In Hawaii, what information is contained in the Crown Gold Exchange Disclosure Document?
Crown_Gold_Exchange Franchise · 2024 FDDAnswer from 2024 FDD Document
THE FRANCHISE INVESTMENT LAW MAKES IT UNLAWFUL TO OFFER OR SELL ANY FRANCHISE IN THIS STATE WITHOUT FIRST PROVIDING TO THE PROSPECTIVE FRANCHISEE, OR SUBFRANCHISOR, AT LEAST SEVEN DAYS PRIOR TO THE EXECUTION BY THE PROSPECTIVE FRANCHISEE, OF ANY BINDING FRANCHISE OR OTHER AGREEMENT, OR AT LEAST SEVEN DAYS PRIOR TO THE PAYMENT OF ANY CONSIDERATION BY THE FRANCHISEE, OR SUBFRANCHISOR, WHICHEVER OCCURS FIRST, A COPY OF THE DISCLOSURE DOCUMENT, TOGETHER WITH A COPY OF ALL PROPOSED AGREEMENTS RELATING TO THE SALE OF THE FRANCHISE.
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.
Registered agent in the state authorized to receive service of process:
Commissioner of Securities 335 Merchant Street Honolulu, Hawaii 96813
Source: Item 23 — RECEIPTS (FDD pages 39–114)
What This Means (2024 FDD)
According to Crown Gold Exchange's 2024 Franchise Disclosure Document, the document contains a summary of certain material provisions of the franchise agreement. The FDD states that prospective franchisees should refer to the contract or agreement for a complete statement of all rights, conditions, restrictions, and obligations of both Crown Gold Exchange and the franchisee. The registered agent in Hawaii authorized to receive service of process is the Commissioner of Securities, located at 335 Merchant Street, Honolulu, Hawaii 96813.
The Franchise Investment Law makes it unlawful for Crown Gold Exchange to offer or sell any franchise in Hawaii without first providing the prospective franchisee or subfranchisor a copy of the disclosure document and all proposed agreements relating to the sale of the franchise. This must be done at least seven days prior to the execution of any binding franchise or other agreement, or at least seven days prior to the payment of any consideration by the franchisee or subfranchisor, whichever occurs first.
This disclosure requirement ensures that potential Crown Gold Exchange franchisees have adequate time to review the documents and seek professional advice before making a commitment. The FDD serves as a critical tool for evaluating the franchise opportunity and understanding the legal and financial obligations involved. Prospective franchisees should carefully examine all aspects of the disclosure document and related agreements to make an informed decision.