factual

What fee is limited by Minnesota Statute 604.113 regarding the Extreme Art Studio franchise?

Extreme_Art_Studio Franchise · 2024 FDD

Answer from 2024 FDD Document

greement, to the extent required by Minnesota law.

    1. The following language will appear as a new paragraph of the Franchise Agreement:
    • No Abrogation. Pursuant to Minnesota

Source: Item 23 — RECEIPTS (FDD pages 49–214)

What This Means (2024 FDD)

According to the 2024 Extreme Art Studio Franchise Disclosure Document, Minnesota Statute 604.113 limits the Insufficient Funds Fee. Specifically, Item 6 of the FDD and Section 3.10 of the Franchise Agreement are amended to reflect this limitation.

For a prospective Extreme Art Studio franchisee in Minnesota, this means that the amount the franchisor can charge for an Insufficient Funds Fee is capped at $30 per occurrence. This protection is provided by Minnesota state law, and the franchise agreement is explicitly amended to comply with this statute.

This amendment ensures that Extreme Art Studio franchisees in Minnesota are not subject to excessive fees for insufficient funds, providing a degree of financial protection. Franchisees should be aware of this limitation and ensure that any Insufficient Funds Fee charged by the franchisor does not exceed the $30 limit.

Disclaimer: This information is extracted from the 2024 Franchise Disclosure Document and is provided for research purposes only. It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.
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