; (2) remove any hidden discussions between the franchisor and the lender on financial data critical to the loan approval process; (3) lower the fees and rates charged to franchisee borrowers; and (4) help ensure lower default rates in order to make more money available for loans. 3. Required disclosures (a) In general A franchisor, except for a franchisor of a franchise in the lodging industry, shall disclose in the required Federal Trade Commission disclosure document, the following: (1) The average first-year revenue for all franchise locations for each of the preceding five years of operation. (2) The number of franchise locations that went out of business or were sold by the franchisee during the first year of operation for each of the preceding five years. (3) Average revenues for all locations of the franchise for each of the preceding five years of operation, aggregated to show the top 25 percent, middle 50 percent, and the bottom 25 percent of revenue. (b) Disclosure to prospective franchisee Any financial information relating to the performance of any location of a franchise that is provided by the franchisor, or its representatives, to the lender for the purpose of qualifying the loan, shall be disclosed to the prospective franchisee borrower. 4. Definitions For purposes of this Act, the following definitions apply: (1) The term disclosure document means the disclosure statement required by the Federal Trade Commission in Trade Regulation Rule 436 (16 Fed. Reg. 436). (2) The terms franchise , franchisee and franchisor have the meanings given such terms in section 436.1 of title 16 of the Code of Federal Regulations as in effect on July 1, 2007. 5. Severability If any provision of this Act or any application of this Act to any person or circumstances is held invalid, the remainder of this Act and its application to any person or circumstance shall not be affected thereby.