What is the name of the California agency that approves the Bombs Away disclosure document?
Bombs_Away Franchise · 2024 FDDAnswer from 2024 FDD Document
CALIFORNIA ADDENDUM TO DISCLOSURE DOCUMENT
California limited liability companies Code, Section 31125 requires the franchisor to give the franchisee a disclosure document, approved by the Department of Financial Protection and Innovation, 14-days prior to the execution of an agreement or the solicitation of a proposed material modification of an existing agreement.
No statement, questionnaire, or acknowledgment signed or agreed to by a franchisee in connection with the commencement of the franchise relationship shall have the effect of (i) waiving any claims under any applicable state franchise law, including fraud in the inducement, or (ii) disclaiming reliance on any statement made by any franchisor, franchise seller, or other person acting on behalf of the franchisor. This provision supersedes any other term of any document executed in connection with the franchise.
THE CALIFORNIA FRANCHISE INVESTMENT LAW REQUIRES THAT A COPY OF ALL PROPOSED AGREEMENTS RELATING TO THE SALE OF THE FRANCHISE BE DELIVERED TOGETHER WITH THE OFFERING CIRCULAR.
OUR WEBSITE, www.getbombsaway.comm, HAS NOT BEEN REVIEWED OR APPROVED BY THE CALIFORNIA DEPARTMENT OF FINANCIAL PROTECTION AND INNOVATYION. ANY COMPLAINTS CONCERNING THE CONTENT OF THIS WEBSITE MAY BE DIRECTED TO THE CALIFORNIA DEPARTMENT OF FINNANCIAL PROTECTION AND INNOVATION AT www.dfpi.ca.gov.
The registration of this franchise offering by the California Department of Financial Protection and Innovation does not constitute approval, recommendation, or endorsement by the commissioner.
ALL THE OWNERS OF THE FRANCHISE WILL BE REQUIRED TO EXECUTE PERSONAL GUARANTEES. THIS REQUIREMENT PLACES THE MARITAL ASSETS OF THE SPOUSES DOMICILED IN COMMUNITY PROPERTY STATES – ARIZONA, CALIFORNIA, IDAHO, LOUISIANA, NEVADA, NEW MEXICO, TEXAS, WASHINGTON AND WISCONSIN AT RISK IF YOUR FRANCHISE FAILS.
- The following paragraph is added to the end of Item 3 of the Disclosure Document:
Source: Item 23 — RECEIPTS (FDD pages 36–117)
What This Means (2024 FDD)
According to Bombs Away's 2024 Franchise Disclosure Document, the California agency that approves the franchise disclosure document is the Department of Financial Protection and Innovation. The document states that California law requires Bombs Away to provide a disclosure document approved by this department to prospective franchisees 14 days before an agreement is signed or any material modification to an existing agreement is solicited.
Additionally, the FDD states that Bombs Away's website has not been reviewed or approved by the California Department of Financial Protection and Innovation, and any complaints about the website's content can be directed to the department. However, the FDD also clarifies that the registration of the franchise offering by the California Department of Financial Protection and Innovation does not constitute an endorsement or recommendation by the commissioner.
Furthermore, the California Department of Financial Protection has determined that Bombs Away has not demonstrated adequate capitalization and/or must rely on franchise fees to fund its operations. Because of this, the Commissioner has imposed a fee deferral condition, which requires Bombs Away to defer the collection of all initial fees from California franchisees until all pre-opening obligations have been completed and the franchisee is open for business.