(1)     file with the Commissioner an amendment to the documents previously
submitted to the Commissioner whenever a material change in the required information
occurs; and

(2)     pay a fee of $50 for filing the amendment.
14-117.

The seller shall:

(1) file annually with the Commissioner a copy of its current disclosure
statement and bond or copy of the trust account notification required under § [14-113]
14-113.1 of this subtitle; and

(2) pay an annual renewal fee of $100.

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