; (2) the term Financial Performance Representation Commentary means the Financial Performance Representation Commentary adopted by the North American Securities Administrators Association on May 8, 2017; and (3) the terms franchise , franchisee , and franchisor have the meanings given those terms in section 436.1 of title 16, Code of Federal Regulations, as in effect on July 1, 2007. 4. Required disclosures (a) In general Subject to subsection (b), a franchisor, except for a franchisor of a franchise in the lodging industry, that qualifies for guaranteed lending from the Small Business Administration for the franchises of the franchisor shall, at a minimum, disclose in the disclosure document required to be furnished by the franchisor to any prospective franchisee the following information for each of the 3 years preceding the date of the disclosure document: (1) The average and median first-year revenues for all businesses operated under franchises granted by the franchisor, in accordance with the Financial Performance Representation Commentary. (2) The total number of businesses operated under franchises granted by the franchisor that, during the first year of operation, either— (A) ceased operations