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(815 ILCS 705/15)
(from Ch. 121 1/2, par. 1715)
Escrow of franchise fees; surety bonds; franchise fee deferrals.
If the Administrator
finds that a franchisor has failed to demonstrate that adequate financial
arrangements have been made to fulfill obligations to provide real estate,
improvements, equipment, inventory, training, or other items to be included
in the establishment and opening of the franchise business being offered,
the Administrator may by rule or order require the escrow or impoundment of
franchise fees and other funds paid by the franchisee until such obligations
have been fulfilled, or, at the option of the franchisor, the furnishing
of a surety bond as provided by rule of the Administrator, if he finds that
such requirement is necessary and appropriate to protect prospective
franchisees, or, at the option of the franchisor, the deferral of payment of the initial fee until the opening of the franchise business.
(Source: P.A. 96-648, eff. 10-1-09.)