New York needs a more efficient franchise registration and renewal process.

Before a franchisor can sell franchises in New York state, the franchise offering must be registered with the New York State Attorney General’s Office (the AG’s Office). Registration entails the review and approval of the franchise disclosure document (the FDD) by a franchise examiner in the AG’s Office. In order to continue selling franchises in New York for another year, each franchisor must update its FDD from fiscal year to fiscal year with new audited financials and a wide range of other updated information and then submit the updated FDD, with the changes highlighted, for review and approval. Material changes in the franchise offering also call for amendment filings with the AG’s Office.

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