Section 553.24. Exemption proceedings.

 

(1)  The division may by order deny or revoke any exemption under s. 553.23 , 553.235 or 553.25 with respect to the sale of a franchise for any of the grounds specified in s. 553.28 (1) .

(2)  If the public interest and the protection of investors so require, the division may, by order, summarily deny or revoke any exemption under s. 553.23 , 553.235 or 553.25 with respect to the sale of a franchise.

(3)  No order under this section may operate retroactively.

(4)  A person who sells a franchise pursuant to an exemption under s. 553.23 , 553.235 or 553.25 after the exemption is denied or revoked by an order of the division does not violate s. 553.21 if:

(a) The person was not given notice of the order; and

(b) The person sustains the burden of proof to establish that he or she was not given notice and did not know and, in the exercise of reasonable care, could not have known of the order.

(5)  In any proceeding under this chapter, the burden of proving an exemption or an exception from a definition is upon the person claiming it.

(6)  Within 10 days after the filing date of an application for an exemption under s. 553.25 , the division may require that additional information be filed if the division determines that the information is reasonably necessary to establish an exemption under s. 553.25 . If the division requires additional information, the exemption is not effective until 10 days after the additional information is filed with the division, unless a shorter period is permitted by the division.

1981 c. 54 ; 1987 a. 381 ; 1993 a. 200 ; 1995 a. 27 , 364 .