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Michigan Legislature
Michigan Compiled Laws Complete Through PA 48 of 2019
House: Adjourned until Wednesday, October 23, 2019 1:30:00 PM
Senate: Adjourned until Wednesday, October 23, 2019 10:00:00 AM


Michigan Legislature

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Section 445.1505

FRANCHISE INVESTMENT LAW (EXCERPT)
Act 269 of 1974


445.1505 Prohibited conduct in connection with offer, sale, or purchase of franchise.

Sec. 5.

   A person shall not, in connection with the filing, offer, sale, or purchase of any franchise, directly or indirectly:
  (a) Employ any device, scheme, or artifice to defraud.
  (b) Make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading.
  (c) Engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.


History: 1974, Act 269, Eff. Oct. 15, 1974 ;-- Am. 1984, Act 92, Eff. June 20, 1984


© 2017 Legislative Council, State of Michigan

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