Sec. 10. Transfer of franchise by franchisor
107 words·~1 min read·
/bill/115/hr/470/ih/section-10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A franchisor shall not transfer, by sale or otherwise, its interest in a franchise system unless— the franchisor provides, not less than 30 days before the effective date of transfer, notice to every franchisee of the intent to transfer the franchisor’s interest in the franchise or of substantially all of the franchises held by the franchisor; such notice is accompanied by a complete description of the business and financial terms of the proposed transfer or transfers; and upon the transfer, the entity assuming the franchisor’s obligations has the business experience and financial means to adequately perform all of the franchisor’s obligations in the ordinary course of business.