Md. Code Regs. 02.02.08.15

Current through Register Vol. 51, No. 22, November 1, 2024

Section 02.02.08.15 - Franchisor Records

A. Records to Be Maintained. A franchisor offering or selling a franchise in the State shall maintain complete and accurate records of offers and sales of franchises, including but not limited to:

(1) Offering circulars;

(2) Advertising;

(3) Correspondence with franchisees and prospective franchisees;

(4) Past and present operations manuals;

(5) Training records;

(6) Training manuals; and

(7) Copies of executed agreements.

B. Form of Records. The records may be maintained on photographic or electronic media, but shall be printed if the Commissioner so orders.

C. Retention Schedule. The records described in §A of this regulation shall be maintained at an office readily accessible to the franchisor for 5 years.

D. Inspection of Records. The Commissioner or the Commissioner's designated representatives shall have access to the records described in §A of this regulation at any time, upon reasonable request during business hours, in order to conduct such examinations as the Commissioner considers necessary or appropriate in the public interest or for the protection of prospective franchisees.

E. Other Investigative Powers. Nothing in this regulation is intended to limit the investigative powers of the Commissioner.

Md. Code Regs. 02.02.08.15

Regulations .15 adopted effective January 17, 1994 (21:1 Md. R. 27)