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What is the Non-Sufficient Funds Fee for Fly Fitness franchisees in Minnesota, as amended by the Minnesota addendum?

Fly_Fitness Franchise · 2024 FDD

Answer from 2024 FDD Document

DOCUMENT RECEIVED BY FRANCHISEE (OR DEVELOPER).

| FRANCHISEE: | PRINCIPAL: | |---------------------|--------------| | By: | | | , | (Print Name) | | (Print Name, Title) | Date: | | Date: | PRINCIPAL: | | | | | | (Print Name) Date: |

EXHIBIT H STATE ADDENDA

ADDENDUM TO THE FRANCHISE DISCLOSURE DOCUMENT REQUIRED BY THE STATE OF MINNESOTA

The Commissioner of Commerce for the State of Minnesota requires that certain provisions contained in franchise documents be amended to be consistent with Minnesota Franchise Act, Minn. Stat. Section 80.01 et seq., and of the Rules and Regulations promulgated under

Source: Item 22 — CONTRACTS (FDD pages 44–45)

What This Means (2024 FDD)

According to Fly Fitness's 2024 Franchise Disclosure Document, the Non-Sufficient Funds (NSF) Fee for franchisees in Minnesota is $30.00 per occurrence. This fee is specifically addressed in the Minnesota addendum to the franchise agreement, which amends Item 6 of the standard agreement. The amendment explicitly states that the NSF fee is set at $30.00 per occurrence, pursuant to Minn. Stat. § 604.113. This means that if a Fly Fitness franchisee in Minnesota has a check returned or an electronic funds transfer denied due to insufficient funds, they will be charged $30.00.

This amendment is important for prospective Fly Fitness franchisees in Minnesota because it overrides any potentially conflicting information in the main franchise agreement regarding NSF fees. Franchisees should be aware of this fee and ensure they have sufficient funds available when making payments to avoid incurring it. The Minnesota addendum ensures that the franchise agreement complies with Minnesota state law, specifically Minn. Stat. § 604.113, which governs NSF fees.

It is essential for potential franchisees to carefully review all addenda and amendments to the franchise agreement, as these documents can modify the terms and conditions outlined in the main agreement. In this case, the Minnesota addendum clarifies the specific NSF fee applicable to franchisees operating in that state, providing clarity and ensuring compliance with local regulations. This level of detail is typical for franchise agreements, as franchisors often need to tailor their agreements to comply with specific state laws.

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.