The Florida Senate

559.805  Filings with the department; disclosure of advertisement identification number.--

(1)  Every seller of a business opportunity shall annually file with the department a copy of the disclosure statement required by s. 559.803 prior to placing an advertisement or making any other representation designed to offer to, sell to, or solicit an offer to buy a business opportunity from a prospective purchaser in this state and shall update this filing by reporting any material change in the required information within 30 days after the material change occurs. An advertisement is not placed in the state merely because the publisher circulates, or there is circulated on his or her behalf in the state, any bona fide newspaper or other publication of general, regular, and paid circulation which has had more than two-thirds of its circulation during the past 12 months outside the state or because a radio or television program originating outside the state is received in the state. If the seller is required by s. 559.807 to provide a bond or establish a trust account or guaranteed letter of credit, he or she shall contemporaneously file with the department a copy of the bond, a copy of the formal notification by the depository that the trust account is established, or a copy of the guaranteed letter of credit. Every seller of a business opportunity shall file with the department a list of independent agents who will engage in the offer or sale of business opportunities on behalf of the seller in this state. This list must be kept current and shall include the following information: name, home and business address, telephone number, present employer, social security number, and birth date. No person shall be allowed to offer or sell business opportunities unless the required information has been provided to the department.

(2)  Every seller of a business opportunity shall file with the department a list of the seller's officers, directors, trustees, general partners, general managers, principal executives, and any other persons charged with the responsibility for the seller's business activities relating to the sale of business opportunities. This list must be kept current and shall include the following information: name, home and business address, telephone number, driver's license number, the state in which the driver's license is issued, and birth date.

(3)  Upon the filing of the disclosure statement and the posting of a bond or the establishment of a trust account or a guaranteed letter of credit, if any is required, the department shall issue to the business opportunity seller an advertisement identification number. The business opportunity seller shall include and prominently display the advertisement identification number in all written advertisements, sales materials, promotional documents, and business opportunity contracts.

(4)  The seller shall disclose, to each person with whom he or she places advertising, the advertisement identification number, which shall be recorded by the person receiving the advertising so that the advertising media may verify the authenticity of the registration.

(5)  The department shall collect, from a seller required to comply with this section, an annual fee of $300 for the administration and enforcement of ss. 559.801-559.815. If any material change in the information submitted to the department occurs before the date for annual registration, a seller must submit a fee of $50 for every update filing required by this section. The fees shall be deposited in the General Inspection Trust Fund of the Department of Agriculture and Consumer Services.

History.--s. 1, ch. 79-374; s. 1, ch. 84-127; s. 2, ch. 89-193; s. 84, ch. 92-291; s. 5, ch. 93-244; s. 821, ch. 97-103; s. 22, ch. 97-250; s. 9, ch. 98-299; s. 11, ch. 99-307.