Section 445.513. Books and records.

(1) The franchisor, unless exempt pursuant to section 6(2)(e) or (k) of the act, shall make and keep current the following books and records relating to the purchase or sale of franchises:

(a)   Records of original entry containing an itemized daily  record  of purchases and sales of franchises, receipts  of  cash,   other   debits   and credits.

(b)   Copies of contracts of purchase or sale.

(c)   Records of payments made to persons, directly or  indirectly,   in connection with the offer, sale, or purchase of a franchise, itemizing the persons to whom payments were made, the date and amount of each payment, the reason for the payment, and the transaction from which payment  arose.

(d)   Individual registration records for each franchisee, with name and address, aggregate amount to be paid, and terms of the payments.

(2) A franchisor shall preserve these records for not less than 6 years.

History: 1979 AC.