House Journal: Page 1250: Wednesday, April 5, 2000
14 commission.
15 Sec. 22. Section 523B.2, subsection 2, Code
16 Supplement 1999, is amended by adding the following
17 new paragraph:
18 NEW PARAGRAPH. c. The seller shall disclose to
19 the administrator in the disclosure document or
20 otherwise any sales or offers made in this state prior
21 to registration.
22 Sec. 23. Section 523B.2, subsection 4, Code
23 Supplement 1999, is amended to read as follows:
24 4. EFFECTIVE DATE. a registration automatically
25 becomes effective upon the expiration of the fifteenth
26 thirtieth full business day after the complete filing
27 is received by the administrator, provided that no an
28 order has not been issued or a proceeding is not
29 pending under subsection 10. The administrator may by
30 order waive or reduce the time period prior to
31 effectiveness, provided that a complete filing has
32 been made. The administrator may by order defer the
33 effective date until the expiration of the fifteenth
34 thirtieth full business day after the filing of an
35 amendment with the administrator.
36 Sec. 24. Section 523B.2, subsection 9, paragraph
37 c, Code Supplement 1999, is amended by adding the
38 following new subparagraph:
39 NEW SUBPARAGRAPH. (8) The rights and
40 responsibilities of the parties regarding the
41 marketing of a business opportunity, including but not
42 limited to all of the following:
43 (a) Whether the seller assigns the purchaser a
44 territory in which to sell a business opportunity.
45 (b) Whether the seller assists the purchaser in
46 finding locations in which to sell a business
47 opportunity.
48 (c) Whether the purchaser is solely responsible
49 for marketing a business opportunity.
50 Sec. 25. Section 523B.8, subsection 1, Code 1999,
Page 9
1 is amended to read as follows:
2 1. a. If it appears to the administrator Upon the
3 administrator's determination that a person has
4 engaged, is engaging, or is about to engage in any act
5 or practice constituting a violation of this chapter
6 or a rule or order adopted or issued under this
7 chapter, the administrator may issue an a summary
8 order directed at directing the person requiring the
9 person to cease and desist from engaging in the act or
10 practice or to take other affirmative action as in the
11 judgment of the administrator is necessary to comply
12 with the requirements of this chapter.
© 2000 Cornell College and
League of Women Voters of Iowa
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