Mich. Admin. Code R. 445.513 - Books and records
Rule 513.
(1) The
franchisor, unless exempt pursuant to section 6(2)(e) or (k) of the act, shall
make and keep current the following books and records relating to the purchase
or sale of franchises:
(a) Records of original
entry containing an itemized daily record of purchases and sales of franchises,
receipts of cash, other debits and credits.
(b) Copies of contracts of purchase or
sale.
(c) Records of payments made
to persons, directly or indirectly, in connection with the offer, sale, or
purchase of a franchise, itemizing the persons to whom payments were made, the
date and amount of each payment, the reason for the payment, and the
transaction from which payment arose.
(d) Individual registration records for each
franchisee, with name and address, aggregate amount to be paid, and terms of
the payments.
(2) A
franchisor shall preserve these records for not less than 6 years.
Notes
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