State Guide: Business Opportunity Disclosure Laws

Twenty-three states have business opportunity laws. Most of these laws prohibit sales of business opportunities unless the seller gives potential purchasers a pre-sale disclosure document that has first been filed with a designated state agency.

State business opportunity laws typically cover every imaginable type of business opportunity that might be offered. If a business opportunity seller is not required to provide pre-sale disclosures by the Franchise Rule, these disclosures will almost always be required by the laws of the states listed below.

The disclosures required by state business opportunity laws differ, and usually provide more abbreviated information than the Franchise Rule requires. However, most of these laws provide important rights and remedies for business opportunity investors, including required security bonds to cover investor losses.

If you are considering purchasing a work-at-home or other business opportunity, and reside in a state with a business opportunity law, we encourage you to find out more about the protection provided by your state statute before you invest.

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State Government Agencies

• California (filing required)
  Attorney General’s
  Office Public Inquiry Unit
  P.O. Box 944255
  Sacramento, CA 94244-2550
  Toll-free in California only (800) 952-5225
  Out-of-state callers (916) 322-3360
  E-Mail: piu@doj.ca.gov
• Connecticut (filing required)
  Department of Banking
  Securities Division
  260 Constitution Plaza
  Hartford, CT 06103
  Phone: (860) 240-8230
  Toll-free: 800-831-7225
  Fax: 860-240-8295
  Web site: http://www.state.ct.us/dob
  E-mail: sylvia.morgan@po.state.ct.us
• Florida (filing required)
  Dept. Agri. & Consumer Services
  Room 110 – Mayo Building
  Tallahassee, FL 32301
  (850) 488-2221
  (800) 342-2176 (in-state only)
• Georgia (no filing required)
  Office of Consumer Affairs
  No. 2 – Martin Luther King Dr.
  Plaza Level, East Tower
  Atlanta, GA 30334
  (404) 656-3790
• Illinois (filing required)
  Illinois Securities Department
  Lincoln Tower
  520 S. Second St. Suite 200
  Springfield, IL 62701
  (217)782-2256
• Indiana (filing required)
  Consumer Protection Division
  Attorney General’s Office
  219 State House
  Indianapolis, IN 46204
  (317) 232-6331
• Iowa (filing required)
  Securities Bureau
  Second Floor
  Lucas State Office Building
  Des Moines, IA 50319
  (515) 281-4441
• Kentucky (filing required)
  Attorney General’s Office
  Consumer Protection Division
  209 St. Clair
  Frankfort, KY 40601
  (502) 573-2200
• Louisiana (bond filing req’d)
  Office of the Attorney General
  Consumer Protection Division
  2610-A Woodale Blvd.
  Baton Rouge, LA 70804
  (504) 342-7900
• Maine (filing required)
  Banking Bureau
  Securities Division
  State House – Station 121
  Augusta, ME 04333
  (207) 624-8551
• Maryland (filing required)
  Attorney General’s Office
  Securities Division
  200 St. Paul Pl. – 20th Floor
  Baltimore, MD 21202
  (301) 576-6360
• Michigan (notice required)
  Consumer Protection Division
  Dept. of the Attorney General
  670 Law Building
  Lansing, MI 48913
  (517) 373-7117
• Minnesota (filing required)
  Department of Commerce
  Registration Division
  133 East 7th Street
  St. Paul, MN 55101
  (651) 296-6328
• Nebraska (filing required)
  Dept. of Banking & Finance
  P.O. Box 95006
  Lincoln, NE 68509
  (402) 471-2171 or
  (402) 471-3445
• New Hampshire (filing required)
  Attorney General’s Office
  Consumer Protection Div.
  State House Annex
  Concord, NH 03301
  (603) 271-3641
• North Carolina (filing required)
  Department of Justice
  Consumer Protection Division
  P.O. Box 629
  Raleigh, NC 27602
  (919) 733-3924
• Ohio (no filing required)
  Attorney General’s Office
  Consumer Fraud & Crime Section
  25th Floor, State Office Tower
  30 East Broad Street
  Columbus, OH 43266-0410
  (614) 466-8831
  800-282-0515 (in-state only)
• Oklahoma (filing required unless exempt)
  Oklahoma Department. of Securities
  Suite 860, First National Center
  120 N. Robinson
  Oklahoma City, OK 73102
  (405) 280-7700 (voice)
  (405) 280-7742 (fax)
  Internet Site: http://www.securities.state.ok.us
• South Carolina (filing required)
  Secretary of State’s Office
  P.O. Box 11350
  Columbia, SC 29211
  (803) 734-2169
• South Dakota (filing required)
  Division of Securities
  910 E. Sioux Avenue
  Pierre, SD 57501
  (605) 773-4013
• Texas (filing required)
  Secretary of State’s Office
  Statutory Documents Section
  P.O. Box 13563
  Austin, TX 78711
  (512) 475-1769
• Utah (filing required)
  Consumer Protection Division
  160 East 300 South
  Salt Lake City, UT 84111
  (801) 530-6601
• Virginia (no filing required)
  Consumer Affairs Office
  101 North 8th Street
  Richmond, VA 23219
  (804) 786-0594
  (800) 451-1525 (in-state only)
• Washington (filing required)
  Department of Financial Institutions
  Securities Division
  P.O. Box 9033
  Olympia, WA 98507-9033
  (206) 753-6928

Next Steps

If you are considering a business opportunity or franchisee, know the laws and your state’s requirements. Consult with a business law attorney in your area to learn more.

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