Mich. Admin. Code R. 445.706 - Records
Rule 706. Every franchise agent pursuant to this part shall make and keep current the following books and records relating to his business:
(a) Records of original
entry detailing the sale of the franchise, to whom sold, the aggregate price,
the initial payment, the installment payments, if any, and the commission paid
to the franchise agent or its employees.
(b) An individual registration record for
each franchisee, including name, home and business address, telephone numbers,
occupation, aggregate amount paid, terms of payment, and the name of its
selling franchise agent employee.
(c) A copy of advertising used by the agent
in the offer of franchises, including, but not limited to, radio, newspapers,
TV, letters and brochures.
(d) The
records, books, and memoranda that relate to a franchise sale, and the records
required to be kept under the act and rules, for a period of not less than 6
years after the sale.
Notes
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