House Sponsors: CROSS-ERWIN-TENHOUSE-LANG-SCHOENBERG. Senate Sponsors: LAUZEN-JACOBS-OBAMA-WALSH,T Short description: FRANCH DISCLSRE-DISCLSRE STMNT Synopsis of Bill as introduced: Amends the Franchise Disclosure Act of 1987. Provides that the disclosure statement required under this Act shall be prepared in accordance with the Uniform Franchise Offering Circular Guidelines as adopted and amended by the North American Securities Administrators Association, Incorporated rather than as provided by rule by the Attorney General. Removes provisions regarding the ability of the Attorney General to require the escrow or impoundment of franchise fees and other funds paid by the franchisee to the franchisor if the franchisor has failed to demonstrate that adequate financial arrangements have been made to fulfill obligations to the franchisee. Removes provisions providing that an advertisement offering to sell or purchase a franchise shall be reviewed and approved by the Attorney General prior to being published. Makes other changes removing a number of provisions. Effective immediately. HOUSE AMENDMENT NO. 1. Deletes reference to: 815 ILCS 705/25 815 ILCS 705/26 815 ILCS 705/13 rep. 815 ILCS 705/15 rep. Adds reference to: 815 ILCS 705/3 from Ch. 121 1/2, par. 1703 Deletes everything and reinserts language similar to the bill as introduced. Amends the Franchise Disclosure Act of 1987. Removes the definition of advertisement. Provides that the disclosure statement required under this Act shall be prepared in accordance with the Uniform Franchise Offering Circular Guidelines as adopted and amended by the North American Securities Administrators Association, Incorporated rather than as provided by rule by the Attorney General. Removes provisions providing that an advertisement offering to sell or purchase a franchise shall be reviewed and approved by the Attorney General prior to being published. Makes other changes removing a number of provisions. Effective immediately. JUDICIAL NOTE, H-AM 1 No decrease or increase in need for the number of judges. FISCAL NOTE, H-AM 1 (Office of Attorney General) There is no fiscal impact. Last action on Bill: PUBLIC ACT.............................. 90-0642 Last action date: 98-07-24 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status