A franchise disclosure document (FDD) is a legal document which is presented to prospective franchise buyers (franchisees) in the pre-sale disclosure process. Prior to 2008, it was known as the Uniform Franchise Offering Circular (UFOC). Under the Franchise Rule, which is enforced by the Federal Trade Commission (FTC), the following states (California, Hawaii, Illinois, Indiana, Maryland, Michigan,Minnesota, New York, North Dakota, Oregon,Rhode Island, South Dakota, Virginia, Washington, and Wisconsin) require that franchisors present their FDD to prospective franchisees at least 14 days before any franchise agreement is signed and before any funds change hands. Most would argue that the FDD is the most critical document for understanding and analyzing a franchise system.