1997 Minnesota Statutes

     80C.05 Registration provisions. 

    Subdivision 1.  Every application for registration, 
 including amendments thereto, and annual report shall be signed 
 and verified by the applicant and by the franchisor and 
 subfranchisor on whose behalf the offering is to be made.  

    Subd. 2.  The commissioner shall have power to place such 
 conditions, limitations, and restrictions on any registration as 
 may be necessary to carry out the purposes of sections 80C.01 to 
 80C.22.  Upon compliance with the provisions of sections 80C.01 
 to 80C.22 and other requirements of the commissioner, and if the 
 commissioner finds no ground for denial of the registration, the 
 commissioner shall register the franchise.  Registration shall 
 be by entry in a book called Register of Franchises, which entry 
 shall show the franchise registered and for whom registered, and 
 shall specify the conditions, limitations, and restrictions upon 
 such registration, if any, or shall make proper reference to a 
 formal order of the commissioner on file showing such 
 conditions, limitations, and restrictions.  The registration 
 shall become effective upon issuance by the commissioner of an 
 order for registration.  

    Subd. 3.  If the commissioner finds that the applicant has 
 failed to demonstrate that adequate financial arrangements have 
 been made to fulfill obligations to provide real estate, 
 improvements, equipment, inventory, training or other items 
 included in the offering, the commissioner may by rule or order 
 require the escrow or impoundment of franchise fees and other 
 funds paid by the franchisee or subfranchisor until no later 
 than the time of opening of the franchise business.  

    Subd. 4.  An application for registration that has not 
 become effective will be considered withdrawn if no activity 
 occurs with respect to the application for a period of 120 days. 

    HIST: 1973 c 612 s 5; 1996 c 439 art 2 s 17