Franchise Act

[AI summary unavailable — showing source text] Franchise Act - Sets forth the findings of Congress and the definitions of terms used in this Act. States that the Securities and Exchange Commission may, by its rules and regulations, exempt from the disclosure requirements of this Act any franchise where the Commission finds such exemption is necessary and appropriate. Enumerates what actions shall constitute unfair practices. States that any contract or agreement for the purpose of a franchise covered by this Act shall be voidable at the option of the franchisee, providing specified conditions are met. Provides that, with specified exceptions, the effective date of a disclosure statement shall be the twentieth day after the filing or such earlier date as the Commission may determine having due regard to the public interest and the protection of prospective franchisees. Requires that a disclosure statement contain such information as the Commission may require as being necessary or appropriate in the public interest or for the protection of prospective franchisees, including: (1) the name of the franchisor, the trade name(s) or trademark(s) under which he intends or is doing business, and the name of any parent or affiliated comp…