(a) Except as otherwise provided in this section, an applicant for registration shall:
(1) file with the Commissioner:
(i) an application in the form that the Commissioner requires; and
(ii) a prospectus for the franchise; and
(2) pay an application fee of $500.
(b) Instead of the application for registration and prospectus described in subsection (a) of this section, the Commissioner may accept an application for registration and prospectus that:
(1) are found by the Commissioner to include disclosure requirements similar to those of this subtitle; and
(2) are:
(i) required by a unit of the federal government or another state government; or
(ii) approved by an association of administrators of state franchise laws.
(c) The applicant shall sign and verify the application for registration.
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