Amendment SA3-SB580

LRBa4963/2

KSH&JS:kkms:kat

1995 - 1996 LEGISLATURE

SENATE AMENDMENT 3, To 1995 SENATE BILL 580

March 27, 1996 - Offered by Senator Darling.

SB580-SA3,1,1 At the locations indicated, amend the bill as follows:

SB580-SA3,1,4 1. Page 6, line 7: on page 1, line 8, of the material inserted by senate amendment 1, after "franchisor" insert: ", subject to the division's authority to suspend or revoke a registration for any of the causes under s. 553.28".

SB580-SA3,1,5 2. Page 6, line 24: delete lines 24 and 25 and substitute:

SB580-SA3,1,7 " Section 29t. 553.27 (2) of the statutes, as affected by 1995 Wisconsin Act 27, is amended to read:

SB580-SA3,1,16 553.27 (2) If the division finds that the applicant 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 included in the offering and if the franchisee so requests, the division may by rule or order require the escrow of franchise fees and other funds paid by the franchisee or subfranchisor until no later than the time of opening of the franchise business, or, at the option of the franchisor, the furnishing of a surety bond as provided by rule of the division, if the division finds that such requirement is necessary and appropriate to protect prospective franchisees or subfranchisors.

SB580-SA3, s. 30 Section 30. 553.27 (3) of the statutes, as affected by 1995 Wisconsin Act 27, is repealed.".

SB580-SA3,2,3 3. Page 10, line 3: delete lines 3 to 13.

SB580-SA3,2,4 4. Page 12, line 19: on lines 19 and 20, restore the stricken material.

SB580-SA3,2,5 (End)