No person may offer or sell any franchise:

1. (1) unless the franchise is registered under this chapter or is exempt from such registration under sections 3 through 5 of this chapter; and

2. (2) without first providing to the prospective franchisee at least ten (10) days prior to the execution by the prospective franchisee of a binding franchise or at least ten (10) days prior to the receipt by the franchisor of any consideration, whichever first occurs, a disclosure statement together with a copy of all proposed contracts relating to the sale of a franchise.

   Formerly: Acts 1975, P.L.262, SEC.1. As amended by P.L.233-1985, SEC.2.