- (1) The General Assembly finds and declares that the sale of franchises is a widespread business activity. Illinois residents have suffered substantial losses where franchisors or their representatives have not provided full and complete information regarding the franchisor-franchisee relationship, the details of the contract between the franchisor and franchisee, the prior business experience of the franchisor and other factors relevant to the franchise offered for sale.
- (2) It is the intent of this Act:
- (a) to provide each prospective franchisee with the information necessary to make an intelligent decision regarding franchises being offered for sale; and
- (b) to protect the franchisee and the franchisor by providing a better understanding of the business and the legal relationship between the franchisee and the franchisor.
(from Ch. 121 1/2, par. 1702)
(Source: P.A. 85-551.)