Section 445.206. Reports required.

Rule 206. Pursuant to the authority granted by sections 8(g), (r),  and (t) of the act, the administrator may require franchisors, directly  or indirectly offering to sell or selling franchises in this state under section 6(1) of the act, to file with the administrator, within a period of 120 days from the last date of its fiscal year, both of the  following:

(a)   A copy of their annual report, if any,  and  audited  certified financial statements, or unaudited financial statements prepared by a certified public accountant if  the  requirement  for   audited  financial statements has been waived by the administrator.

(b)  A graphic representation of specific geographical sites sold to franchisees in Michigan in the last fiscal year, either by the franchisor or with franchisor approval of location.

History: 1979 AC.