A person shall not, in connection with the filing, offer, sale, or purchase of any franchise, directly or indirectly:(a) Employ any device, scheme, or artifice to defraud.(b) Make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading.(c) Engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.1974, Act 269, Eff. Oct. 15, 1974 ;--Am. 1984, Act 92, Eff. June 20, 1984 .