For Hyper Kidz, what is the effective date for using this Franchise Disclosure Document in Virginia?

According to Hyper Kidz's 2024 Franchise Disclosure Document, the effective date for using the document in Virginia is August 28, 2024. This means that Hyper Kidz was able to offer and sell franchises in Virginia from this date forward, provided they complied with all other applicable state regulations. The effective date indicates when the FDD was registered, filed, or exempt from registration in Virginia, allowing Hyper Kidz to legally operate its franchise system within the state. Prospective franchisees in Virginia should note this date as the starting point for when they could have received a compliant FDD.

It is important for potential Hyper Kidz franchisees in Virginia to understand that this effective date is tied to the FDD itself. The FDD must be kept current and updated annually, or when material changes occur, to ensure that franchisees receive the most accurate and up-to-date information. If a significant amount of time has passed since August 28, 2024, a prospective franchisee should confirm with Hyper Kidz that they are using the most current version of the FDD.

Furthermore, the FDD includes a Virginia-specific addendum. This addendum addresses specific requirements from the Virginia State Corporation Commission's Division of Securities and Retail Franchising. It stipulates that Hyper Kidz must defer payment of the initial franchise fee and other initial payments until they have completed their pre-opening obligations under the franchise agreement. This addendum also ensures that franchisees cannot waive claims under Virginia franchise law or disclaim reliance on statements made by Hyper Kidz. These protections are designed to safeguard the interests of franchisees within the Commonwealth of Virginia.