What is the All States M.E.D. franchisee required to do regarding the agreement before signing?
All_States_M_E_D Franchise · 2024 FDDAnswer from 2024 FDD Document
stration: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Rhode Island, South Dakota, Virginia, Washington and Wisconsin.
This document is effective and may be used in the following states, where the document is filed, registered or exempt from registration, as of the Effective Date stated below:
| State | Effective Date |
|---|---|
| California | October 3, 2023 |
| Illinois | October 30, 2023 |
| New York | November 16, 2023 |
Other states may require registration, filing, or exemption of a franchise under other laws, such as those that regulate the offer and sale of business opportunities or seller-assisted marketing plans.
EXHIBIT K TO THE DISCLOSURE DOCUMENT RECEIPT
This Disclosure Document summarizes certain provisions of the Franchise Agreement and other information in plain language. Read this Disclosure Document and all agreements carefully.
If All States M.E.D. Franchising, LLC offers you a franchise, it must provide this Disclosure Document to you 14 calendar days before you sign a binding agreement with, or make a payment to, the franchisor or an affiliate in connection with the proposed franchise sale.
Iowa requires that we give you this Disclosure Document at the earlier of the first personal meeting or 14 calendar days before you sign a binding agreement with, or make a payment to, the franchisor or an affiliate in connection with the proposed franchise sale.
Michigan requires that we give you this Disclosure Document at least 10 business days before the execution of any binding franchise or other agreement or the payment of any consideration, whichever occurs first.
Source: Item 23 — RECEIPTS (FDD pages 44–174)
What This Means (2024 FDD)
According to the 2024 All States M.E.D. Franchise Disclosure Document, a prospective franchisee is required to carefully read the Disclosure Document and all agreements before signing any binding agreement or making any payment to All States M.E.D. Franchising, LLC or its affiliates. This Disclosure Document summarizes key provisions of the Franchise Agreement and other relevant information.
The FDD stipulates that All States M.E.D. Franchising, LLC must provide the Disclosure Document to the prospective franchisee at least 14 calendar days before signing a binding agreement or making a payment. However, specific states like Iowa, Michigan, and New York have different requirements regarding the timing of providing the Disclosure Document. Iowa requires it at the earlier of the first personal meeting or 14 calendar days before signing or payment. Michigan requires it at least 10 business days before signing or payment, and New York requires it at the earlier of the first personal meeting or 10 business days before signing or payment.
After reviewing the documents, the franchisee must sign and print their name, date the receipt, and return a copy of the receipt to All States M.E.D. This receipt serves as confirmation that the franchisee has received the Disclosure Document. Failure by All States M.E.D. Franchising, LLC to deliver the Disclosure Document on time or if it contains false, misleading, or omits material information, it should be reported to the Federal Trade Commission and the State Administrator listed in Exhibit A of the FDD.