Illinois Administrative Code
Title 14 - COMMERCE
Part 200 - FRANCHISE DISCLOSURE ACT
Subpart E - DENIAL BASED ON FINANCIAL STATEMENTS, ESCROW, GUARANTY, SURETY BOND
Section 200.504 - Guarantee of Performance
Current through Register Vol. 48, No. 12, March 22, 2024
a) If the franchisor can make arrangements with any other individual, partnership or corporation whose financial statements demonstrate an ability to perform the franchisor's obligations as contained in the franchise or other agreement, the Administrator will accept a guaranty of performance in the form set forth in Appendix D, Illustration A from such other individual, partnership or corporation;
b) The guarantor shall submit, in addition to the guaranty of performance, the resolution of its governing body authorizing the guaranty, the certificate of its Secretary as to such resolution, and a consent to service of process and acknowledgment for the guarantor in the form set forth in Appendix D, Illustrations B and C and Appendix A, Illustrations D, E and F hereto. The franchisor's disclosure statement shall include those financial statements of the guarantor which, absent a guaranty, the U.F.O.C. or F.T.C. prospectus requires of the franchisor.
