B Franchise Broker Registration Forms

Section 200 Section 200.APPENDIX B   Franchise Broker Registration Forms Section 200.ILLUSTRATION C   Franchise Broker Surety Bond We, (broker name) , a corporation, with principal offices at (broker address) , as principal, and (name of Surety) , with principal offices at (Surety address) , a Surety Company incorporated under the laws of the State of (identify state) and authorized to conduct business in the State of Illinois as Surety, are bound to the Illinois Attorney General, Obligee in the sum of 11561 to be paid to the Obligee or its legal representatives, successors, or assigns, for which payment we bind ourselves and our legal representatives and successors, jointly and severally. WHEREAS, the above-named principal has made application to the Illinois Attorney General for registration as a franchise broker under the Illinois Franchise Disclosure Act [815 ILCS 705] and is required pursuant to the Rules and Regulations promulgated under the Illinois Franchise Disclosure Act to post bond in the amount of 11561. WHEREAS, the Obligee intends to assign this bond to the respective purchaser(s) of the aforementioned franchise upon sale of the aforementioned franchise(s) to said purchaser(s). THEREFORE, the condition of this obligation is that the principal: 1.         Comply with the Illinois Franchise Disclosure Act and Regulations promulgated thereunder; and 2.         Pay all damages suffered by any person by reason of the Broker's violation of said Illinois Franchise Disclosure Act or any Rules or Regulations promulgated thereunder or any acts, rules, regulations, or orders amendatory thereof, and/or supplementary thereto, or hereafter enacted, or by reason of any misrepresentation, deceit, fraud or omission to state a material fact necessary in order to make any statement made, in the light of the circumstances under which such statement was made, not misleading. This bond and obligation hereunder shall be deemed to run continuously and shall remain in full force and effect for four full years after the date of execution shown below. In the event that any action or proceeding is initiated with respect to this bond, the parties agree that the venue thereof shall be the County in which the offer or sale of the franchise occurred. IN WITNESS WHEREOF, Principal and Surety have executed this instrument at this _______ day of _____________________, ________. Principal Surety