Notice2023-28898
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 3, 2024
Issuing agencies
Federal Trade Commission
Abstract
The Federal Trade Commission ("FTC" or "Commission") requests that the Office of Management and Budget ("OMB") extend for an additional three years the current Paperwork Reduction Act ("PRA") clearance for information collection requirements contained in the FTC's Business Opportunity Rule ("Rule"). That clearance expires on January 31, 2024.
Full Text
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<title>Federal Register, Volume 89 Issue 2 (Wednesday, January 3, 2024)</title>
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[Federal Register Volume 89, Number 2 (Wednesday, January 3, 2024)]
[Notices]
[Pages 378-379]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-28898]
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FEDERAL TRADE COMMISSION
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Extension
AGENCY: Federal Trade Commission.
ACTION: Notice.
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SUMMARY: The Federal Trade Commission (``FTC'' or ``Commission'')
requests that the Office of Management and Budget (``OMB'') extend for
an additional three years the current Paperwork Reduction Act (``PRA'')
clearance for information collection requirements contained in the
FTC's Business Opportunity Rule (``Rule''). That clearance expires on
January 31, 2024.
DATES: Comments must be filed by February 2, 2024.
ADDRESSES: Interested parties may file a comment online or on paper, by
following the instructions in the Request for Comment part of the
SUPPLEMENTARY INFORMATION section below. Written comments and
recommendations for the proposed information collection should be sent
within 30 days of publication of this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular information collection by selecting
``Currently under 30-day Review--Open for Public Comments'' or by using
the search function.
FOR FURTHER INFORMATION CONTACT: Christine M. Todaro, Attorney,
Division of Marketing Practices, Bureau of Consumer Protection, 600
Pennsylvania Ave. NW, CC-6316, Washington, DC 20580, (202) 326-3711,
<a href="/cdn-cgi/l/email-protection#593a2d363d382b36193f2d3a773e362f"><span class="__cf_email__" data-cfemail="6506110a0104170a250311064b020a13">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title of Collection: Disclosure Requirements Concerning Business
Opportunities, 16 CFR part 437.
OMB Control Number: 3084-0142.
Type of Review: Extension without change of currently approved
collection.
Abstract: The Business Opportunity Rule requires business
opportunity sellers to furnish prospective purchasers a disclosure
document that provides information regarding the seller, the seller's
business, and the nature of the proposed business opportunity, as well
as additional information to substantiate any claims about actual or
potential sales, income, or profits for a prospective business
opportunity purchaser. The seller must also preserve information that
forms a reasonable basis for such claims.
The Rule is designed to ensure that prospective purchasers receive
information to help them evaluate business opportunities. Sellers must
disclose five key items of information in a simple, one-page document:
(1) The seller's identifying information; (2) whether the seller makes
a claim about the purchaser's likely earnings (and, if yes, the seller
must provide information supporting any such claims); (3) whether the
seller, its affiliates, or key personnel have been involved in certain
legal actions (and, if yes, the seller must provide a separate list of
those actions); (4) whether the seller has a cancellation or refund
policy (and, if yes, the seller must provide a separate document
stating the material terms of such policies); and (5) a list of persons
who have purchased the business opportunity within the previous three
years. Misrepresentations and omissions are prohibited under the Rule,
and for sales conducted in languages other than English, all
disclosures must be provided in the language in which the sale is
conducted.
Affected Public: Private Sector: Businesses and other for-profit
entities.
Estimated Annual Burden Hours: 10,065.
Estimated Annual Labor Costs: $792,518.
Estimated Annual Non-Labor Costs: $3,361,014.
Request for Comment:
On August 2, 2023, the FTC sought public comment on the information
collection requirements associated with the Rule. 88 FR 50865 (Aug. 2,
2023). No relevant comments were received during the public comment
period. Pursuant to OMB regulations, 5 CFR part 1320, that implement
the PRA, 44 U.S.C. 3501 et seq., the FTC is providing this second
opportunity for public comment while seeking OMB approval to renew the
pre-existing clearance for the Rule. For more details about the Rule
requirements and the basis for the calculations summarized below, see
88 FR 50865.
Your comment--including your name and your state--will be placed on
the public record of this proceeding. Because your comment will be made
public, you are solely responsible for making sure that your comment
does not include any sensitive personal information, such as anyone's
Social Security number; date of birth; driver's license number or other
state identification number or foreign country equivalent; passport
number; financial account number; or credit or debit card number. You
are also solely responsible for ensuring that your comment does not
include any sensitive health information, such as medical records or
other individually identifiable health information. In addition, your
comment should not include any ``[t]rade secret or any commercial or
financial information which is . . . privileged or confidential''--as
provided in Section 6(f) of the FTC Act 15 U.S.C. 46(f), and FTC Rule
4.10(a)(2), 16 CFR 4.10(a)(2)--including, in particular, competitively
sensitive information, such as costs,
[[Page 379]]
sales statistics, inventories, formulas, patterns devices,
manufacturing processes, or customer names.
Josephine Liu,
Assistant General Counsel for Legal Counsel.
[FR Doc. 2023-28898 Filed 1-2-24; 8:45 am]
BILLING CODE 6750-01-P
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