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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 21. Securities and Retail Franchising |
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Agency 5. State Corporation Commission, Division of Securities and Retail Franchising |
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Chapter 110. Retail Franchising Act Rules |
Section 60. Automatic effectiveness (optional)
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If the registrant desires, an application to amend or renew an effective registration may be accompanied by an executed Affidavit of Compliance on Form E and filed in accordance with 21VAC5-110-40 or 21VAC5-110-50. The application shall become effective immediately upon receipt by the commission (or upon such later date as the applicant indicates in writing to the commission) unless one or more of the following is applicable:
1. The franchisor has, since the effective date of its most recent application, been convicted of any crime or been held liable in any civil action by final judgment (if such crime or civil action involved a felony, an act of fraud, a misdemeanor involving a franchise, or a violation of the Virginia Retail Franchising Act).
2. The franchisor is insolvent or in danger of becoming insolvent, either in the sense that its liabilities exceed its assets (determined in accordance with "generally accepted accounting principles") or in the sense that it cannot meet its obligations as they mature.
3. The revised disclosure document submitted in connection with the application to amend/renew is not in compliance with the requirements of 21VAC5-110-55, 21VAC5-110-80 and 21VAC5-110-95.
If the application does not qualify for automatic effectiveness, it shall become effective as of the date it is granted by the commission.
Historical Notes
Derived from Case No. SEC950020 § 6, eff. July 1, 1995; amended, Volume 15, Issue 22, eff. July 1, 1999; Volume 24, Issue 21, eff. July 1, 2008.