Washington state’s Department of Financial Institutions Securities Division, the division responsible for overseeing the implementation of the state’s Franchise Investment Protection Act, is contemplating the introduction of new legislation which would seek to amend the Act to better align it with the FTC Rule.
Similar to the revision last year to Maryland’s Franchise Law, the proposed amendment would change the FDD delivery requirement from 10 business days prior to execution of an agreement or payment of any consideration to the FTC’s 14 calendar day rule. The proposed amendments would also adopt the FTC’s definition of a prospective franchisee and provide specifically for electronic filings.
Washington is welcoming any comments on the proposed bill until September 1, 2011. You can request a copy of the proposed bill or provide comments to Faith Anderson at faith.anderson@dfi.wa.gov or by fax to 360-704-6848.