(a) In addition to the other requirements of this chapter, a person may not contract to sell a business opportunity unless the contract is in writing and the seller gives a copy of the contract to the buyer when the buyer signs the contract.
(b) The department shall establish by regulation the content and format of the information that must be contained in the contract. At a minimum, the contract must contain
(1) the payment terms, including any escrow account required under AS 45.66.100;
(2) the name, address, and telephone number of the seller, the seller's agent, and each supplier of products, equipment, or supplies that the seller is to deliver to the buyer;
(3) a statement of the form of the seller's business organization;
(4) a description of services, including any training services, that the seller is to provide to the buyer;
(5) the delivery date of the product, equipment, or supplies being sold or leased;
(6) if the seller has represented that there is a buy-back agreement for the business opportunity or that payments are protected or secured, a complete description of those provisions;
(7) a statement of the buyer's right to cancel, the circumstances under which cancellation is authorized, and the procedure for cancellation and refunds; and
(8) any other terms that the department determines are necessary to protect the public interest.
Section: Previous 45.66.020 45.66.030 45.66.040 45.66.050 45.66.060 45.66.070 45.66.080 45.66.090 45.66.100 45.66.110 45.66.120 45.66.130 45.66.140 45.66.150 45.66.160 NextLast modified: November 15, 2016