Section 32.08. Escrow of franchise fees and other consideration.

 

(1)  When an escrow is imposed pursuant to s. 553.27 (2) , Stats., 100% of franchise fees and all other funds paid by the franchisee or subfranchisor for any purpose shall within 48 hours of the receipt of the funds, be placed with the escrow agent selected under sub. (2) . All checks shall be made payable to the escrow agent.

(2)  Funds subject to an escrow imposed pursuant to s. 553.27 (2) , Stats., shall be placed in a separate trust account with a national bank located in Wisconsin, a Wisconsin bank or trust company, or any federally insured bank satisfactory to the division. A written consent of the escrow agent to act in such capacity shall be filed with the division.

History: Cr. Register, October, 1972, No. 202 , eff. 11-1-72; renum. from DFI-Sec 32.13 and am. (2), Register, December, 1980, No. 300 , eff. 1-1-81; am. (5) (b), Register, December, 1987, No. 384 , eff. 1-1-88; r. (1), (3), (5), renum. from SEC 32.12 (2) and (4) and am., Register, December, 1996, No. 492 , eff. 1-1-97.