|
|
|
State Law
Federal Law
|
Texas Business & Commerce Code - Chapter 41 Business OpportunitiesLegal Research Home > Texas Lawyer > Business & Commerce Code > Texas Business & Commerce Code - Chapter 41 Business Opportunities This chapter may be cited as the Business Opportunity Act. Added by Acts 1997, 75th Leg., ch. 1008, § 5, eff. Sept. 1, 1997. ... (a) This chapter shall be liberally construed and applied to: (1) protect persons against false, misleading, or deceptive practices in the advertising, offering for sale ... In this chapter: (1) "Business opportunity contract" means an agreement that obligates or is intended to obligate a purchaser to a seller. (2) "Buy-back" means ... (a) In this chapter, "business opportunity" means a sale or lease for an initial consideration of more than $500 of products, equipment, supplies, or services ... A person who claims to be exempt from this chapter has the burden of proving the exemption. Added by Acts 1997, 75th Leg., ch. 1008, ... The secretary of state may adopt rules to administer and enforce this chapter. Added by Acts 1997, 75th Leg., ch. 1008, § 5, eff. Sept. ... The secretary of state may charge a reasonable fee to cover the costs incurred as a result of a filing required by Subchapter B or ... (a) A seller shall maintain a complete set of books, records, and accounts of business opportunity sales made by the seller. (b) A document relating ... A waiver of this chapter is contrary to public policy and is unenforceable and void. Added by Acts 1997, 75th Leg., ch. 1008, § 5, ... Before the sale or offer for sale, including advertising, of a business opportunity, the principal seller shall register the business opportunity with the secretary of ... (a) A disclosure statement on file must be updated through a new filing annually and whenever a material change occurs. (b) The list of individuals ... A principal seller who is required to provide a bond or establish a trust account shall contemporaneously file with the secretary of state a copy ... Instead of using a disclosure statement required by this chapter in a transaction with a purchaser or for purposes of filing with the secretary of ... (a) Before a seller makes a representation described by Section 41.004(a)(1) or otherwise represents that the buyer is assured of making a profit from a ... (a) A person may bring an action against the bond, trust account, or irrevocable letter of credit obtained or established under Section 41.101 to recover ... A seller must provide a purchaser with a written disclosure statement that meets the requirements of this subchapter. The seller must provide the statement at ... (a) A disclosure statement must have a cover sheet that is entitled, in at least 12-point boldface capital letters, "DISCLOSURES REQUIRED BY TEXAS LAW." The ... A disclosure statement must contain: (1) the name of the seller; (2) the names under which the seller has done, is doing, or intends to ... A disclosure statement must state the period the seller has: (1) sold business opportunities; and (2) sold business opportunities involving the products, equipment, supplies, or ... A disclosure statement must contain: (1) a detailed description of the actual services the seller undertakes to perform for the purchaser; and (2) if the ... A disclosure statement must contain a copy of a financial statement of the seller that: (1) was prepared according to generally accepted accounting principles within ... If the seller promises training, the disclosure statement must contain a complete description of the training, the length of the training, and the cost of ... If the seller is required to secure a bond or establish a trust account, the disclosure statement must contain the following statement: (1) "As required ... If the seller is required to deliver to the purchaser the product, equipment, or supplies necessary to begin substantial operation of the business and states ... If the seller makes a statement concerning sales or earnings that may be made through the business opportunity, the disclosure statement must contain a statement ... (a) A disclosure statement must contain a statement disclosing which, if any, of the persons described by Section 41.153: (1) has, at any time during ... (a) A disclosure statement must contain a statement disclosing which, if any, of the persons described by Section 41.153 has, at any time during the ... A disclosure statement must contain a copy of the business opportunity contract that the seller uses as a matter of course and that will be ... A business opportunity contract must be in writing and include, in 10-point type or in handwriting of an equivalent size, the following: (1) the terms ... A copy of the completed business opportunity contract and any other document the seller requires the purchaser to sign shall be given to the purchaser ... An assignee of a business opportunity contract or of the seller's rights under the contract is subject to all equities, rights, and defenses of the ... The principal seller of a registered business opportunity may voluntarily terminate the business opportunity's registration with the secretary of state if: (1) the registered business ... (a) The secretary of state may terminate the registration of a business opportunity registered under Section 41.051 if the seller does not comply with the ... A seller may not: (1) employ a representation, device, scheme, or artifice to deceive a purchaser; (2) make an untrue statement of a material fact ... A violation of this chapter is a false, misleading, or deceptive act or practice under Section 17.46, Business & Commerce Code. A public or private ... (a) The attorney general may review a disclosure statement filed with the secretary of state under Subchapter B. (b) If a disclosure statement fails to ... Last modified: August 10, 2007 |