§ 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 payment of an initial required consideration exceeding $500 for the purpose of enabling such purchaser to start a business, and in which the seller: 1. Represents that the seller will […]

§ 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 of any consideration therefor by the seller, whichever occurs first, the seller shall provide the prospective purchaser with a written document, the cover sheet of which is entitled in at […]

§ 59.1-265. Seller required to obtain bond or establish escrow account; action for damages against bond or account; limitation on liability of surety or escrow agent

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 by a surety company authorized to do business in this Commonwealth or have established an escrow account with any credit union or any licensed and insured commercial bank or savings […]

§ 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 to substantiate the claims of income or earning potential and discloses such data to the prospective purchaser at the time such representations are made; or 2. Use the trademark, service […]

§ 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 contract. B. Every contract for the sale of a business opportunity shall include the following: 1. The terms and conditions of payment; 2. A full and detailed description of 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 disclosures in the manner required by § 59.1-264, or (iii) fails to deliver the equipment, supplies, product or products necessary to begin substantial operation of the business within forty-five days […]

§ 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 the provisions of this chapter, or who shall knowingly and willfully commit any act prohibited by § 59.1-266 with the intent to defraud or to deceive a purchaser as to […]