Alaska Statutes Title 45, Chapter 45.66 - Sale of Business Opportunities

• Sec. 45.66.010 Registration Required.
  A person may not sell or offer to sell a business opportunity unless the person is registered as a seller with the department at...
• Sec. 45.66.020 Registration Procedure.
  (a) To register under AS 45.66.010 , a person shall file with the department(1) the disclosure statement required by AS 45.66.080 and any advertising,...
• Sec. 45.66.030 Renewal of Registration.
  If a seller continues to sell or offer to sell a business opportunity for more than one year from the date of the department's...
• Sec. 45.66.040 Registration and Renewal Fees.
  (a) As part of the registration procedure set out in AS 45.66.020(a), a person shall pay a nonrefundable registration fee to the department. With...
• Sec. 45.66.050 Material Changes in Registration Information.
  If there is a material change in the information provided under AS 45.66.020 or 45.66.030, the seller shall, within 10 days after the change,...
• Sec. 45.66.060 Surety Bond Required.
  (a) A person registering as a seller shall obtain a surety bond in the amount of $75,000 issued by a surety company authorized to...
• Sec. 45.66.070 Location of Offer and Sale.
  This chapter applies to a sale of, or an offer to sell, a business opportunity if(1) the offer, regardless of whether either party is...
• Sec. 45.66.080 Disclosure Requirements.
  (a) At least 10 days before a buyer signs the contract required by AS 45.66.090 , or at least 10 days before receipt of...
• Sec. 45.66.090 Written Contract Required.
  (a) In addition to the other requirements of this chapter, a person may not contract to sell a business opportunity unless the contract is...
• Sec. 45.66.100 Restrictions on Down Payments.
  (a) A seller may not require a buyer to pay as a down payment more than 20 percent of the initial payment unless the...
• Sec. 45.66.110 Escrow Account Requirements.
  (a) The holder of an escrow account required by AS 45.66.100 must be a person who is independent from the seller, and the escrow...
• Sec. 45.66.120 Actions for Claims Against Escrow Account.
  (a) A buyer who has a claim against an escrow account required by AS 45.66.100 may bring a civil action against the seller or...
• Sec. 45.66.130 Cancellation of Contract.
  (a) A buyer may cancel a contract for any reason if the buyer gives notice of the cancellation to the seller within 30 days...
• Sec. 45.66.140 Prohibited Representations.
  (a) A person may not state that the person is registered as a seller under this chapter unless the person has complied with the...
• Sec. 45.66.150 Untrue Statements or Omissions.
  A person may not, in connection with a sale of or an offer to sell a business opportunity subject to registration under this chapter,...
• Sec. 45.66.160 Unwarranted Conclusions.
  (a) Acknowledgment of registration by the department under AS 45.66.020(c) does not constitute a finding by the department that a document filed with the...
• Sec. 45.66.170 Waiver Prohibited and Void.
  A seller may not request or obtain from a buyer a waiver of the rights or defenses of the buyer under this chapter. A...
• Sec. 45.66.180 Seller's Records and Files.
  (a) A seller shall maintain a complete set of records relating to the advertising and promotion of the seller's business opportunity for five years...
• Sec. 45.66.190 Public Records.
  Except for testimony and records related to an investigation by the department under this chapter, the registration application form, registration renewal form, disclosure statement,...
• Sec. 45.66.200 Denial, Suspension, or Revocation of Registration.
  (a) Subject to the other requirements of this section and after reviewing a response submitted by the person under (b) of this section, the...
• Sec. 45.66.210 Criminal Penalties.
  (a) A seller who recklessly violates AS 45.66.010 - 45.66.060, 45.66.080 - 45.66.110, or 45.66.150 is guilty of a class C felony.(b) A seller...
• Sec. 45.66.220 Exemptions.
  This chapter does not apply to a sale of or an offer to sell(1) a business opportunity if the total amount of the payments...
• Sec. 45.66.230 Coordination With Other Laws.
  (a) The rights and remedies in this chapter are in addition to other legal rights and remedies available to a buyer or the department.(b)...
• Sec. 45.66.240 Regulations.
  The department may adopt regulations under AS 44.62 (Administrative Procedure Act) to carry out the purposes of this chapter.
• Sec. 45.66.900 Definitions.
  In this chapter, unless the context indicates otherwise,(1) "advertising" means a circular, a prospectus, an advertisement, or other material or a communication by radio,...

Last modified: November 15, 2016