HB2432 Summary

• Repeals most substantive provisions of the Franchise Disclosure Act of 1987, retaining only findings, purposes, fee provisions, and saving clauses.

• Adds a new legislative declaration stating that enforceability of federal franchise guidelines is essential to protecting the franchisor-franchisee relationship in Illinois.

• Repeals 39 sections of the Act (Sections 4-43, excluding Section 13, 21, 30, and 40) that contained substantive disclosure and regulatory requirements.

• Preserves all rights, claims, penalties, offenses, and punishments that existed under the repealed provisions prior to the effective date of this amendment.

• Maintains the original Act's findings that Illinois residents have suffered substantial losses due to incomplete franchise information and affirms the intent to provide prospective franchisees with necessary decision-making information.