How many calendar days before signing a binding agreement or making a payment must LearningRx Franchise Corporation provide the disclosure document?
Learningrx Franchise · 2025 FDDAnswer from 2025 FDD Document
If LearningRx Franchise Corporation offers you a franchise, it must provide this disclosure document to you 14 calendar days before you sign a binding agreement or make a payment with the franchisor or an affiliate in connection with the proposed franchise sale.
In the States of New York and Rhode Island, the delivery of the Disclosure Document is to be received at the earlier of the first personal meeting or 10 business days before the execution of the franchise or other agreement or the payment of any consideration to us or an affiliate in connection with the proposed franchise sale.
Michigan requires the delivery of the Disclosure Document at least 10 business days before the execution of the franchise or other agreement, or the payment of any consideration, whichever comes first.
If LearningRx Franchise Corporation does not deliver this disclosure document on time or if it contains a false or misleading statement, or a material omission, a violation of federal law and state law may have occurred and should be reported to the Federal Trade Commission, Washington, DC 20580, and the appropriate state agency identified on EXHIBIT D.
Source: Item 22 — CONTRACTS (FDD page 54)
What This Means (2025 FDD)
According to the 2025 Learningrx Franchise Disclosure Document, Learningrx must provide the disclosure document to prospective franchisees at least 14 calendar days before they sign a binding agreement or make any payment to Learningrx or its affiliates related to the franchise sale. This 14-day period allows potential franchisees adequate time to review the FDD and seek professional advice before committing to the franchise.
However, the FDD also notes exceptions to this rule for franchisees in New York, Rhode Island and Michigan. In New York and Rhode Island, the disclosure document must be delivered at the earlier of the first personal meeting or 10 business days before signing the franchise agreement or making any payment. For Michigan, the disclosure document must be delivered at least 10 business days before the execution of the franchise agreement or the payment of any consideration, whichever comes first.
It is important for prospective Learningrx franchisees to be aware of these regulations and ensure they receive the FDD within the mandated time frame. Failure by Learningrx to provide the FDD on time, or if the document contains false, misleading, or omits material information, it may constitute a violation of federal and state laws. In such cases, the FDD advises franchisees to report the violation to the Federal Trade Commission and the appropriate state agency.