Disclosure Requirements Concerning Business Opportunities

ICR 201112-3084-013

OMB: 3084-0142

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2011-12-13
ICR Details
3084-0142 201112-3084-013
Historical Active 201112-3084-001
FTC
Disclosure Requirements Concerning Business Opportunities
Revision of a currently approved collection   No
Regular
Approved without change 02/02/2012
Retrieve Notice of Action (NOA) 12/13/2011
The approval for this information collection will go into effect March 1, 2012; with the current requirements still being in effect until Feb 29, 2012.
  Inventory as of this Action Requested Previously Approved
02/28/2015 36 Months From Approved 03/31/2012
3,163,773 0 250,000
10,533 0 16,750
3,068,843 0 3,887,500

The Federal Trade Commission is adopting final amendments to its Trade Regulation Rule entitled "Disclosure Requirements and Prohibitions Concerning Business Opportunities" ("Business Opportunity Rule"). Among other things, the Business Opportunity Rule has been amended to broaden its scope to cover business opportunity sellers not covered by the interim Business Opportunity Rule, such as sellers of work-at-home opportunities, and to streamline and simplify the disclosures that sellers must provide to prospective purchasers.

US Code: 15 USC 41-58 Name of Law: Federal Trade Commission Act
  
None

3084-AB04 Final or interim final rulemaking 76 FR 76816 12/08/2011

No

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 3,163,773 250,000 0 -250,000 3,163,773 0
Annual Time Burden (Hours) 10,533 16,750 0 -16,750 10,533 0
Annual Cost Burden (Dollars) 3,068,843 3,887,500 0 -3,887,500 3,068,843 0
No
Yes
Changing Regulations
The final rule amendments streamline the required disclosures (from over twenty to five) in the disclosure document that business opportunity sellers give to prospective buyers, permit business opportunity sellers to comply with the Rule using existing materials, and permit the use of electronic signatures and electronic recordkeeping. The amendments expand the Rule's coverage to encompass work-at-home opportunity sellers. The amendments add the requirement that sellers must provide the disclosure document and other required disclosures to potential purchasers in the same language the seller uses to market the business opportunity.

$309,000
No
No
No
No
No
Uncollected
Christine Todaro 202 326-3711 ctodaro@ftc.gov

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
12/13/2011


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