(815 ILCS 705/2)
(from Ch. 121 1/2, par. 1702)
Findings and purpose.
(1) The General Assembly finds and
declares that the sale of franchises is a widespread business activity.
Illinois residents have suffered substantial losses where franchisors or
their representatives have not provided full and complete information
regarding the franchisor-franchisee relationship, the details of the
contract between the franchisor and franchisee, the prior business experience
of the franchisor and other factors relevant to the franchise offered for sale.
(2) It is the intent of this Act: (a) to provide each prospective
franchisee with the information necessary to make an intelligent decision
regarding franchises being offered for sale; and (b) to protect the
franchisee and the franchisor by providing a better understanding of the
business and the legal relationship between the franchisee and the franchisor.
(Source: P.A. 85-551.)