Section 445.706. Records.

Every franchise agent pursuant to this part shall make  and keep current the following books and records relating to his business:

(a)   Records of original entry detailing the sale of the  franchise,   to whom sold, the aggregate price, the initial payment, the installment payments, if any, and the commission paid to the franchise   agent   or   its employees.

(b)   An individual registration record for each  franchisee,   including name, home and business address, telephone numbers, occupation, aggregate amount paid, terms of payment, and the name of its  selling franchise  agent employee.

(c)   A copy of advertising used by the agent in the offer of franchises, including, but not limited to, radio, newspapers,   TV,  letters   and brochures.

(d)   The records, books, and memoranda that relate to a franchise sale, and the records required to be kept under the act and rules, for a period of not less than 6 years after the sale.

History: 1979 AC.