Code of Virginia - Title 59.1 Trade And Commerce - Chapter 21 Business Opportunity Sales Act

• 59.1-262 Short title
  This chapter shall be known and may be cited as the "Business Opportunity Sales Act." (1979, c. 523.) ...
• 59.1-263 Definitions
  A. For purposes of this chapter, "business opportunity" means the sale of any products, equipment, supplies or services which are sold to a purchaser upon ...
• 59.1-264 Written disclosure statement required
  A. At least forty-eight hours prior to the time the purchaser signs a business opportunity contract, or at least forty-eight hours prior to the receipt ...
• 59.1-265 Seller required to obtain bond or establish escrow account; action for damages against bond or acco...
  Before the business opportunity seller makes any of the representations set forth in § 59.1-263, the seller shall either have obtained a surety bond issued ...
• 59.1-266 Prohibited acts
  No business opportunity seller shall: 1. Represent that the business opportunity provides income or earning potential of any kind unless the seller has documented data ...
• 59.1-267 Contracts required to be in writing; contents
  A. Every business opportunity sales contract shall be in writing and a copy shall be given to the purchaser at the time he signs the ...
• 59.1-268 Purchaser's remedies
  If a business opportunity seller (i) uses any untrue or misleading statements in the sale of a business opportunity, (ii) fails to give the proper ...
• 59.1-269 Penalty; limitation
  A. Any person who shall knowingly and willfully make, or cause to be made, any false statement in any disclosure statement or contract subject to ...

Last modified: April 3, 2009