Utah Code 13-15-203. Disclosure statement furnished to purchaser — Additional nondeceptive information permitted
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(1) A seller shall provide the disclosure statement described under Section 13-15-202 to a prospective purchaser at least 10 business days before the day on which the earlier of the following occurs:
Terms Used In Utah Code 13-15-203
- Business opportunity: means an arrangement under which a person:(1)(a)(i) sells or leases a product, equipment, a supply, or a service:(1)(a)(i)(A) upon payment of initial required consideration of at least $500; and(1)(a)(i)(B) for the purpose of enabling the buyer or lessee to start a business; and(1)(a)(ii) represents to the buyer or lessee that:(1)(a)(ii)(A) the person will provide a location or assist the buyer or lessee find a location for the use or operation of a vending machine, rack, display case, or other similar device, or a currency-operated amusement machine or device, on premises neither owned nor leased by the person nor the buyer or lessee;(1)(a)(ii)(B) the person will purchase a product the buyer or lessee makes, produces, fabricates, grows, or modifies, using in whole or in part the product, equipment, supply, or service the buyer or lessee buys or leases from the person;(1)(a)(ii)(C) the person will provide the buyer or lessee with a guarantee that the buyer or lessee will receive income from the product, equipment, supply, or service the buyer or lessee buys or leases from the person that exceeds the amount the buyer or lessee pays to buy or lease the product, equipment, supply, or service, and if not the person will repurchase the product, equipment, supply, or service, if the buyer or lessee is dissatisfied; or(1)(a)(ii)(D) the buyer or lessee will or may derive income from the business described in Subsection (1)(a)(i) that exceeds the amount the buyer or lessee pays to buy or lease the product, equipment, supply, or service. See Utah Code 13-15-102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Purchaser: means a person who buys or leases from another person a business opportunity. See Utah Code 13-15-102
- Seller: means a person who offers to sell, offers to lease, sells, or leases to another person a business opportunity. See Utah Code 13-15-102
(1)(a) the prospective purchaser executes an agreement imposing a binding legal obligation on the prospective purchaser in connection with the seller’s sale or proposed sale of a business opportunity; or(1)(b) the prospective purchaser makes a payment or provides consideration in connection with the seller’s sale or proposed sale of a product or business opportunity.(2) A seller may provide a prospective purchaser nondeceptive information apart from the disclosure statement described in Section 13-15-202, if the information does not contradict the information required in the disclosure statement.