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Michigan Administrative Code (Last Updated: November 16, 2016) |
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Department AG. Attorney General |
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Consumer Protection and Charitable Trusts Division |
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Chapter Franchises |
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Part 7. FRANCHISE AGENTS |
Section 445.710. Escrow account.
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The franchise agent shall not receive funds from franchise sales or other business conducted on behalf of the franchisor or subfranchisor. Payments from the sale of a franchise shall be made only to an escrow account designated by the franchisor or the subfranchisor for deposit.
History: 1979 AC.