Are You a Business Seller; Do Not Forget to Give Your Customer Their Receipt!
The Federal Trade Commission is proposing new rules for business opportunities sellers and in this new set of proposed rules one of the new stipulations will be that business opportunities sellers must give their customer or a receipt.
Why is the Federal Trade Commission requiring this? Well, there have been cases of fraud where the buyer never got receipt and therefore could not prove that dated been ripped off. Meanwhile, there was no record of the transaction at all, no copy of the signed agreements in many cases and no way to get the buyer’s money back. Sounds pretty shady to be. And this is why or rather this is one of the reasons why the FTC is also among many other new proposed changes requiring that business opportunities sellers give receipts to their customers.
Below is a copy of the proposed rule that the Federal Trade Commission is considering putting into the new regulations, which govern business opportunities sellers. If you are a business opportunities seller within you may wish to contact the Federal Trade Commission with any comments on this proposed rule change if this bothers you in any way.
The way I see it if you are an ethical practitioner this will not bother you, but all the other hand if you are less than ethical or even fraudulent this may cause you to want to leave the business opportunities sector in stop ripping people off. Here’s the excerpt about receipts from the FTC report on the proposed rulemaking changes for business opportunities sellers;
Proposed section 437.3(a)(7): Receipt
“Proposed section 436.3(a)(7) would set forth a receipt requirement. Specifically, the seller must attach a duplicate copy of the basic disclosure page to be signed and dated by the purchaser. A designation for the signature and date is included at the bottom of the page. This requirement is designed to document proper disclosure. The receipt is especially important to prove proper disclosure with respect to electronic documents. A seller furnishing disclosures online, either through email or access to a website, has the burden of establishing that the prospect was actually able to access the electronic document. Completion and submission of the receipt serves that purpose.
The proposed Rule does not impose any particular method of transmitting the receipt. In order to minimize compliance costs, the Commission believes that the parties should have maximum flexibility to determine the best method for their business opportunity. Accordingly, proposed section 437.3(a)(7) would permit the seller to inform the prospective purchaser how to return the signed receipts, for example, by sending the receipt to a street address, or through email address, or facsimile.”
Let’s face it every legitimate business gives a receipt to their customer and every ethical business opportunities seller would do the same because those who are going into business for themselves mean that receipt for tax purposes and for their records and not to give our receipt is unethical. The Federal Trade Commission is proposing that receipts be required, as well they should. We need to get rid of all unethical business opportunities sellers in the United States of America to protect consumer. Consider this in 2006.
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