559.80 – Short title.

559.80 Short title.—Sections 559.80-559.815 may be cited as the “Sale of Business Opportunities Act.” History.—s. 1, ch. 79-374.

559.801 – Definitions.

559.801 Definitions.—For the purpose of ss. 559.80-559.815, the term: (1)(a) “Business opportunity” means the sale or lease of any products, equipment, supplies, or services which are sold or leased to a purchaser to enable the purchaser to start a business for which the purchaser is required to pay an initial fee or sum of money which exceeds […]

559.802 – Franchises; exemption.

559.802 Franchises; exemption.— (1) The sale of a franchise is exempt from this part if: (a) The franchise meets the definition of that term as defined by the Federal Trade Commission regulations entitled, “Disclosure Requirements and Prohibitions Concerning Franchising and Business Opportunity Ventures,” as set forth in 16 C.F.R. ss. 436.1 et seq.; and (b) Before offering for sale […]

559.803 – Disclosure statement.

559.803 Disclosure statement.—At least 3 working days before the time the purchaser signs a business opportunity contract, or at least 3 working days before the receipt of any consideration by the seller, whichever occurs first, the seller must provide the prospective purchaser a written document, the cover sheet of which is entitled in at least 12-point […]

559.807 – Bond or other security required.

559.807 Bond or other security required.—If the business opportunity seller makes any representations set forth in s. 559.801(1)(a)3., the seller must either have obtained a surety bond issued by a surety company authorized to do business in this state or have established a certificate of deposit or a guaranteed letter of credit with a licensed and […]

559.809 – Prohibited acts.

559.809 Prohibited acts.—Business opportunity sellers shall not: (1) Misrepresent, by failure to disclose or otherwise, the known required total investment for such business opportunity. (2) Misrepresent or fail to disclose efforts to sell or establish more franchises or distributorships than it is reasonable to expect the market or market area for the particular business opportunity to sustain. (3) Misrepresent […]

559.811 – Contracts to be in writing; form; provisions.

559.811 Contracts to be in writing; form; provisions.— (1) Every business opportunity contract shall be in writing, and a copy shall be given to the purchaser at least 3 working days before signing the contract. (2) Every contract for a business opportunity shall include the following: (a) The terms and conditions of payment, including the total financial obligation of […]

559.813 – Remedies; enforcement.

559.813 Remedies; enforcement.— (1) If a business opportunity seller uses untrue or misleading statements in the sale of a business opportunity, fails to give the proper disclosures in the manner required by this part, or fails to deliver the equipment, supplies, or products necessary to begin substantial operation of the business within 45 days after the delivery […]

559.815 – Penalties.

559.815 Penalties.—Any person who commits an act described in s. 559.809 is guilty of a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084. History.—s. 1, ch. 79-374; s. 87, ch. 92-291; s. 12, ch. 99-307; s. 15, ch. 2001-214; s. 44, ch. 2013-251.