The director may by rule or order require as a condition to the effectiveness of the registration the escrow or impound of franchise fees if he or she finds that such requirement is necessary and appropriate to protect prospective franchisees. At any time after the issuance of such rule or order under this section the franchisor may in writing request the rule or order be rescinded. Upon receipt of such a written request, the matter shall be set down for hearing to commence within fifteen days after such receipt unless the person making the request consents to a later date. After such hearing, which shall be conducted in accordance with the provisions of the administrative procedure act, chapter 34.05 RCW, the director shall determine whether to affirm and to continue or to rescind such order and the director shall have all powers granted under such act.

Terms Used In Washington Code 19.100.050

  • Director: means the director of financial institutions. See Washington Code 19.100.010
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Franchise: means :
Washington Code 19.100.010
  • Franchisor: means a person who grants a franchise to another person. See Washington Code 19.100.010
  • Person: means a natural person, corporation, partnership, trust, or other entity and in the case of an entity, it shall include any other entity which has a majority interest in such an entity or effectively controls such other entity as well as the individual officers, directors, and other persons in act of control of the activities of each such entity. See Washington Code 19.100.010
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