California Department of Corporations Joins Nationwide Program to Help Streamline Franchise Review and Registration Process.Business Editors SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif.--(BUSINESS WIRE)--Feb. 19, 2004 Coordinated Approval Process Will Increase Efficiency for California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Businesses and State Regulators The California Department of Corporations today announced its participation in the Coordinated Franchise Review Program, a nationwide effort designed to streamline the review of franchise registrations by allowing franchisors to simultaneously obtain review of their application in multiple states. Established by the North American Securities Administrators Association The North American Securities Administrators Association (NASAA), founded in Kansas in 1919, is the oldest international investor protection organization. NASAA was created to protect consumers who purchase securities or investment advice, and their jurisdiction extends to a (NASAA NASAA See North American Securities Administrators Association (NASAA). ), the Coordinated Franchise Review Program will streamline and create a more efficient franchise registration process. Once an initial registration application is filed in all participating states where the sale of franchises will be offered, review and comment will be completed for all participating states by a single designated lead state. Additionally, the Coordinated Franchise Review will increase ease and efficiency to business franchises and state regulators by: -- Promoting a uniform and efficient review of initial franchise registrations -- Providing a more predictable time frame for registrations in multiple states -- Eliminating duplicate DUPLICATE. The double of anything. 2. It is usually applied to agreements, letters, receipts, and the like, when two originals are made of either of them. Each copy has the same effect. regulatory review and resources -- Producing uniform disclosure A copy of the Commissioner's Release is attached. The Department of Corporations is California's Investment and Financing Authority, reporting to the Business, Transportation and Housing Agency and the Governor. The Department is responsible for the regulation, enforcement and licensing of securities, franchises, off-exchange commodities, investment and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , independent escrows, consumer and commercial finance lending and residential mortgage lending. For further information or to obtain a complaint form, see the Department's Web site at www.corp.ca.gov or call 1-866-ASK-CORP (1-866-275-2677).
STATE OF CALIFORNIA
BUSINESS, TRANSPORTATION AND HOUSING AGENCY
DEPARTMENT OF CORPORATIONS
California's Investment and Financing Authority
www.corp.ca.gov
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Arnold Schwarzenegger William P. Wood
Governor California Corporations Commissioner
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DATE: February 19, 2004 RELEASE No. 16-F
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PARTICIPATION IN NASAA's COORDINATED FRANCHISE REVIEW PROGRAM Pursuant to Corporations Code Section 25612.5, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. by Assembly Bill 1031 (Chapter 473, Statutes of 2003), the California Corporations Commissioner announces the Department of Corporations' participation in the Coordinated Franchise Review Program (CFR CFR See: Cost and Freight ). Established by the North American Securities Administrators Association, the CFR allows franchisors to obtain simultaneous review of an initial franchise registration application in two or more participating registration states. Under the CFR, a franchisor: files its initial registration application in all the participating states where the offer and sale of franchises will be registered (the participating states); resolves any comments from only one, designated franchise law administrator (the lead state) acting on behalf of participating states; and receives effective registrations from the participating states on a coordinated basis. Accordingly, the CFR benefits franchisors, franchisees, and state franchise law administrators by: (1) promoting uniform and efficient review of initial franchise registrations; (2) providing a more predictable time frame for effecting registrations in multiple states; (3) avoiding duplication duplication /du·pli·ca·tion/ (doo-pli-ka´shun) 1. the act or process of doubling, or the state of being doubled. 2. of regulatory review and resources; and (4) producing a consistent disclosure document. The CFR is administered by Mr. Dale Cantone, Deputy Securities Commissioner, Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). Office of the Attorney General. For more information about the CFR, Mr. Cantone may be reached at (410) 576-6368. For questions concerning California's participation in the CFR, contact the Department of Corporations' Office of Law and Legislation at (916) 322-3553. WILLIAM P. WOOD William P. Wood was the first Director of the United States Secret Service. He was sworn in on July 5, 1865 by Secretary of the Treasury Hugh McCulloch. He then headed the newly formed Secret Service for four years until he resigned in 1869. California Corporations Commissioner By TIMOTHY L. Le BAS BAS abbr. 1. Bachelor of Agricultural Science 2. Bachelor of Applied Science Deputy Commissioner and General Counsel Office of Law and Legislation (916) 322-3553 |
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