New protection coming for franchisees
Last Updated: Tuesday, December 26, 2006 | 12:08 PM AT
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With the Franchises Act coming into full effect on Prince Edward Island on Jan. 1, franchisees will be getting better protection from the provincial government.
Parts of the Franchises Act came into effect last summer. Government created the legislation following complaints from some Islanders who bought franchises from off-Island companies.
The law forces franchisors to disclose certain information to potential buyers before the sale is made, such as startup costs, fees and financial statements.
The government says the law will ensure the franchisee has all of the information needed to make a wise decision before signing on the dotted line, or handing over any money.
P.E.I. joins Ontario and Alberta as the only provinces to have laws protecting franchisees.
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