Michigan Administrative Code
Department - Attorney General
Consumer Protection and Charitable Trusts Division
Franchises
Part 3 - ESCROW
Section R. 445.303 - Purchase receipts
Universal Citation: MI Admin Code R. 445.303
Current through Vol. 24-16, September 15, 2024
Rule 303. When an escrow is imposed, the franchisor shall deliver to each franchisee or subfranchisor a purchase receipt in a form approved by the administrator. Purchase receipts shall be consecutively numbered and prepared in quadruplicate: The original given to the franchisee or subfranchisor, the first copy to the depository together with the payment received, the second copy retained by the franchisor, and the third copy sent to the administrator.
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