# Business Regulation (GBR)

## Title 14. Business Opportunities, Franchises, and Multilevel Distribution Companies

### Subtitle 2. Franchises

#### Section 14-230

(a) In a prospectus or amendment to it, a person may not willfully make a false or misleading statement of a material fact or willfully omit to state a material fact required to be stated in the prospectus or amendment or necessary to make the statements in the prospectus or amendment not misleading.

(b) A person who violates this section is guilty of a felony and, on conviction, is subject for each violation to a fine not exceeding $10,000 or imprisonment not exceeding 5 years or both.

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Md. Code Ann., Bus. Reg. (as displayed at mgaleg.maryland.gov, October 16, 2026)