{"data":{"id":"us-ky/krs-367.805","jurisdiction":"us-ky","citation":"KRS 367.805","heading":"Registration of persons engaged in sale of business opportunities --","body":"Administrative regulations.\n(1) It is unlawful for any person to engage in the sale of business opportunities unless\nprior to the offering the offeror has registered with the of fice and has furnished a\nbond pursuant to KRS 367.815(2) and provided all of the following:\n(a) All trade names, assumed names, and all trademarks by which the offeror or\nthe prospective consumer/investor of the business opportunity will be doing\nbusiness.\n(b) The names, home addresses, and home telephone numbers of the persons and\ncompany offering the business opportunity, and the company's directors and\nchief executive officers, and the names, home addresses, and home telephone\nnumbers of all representatives selling business opportunities in Kentucky.\n(c) A statement as to the length of time the person and company offering the\nbusiness opportunity has conducted a business of the type being offered both\nwithin and without Kentucky.\n(d) A statement as to whe ther the person or company offering the business\nopportunity or any of its directors or chief executive officers or sales\nrepresentatives operating in Kentucky is currently involved in litigation or has\nbeen held liable in a civil action by final judgment for having engaged in\nunfair, false, misleading, or deceptive practices or is currently charged with or\nhas been convicted of or pleaded nolo contendere to a felony involving fraud,\nembezzlement, fraudulent conversion, or misappropriation of property durin g\nthe most recent seven (7) year period, or has entered into any agreed\nsettlements or is currently in any bankruptcy proceeding or has been declared\nbankrupt in any judicial proceeding during the most recent seven (7) year\nperiod.\n(e) A statement as to wh ether the person or the company offering the business\nopportunity or its officers, directors, or agents making the offering of the\nbusiness opportunity has been a party to any legal cause of action brought by\na consumer/investor of the business opportunity  within the last seven (7) year\nperiod and, if so, the name and address of such individual who has brought the\nlegal action.\n(f) A statement disclosing the names, addresses, and telephone numbers of all\npersons who have been sold a business opportunity by the offeror within the\nlast two (2) year period.\n(g) A statement listing the names and addresses of any consumer/investor who\nhas requested within the preceding three (3) years that the offeror return his\nmoney.\n(h) A current audited financial statement of the offeror.\n(i) A specimen of each contract proposed for use in connection with the business\nopportunity.\n(j) A full and detailed description of the actual services that the offeror of the\nbusiness opportunity undertakes to perform for the consumer/investor.\n(k) If training is promised by the offeror, a complete description of the training,\nincluding length of the training and costs.\n(2) The offeror shall immediately notify the office of any material change in\ninformation contained in the application for registration and shall make appropriate\namendment of the disclosure statement.\n(3) The division shall collect, from any offeror required to comply with this section, an\ninitial fee of one hundred fifty dollars ($150), and an annual renewal fee of fifty\ndollars ($50), and an update fee of twenty -five dollars ($25) for the administration\nand enforcement of KRS 367.801  to 367.819. Funds so collected shall be credited\nto a trust or agency account for the administrative purpose of the Attorney General's\nOffice of Consumer Protection.\n(4) The Attorney General may promulgate administrative regulations as needed to\nprovide for: a hearing, to be conducted in accordance with KRS Chapter 13B, for\nany business opportunity which the Attorney General initially determines should\nnot be registered or should have registration revoked or suspended; for the\nestablishment of specific sta ndards for the form and content of the disclosure\ndocument; and for registration procedures including fee schedules.","path":["KRS Chapter 367"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=54556","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:05Z","sha256":"da153fc27a3ebab1e63425a46a0ed5117e34ea396c17e69c2f1d525706bfd815","source_id":"us-ky","stale":false,"prev":"us-ky/krs-367.803","next":"us-ky/krs-367.807"},"notice":"GroundRules: Original legal text. Not legal advice."}