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Current as of January 01, 2024 | Updated by Findlaw Staff
In connection with the offer or sale of a franchise it is unlawful for a person, directly or indirectly, to:
(1) Employ a device, scheme, or artifice to defraud;
(2) Make an untrue statement of material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading;
(3) Engage in an act, practice, or course of business that operates or would operate as a fraud or deceit on a person;
(4) Represent to an offeree of a franchise that the filing of a franchise registration application or the registration of a franchise constitutes a finding by the director that a document filed under the act is true, complete, and not misleading or that the director has passed upon the merits of the franchise;
(5) Misrepresent that a franchise is registered or exempted from registration under this act;
(6) Violate an order of the director after the person receives notice that the order was issued;
(7) Fail to notify the director of a material change in the information required in a document required to be filed by this act or a rule or order under this act; or
(8) Omit to state a material fact, or make or cause to be made an untrue statement of a material fact, in any application, notice, or report filed with the director under this act.
Cite this article: FindLaw.com - Rhode Island General Laws Title 19. Financial Institutions § 19-28.1-17. Fraudulent, deceptive and prohibited practices - last updated January 01, 2024 | https://codes.findlaw.com/ri/title-19-financial-institutions/ri-gen-laws-sect-19-28-1-17/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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