Iowa Code 551A.2 – Scope
Current as of: 2023 | Check for updates
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1. The provisions of this chapter concerning sales and offers to sell apply to persons who sell or offer to sell a business opportunity when any of the following apply:
a. An offer to sell is made in this state.
b. An offer to purchase is made and accepted in this state.
c. The purchaser is domiciled in this state and the business opportunity is or will be operated in this state.
Terms Used In Iowa Code 551A.2
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. For the purpose of this section, an offer to sell is made in this state, whether or not either party is then present in this state, when either of the following apply:
a. The offer originates from this state.
b. The offer is directed by the offeror to this state and received at the place to which the offer is directed or at a post office in this state in the case of a mailed offer.
3. An offer to sell is not made in this state under either of the following circumstances:
a. If the offer appears in a bona fide newspaper or other publication of general circulation which is not published in this state, or which is published in this state but has had more than two-thirds of its circulation outside this state during the past twelve months.
b. If the offer is made on a radio or television program originating outside this state which is received in this state.
4. For the purpose of this section, an offer to sell is accepted in this state when both of the following occur:
a. The acceptance is communicated to the offeror in this state.
b. The acceptance has not previously been communicated to the offeror, orally, or in writing, outside this state. For the purpose of this section the acceptance is communicated to the offeror in this state, whether or not either party is then present in this state, when the offeree directs it to the offeror in this state reasonably believing the offeror to be in this state, and the acceptance is received at the place to which it is directed or at a post office in this state in the case of a mailed acceptance.