Maryland Code, BUSINESS REGULATION 14-214
Terms Used In Maryland Code, BUSINESS REGULATION 14-214
- Administrator: includes an executor and a personal representative. See
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See - Trustee: A person or institution holding and administering property in trust.
(b) The registration requirement of this section does not apply to:
(1) a transaction by an executor, administrator, sheriff, receiver, trustee in bankruptcy, guardian, or conservator;
(2) an offer to sell or sale of a franchise that is substantially similar to a franchise already owned by the offeree or buyer; and
(3) any other transaction that the Commissioner exempts by regulation because:
(i) the transaction is not within the purpose of this subtitle; and
(ii) the registration of the transaction is not necessary or appropriate in the public interest or for the protection of investors.
(c) (1) The registration requirement of this section does not apply to the offer to sell or sale of a franchise by a franchisee for the franchisee’s own account, or the offer to sell or sale of the entire area franchise owned by a subfranchisor for the subfranchisor’s own account.
(2) A sale is not effected by or through a franchisor merely because a franchisor has a right to approve or disapprove a different franchisee.
(d) (1) The Commissioner may require by regulation that a franchisor or subfranchisor who claims under subsection (b)(3) of this section to be exempt from the registration requirements of this section:
(i) file with the Commissioner a notice of claim of exemption in the form that the Commissioner requires; and
(ii) pay a fee of $250.
(2) The franchisor or subfranchisor shall sign and verify the notice of claim of exemption.