Section 45.66.090. Written contract required.

   (a) In addition to the other requirements of this chapter, a person may not contract to sell a business opportunity unless the contract is in writing and the seller gives a copy of the contract to the buyer when the buyer signs the contract.
   (b) The department shall establish by regulation the content and format of the information that must be contained in the contract. At a minimum, the contract must contain
        (1) the payment terms, including any escrow account required under AS 45.66.100;
        (2) the name, address, and telephone number of the seller, the seller's agent, and each supplier of products, equipment, or supplies that the seller is to deliver to the buyer;
        (3) a statement of the form of the seller's business organization;
        (4) a description of services, including any training services, that the seller is to provide to the buyer;
        (5) the delivery date of the product, equipment, or supplies being sold or leased;
        (6) if the seller has represented that there is a buy-back agreement for the business opportunity or that payments are protected or secured, a complete description of those provisions;
        (7) a statement of the buyer's right to cancel, the circumstances under which cancellation is authorized, and the procedure for cancellation and refunds; and
        (8) any other terms that the department determines are necessary to protect the public interest.

Authorities

45.66.080

Notes

Implemented As

9 AAC 16.040

References

9 AAC 16.040
AS 45.66.080 Disclosure requirements.

History

(Sec. 3 ch 128 SLA 2002)