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Texas Laws | Business and Commerce Code
BUSINESS AND COMMERCE CODE
TITLE 4. BUSINESS OPPORTUNITIES AND AGREEMENTS

Amended by: (7948)

Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009. (7949)

Sec. 51.162. CONTENTS: BANKRUPTCY OR REORGANIZATION. (7950)(Text)

(a) A disclosure statement must contain a statement disclosing any person described by Section 51.153 who has, during the previous seven fiscal years: (7951)

(1) filed in bankruptcy; (7952)

(2) been adjudged bankrupt; (7953)

(3) been reorganized because of insolvency; or (7954)

(4) been a principal, director, executive officer, or partner of any other person that, during or not later than the first anniversary of the end of the period the person held the position in relation to the other person, filed in bankruptcy, was adjudged bankrupt, or was reorganized because of insolvency. (7955)

(b) A statement required by Subsection (a)(4) must include: (7956)

(1) the name and location of the person who filed in bankruptcy, was adjudged bankrupt, or was reorganized; (7957)

(2) the date of the filing, adjudication, or reorganization; and (7958)

(3) any other material fact relating to the filing, adjudication, or reorganization. (7959)

Amended by: (7960)

Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009. (7961)

Sec. 51.163. CONTENTS: CONTRACT COPY. (7962)(Text)

A disclosure statement must contain a copy of the business opportunity contract that the seller uses as a matter of course and that will be presented to the purchaser at closing. (7963)

Amended by: (7964)

Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009. (7965)

Sec. 51.164. USE OF DISCLOSURE DOCUMENT FROM OTHER REGULATORY AGENCY. (7966)(Text)

Instead of providing a disclosure statement to a purchaser under this subchapter, a seller may provide a copy of a similar document required by the State Securities Board, Securities and Exchange Commission, or Federal Trade Commission that contains all the information required to be disclosed by this chapter. (7967)

Amended by: (7968)

Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009. (7969)

SUBCHAPTER E. BUSINESS OPPORTUNITY CONTRACT (7970)(Text)
Sec. 51.201. FORM OF BUSINESS OPPORTUNITY CONTRACT. (7971)(Text)

A business opportunity contract must be in writing and include, in 10-point type or in handwriting of an equivalent size, the following: (7972)

(1) the terms of payment, including the initial consideration, down payment, and additional payments required; (7973)

(2) a detailed description of the acts or services the seller undertakes to perform for the purchaser; (7974)

(3) the seller's principal business address; (7975)

(4) the name and address of the seller's agent in this state authorized to receive service of process; (7976)

(5) the delivery date or, if the contract provides for staggered delivery times to the purchaser, the approximate delivery date of the products, equipment, or supplies the seller is to: (7977)

(A) deliver to the purchaser's home or business address; or (7978)

(B) place at a location owned or managed by a person other than the purchaser; and (7979)

(6) a complete description of the nature of the buy-back or security arrangement if the seller has represented orally or in writing when selling, leasing, soliciting, or offering a business opportunity that there is a buy-back or that the initial consideration is secured. (7980)

Amended by: (7981)

Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009. (7982)

Sec. 51.202. DELIVERY OF COPIES OF DOCUMENTS TO PURCHASER. (7983)(Text)

A copy of the completed business opportunity contract and any other document the seller requires the purchaser to sign shall be given to the purchaser at the time the purchaser signs the contract. (7984)

Amended by: (7985)

Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009. (7986)

Sec. 51.203. EFFECT OF ASSIGNMENT OF BUSINESS OPPORTUNITY CONTRACT. (7987)(Text)

An assignee of a business opportunity contract or of the seller's rights under the contract is subject to all equities, rights, and defenses of the purchaser against the seller. (7988)

Amended by: (7989)

Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009. (7990)

SUBCHAPTER F. TERMINATION OF BUSINESS OPPORTUNITY REGISTRATION (7991)(Text)
Sec. 51.251. VOLUNTARY TERMINATION OF BUSINESS OPPORTUNITY REGISTRATION. (7992)(Text)

The principal seller of a registered business opportunity may voluntarily terminate the business opportunity's registration with the secretary of state if: (7993)

(1) the registered business opportunity will no longer be offered in this state; (7994)

(2) the registered business opportunity has changed to the extent that it no longer meets the definition of a business opportunity under Section 51.003(a); (7995)

(3) the registered business opportunity has become exempt under Section 51.003(b); or (7996)

(4) the principal seller offering the registered business opportunity ceases to exist as a legal entity. (7997)

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