New Jersey § 56:10-28
Full text of New Jersey New Jersey Statutes § 56:10-28, with citation guidance and answers to common questions.
§ 56:10-28.
Except as provided pursuant to section 6 of P.L.2015, c. 24 ( C.56:10-27.1 ), it shall be a violation of this act for a motor vehicle franchisor, directly or indirectly,
through any officer, agent, employee, broker or any shareholder of the franchisor,
except a shareholder of 1% or less of the outstanding shares of any class of securities
of a franchisor which is a publicly traded corporation, or other person, to own or
operate a place of business as a motor vehicle franchisee, except that this section
shall not prohibit the ownership or operation of a place of business by a motor vehicle
franchisor for a period, not to exceed 24 consecutive months, during the transition
from one motor vehicle franchisee to another; or the investment in a motor vehicle
franchisee by a motor vehicle franchisor if the investment is for the sole purpose
of enabling a partner or shareholder in that motor vehicle franchisee to acquire an
interest in that motor vehicle franchisee and that partner or shareholder is not otherwise
employed by or associated with the motor vehicle franchisor and would not otherwise
have the requisite capital investment funds to invest in the motor vehicle franchisee,
and has the right to purchase the entire equity interest of the motor vehicle franchisor
in the motor vehicle franchisee within a reasonable period of time not to exceed 10
years.
Frequently Asked Questions About New Jersey § 56:10-28
What does New Jersey Statutes § 56:10-28 cover?
Section 56:10-28 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 56:10-28?
A common citation format is "New Jersey Statutes § 56:10-28" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 56:10-28 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.