Section 32.09. Surety bond in lieu of escrow.

  In lieu of the imposition of an escrow condition under s. 553.27 (2) , Stats., and s. DFI-Sec 32.08 , a franchisor may post a surety bond in an amount as shall be required by the division. The bond shall be issued by a corporate surety authorized to transact business in the state of Wisconsin, conditioned upon the completion by the franchisor of its obligations under the franchise contract to provide real estate, improvements, equipment, inventory, training or other items included in the offering.

History: Cr. Register, October, 1972, No. 202 , eff. 11-1-72; renum. from DFI-Sec 32.14, Register, December, 1980, No. 300 , eff. 1-1-81; am. Register, December, 1981, No. 312 , eff. 1-1-82; renum. from SEC 32.13 and am., Register, December, 1996, No. 492 , eff. 1-1-97.