In Hawaii, what does the Crown Gold Exchange Disclosure Document contain regarding the Franchise Agreement?
Crown_Gold_Exchange Franchise · 2024 FDDAnswer from 2024 FDD Document
THIS DISCLOSURE DOCUMENT CONTAINS A SUMMARY ONLY OF CERTAIN MATERIAL PROVISIONS OF THE FRANCHISE AGREEMENT. THE CONTRACT OR AGREEMENT SHOULD BE REFERRED TO FOR A STATEMENT OF ALL RIGHTS, CONDITIONS, RESTRICTIONS AND OBLIGATIONS OF BOTH THE FRANCHISOR AND THE FRANCHISEE.
HAWAII ADDENDUM TO DISCLOSURE DOCUMENT
In the State of Hawaii only, this Disclosure Document is amended as follows:
THESE FRANCHISES WILL BE/HAVE BEEN FILED UNDER THE FRANCHISE INVESTMENT LAW OF THE STATE OF HAWAII. FILING DOES NOT CONSTITUTE APPROVAL, RECOMMENDATION OR ENDORSEMENT BY THE DIRECTOR OF COMMERCE AND CONSUMER AFFAIRS OR A FINDING BY THE DIRECTOR OF COMMERCE AND CONSUMER AFFAIRS THAT THE INFORMATION PROVIDED HEREIN IS TRUE, COMPLETE AND NOT MISLEADING.
Source: Item 23 — RECEIPTS (FDD pages 39–114)
What This Means (2024 FDD)
According to the 2024 Crown Gold Exchange Franchise Disclosure Document, the document provided to prospective franchisees in Hawaii contains a summary of certain material provisions of the Franchise Agreement. The FDD indicates that to understand all rights, conditions, restrictions, and obligations of both Crown Gold Exchange and the franchisee, one should refer to the actual contract or agreement.
Furthermore, the Hawaii Addendum to the Disclosure Document states that the franchises have been filed under the Franchise Investment Law of the State of Hawaii. However, the filing does not imply approval, recommendation, or endorsement by the Director of Commerce and Consumer Affairs, nor does it indicate that the Director has found the information provided to be true, complete, and not misleading.
In practical terms, a potential Crown Gold Exchange franchisee in Hawaii should not rely solely on the summary within the disclosure document. They must thoroughly review the complete Franchise Agreement to fully understand their rights and obligations. Additionally, they should be aware that the filing of the franchise in Hawaii does not constitute an endorsement by the state.