In California, who serves as the Commissioner of Financial Protection and Innovation for Endless Summer Sweets?
Endless_Summer_Sweets Franchise · 2024 FDDAnswer from 2024 FDD Document
ges of this disclosure document.
EXHIBIT A
STATE ADDENDA TO DISCLOSURE DOCUMENT
CALIFORNIA ADDENDUM TO DISCLOSURE DOCUMENT
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.
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.
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.EndlessSummerSweets.com, has not been reviewed or approved by the California Department of Financial Protection and Innovation. Any complaints concerning the content of this website may be directed to the California Department of Financial Protection and Innovation at www.dfpi.ca.gov.
California's Franchise Investment Law (Corporations Code sections 31512 and 31512.1) states that any provision of a franchise agreement or related document requir3en the franchisee to waive specific provisions of the law is contrary to public policy and is void and unenforceable.
Source: Item 23 — RECEIPTS (FDD pages 39–125)
What This Means (2024 FDD)
According to the 2024 Endless Summer Sweets Franchise Disclosure Document, the California Department of Financial Protection and Innovation is the relevant regulatory body in California. The document states that the registration of the franchise offering by this department does not constitute an endorsement or recommendation.
Furthermore, the FDD indicates that California law requires Endless Summer Sweets to provide prospective franchisees with a disclosure document approved by the Department of Financial Protection and Innovation at least 14 days before any agreement is signed or any material modification to an existing agreement is solicited. The FDD also clarifies that the Endless Summer Sweets 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.
The document also mentions that the Commissioner has imposed a fee deferral condition, which requires that Endless Summer Sweets defers the collection of all initial fees from California franchisees until they have completed all of their pre-opening obligations and are open for business. For California franchisees who sign a development agreement, the payment of the development and initial fees attributable to a specific unit in their development schedule is deferred until that unit is open.
While the document mentions the "California Department of Financial Protection and Innovation" and "the commissioner", it does not specifically name the individual serving as the Commissioner of Financial Protection and Innovation. To obtain the name of the current commissioner, prospective franchisees should contact the California Department of Financial Protection and Innovation directly.