Title 71, Title 71 — Securities

Interpretative opinions. A. A document is filed when it is received by the Administrator. B. The Administrator shall keep a record of all licenses and registration statements which are or have ever been effective under this Code and all denial, suspension, or revocation orders wh…

A. Every applicant for registration under this Code shall file with the Administrator, in such form as prescribed by rule, an irrevocable consent appointing the Administrator or successor in office to be his or her attorney to receive service of any lawful process in any noncrimi…

A. The provisions of this Code concerning dispositions and offers to dispose of subdivided land apply when a disposition or offer to dispose is made in this state or when an offer to purchase is made and accepted in this state. An offer to dispose includes solicitation of an offe…

Notwithstanding any other provision of this Code, nothing contained herein shall apply to or invalidate the lien of a mortgagee who is not affiliated with the subdivider, when such lien attaches to land pledged as collateral in a transaction negotiated directly with the purchaser…

Article headings contained herein shall not be deemed to govern, limit or in any manner affect the scope, meaning or intent of the provisions of any article or section hereof. Added by Laws 1977, c. 95, § 667.

Sections 801 through 829 of this title shall be known and may be cited as the "Oklahoma Business Opportunity Sales Act". Added by Laws 1985, c. 157, § 1, eff. Nov. 1, 1985. Amended by Laws 1999, c. 109, § 10, eff. July 1, 1999.

As used in the Oklahoma Business Opportunity Sales Act, Section 801 et seq. of this title, unless otherwise provided: 1. "Administrator" means the Administrator of the Oklahoma Department of Securities. 2. "Advertising" means any circular, prospectus, advertisement or other mater…

The following business opportunities are exempt from Sections 806 through 811 of this title: 1. Any offer or sale of a business opportunity for which the immediate cash payment made by the purchaser for any business opportunity is at least Twenty-five Thousand Dollars ($25,000.00…

thereof. A. The Administrator may issue a final order denying or revoking any exemption specified in Section 803 of this title, not including the exemption provided for in paragraphs 2 and 7 of Section 803 of the Oklahoma Business Opportunity Sales Act, with respect to a particul…

In any administrative, civil or criminal proceeding related to the Oklahoma Business Opportunity Sales Act, the burden of proving an exemption, an exception from a definition or an exclusion is upon the person claiming it. Added by Laws 1985, c. 157, § 5, eff. Nov. 1, 1985. Amend…

It is unlawful and shall be deemed a Class C2 felony offense for any person to offer or sell any business opportunity, as defined in Section 802 of this title, in this state unless the business opportunity is registered under the provisions of the Oklahoma Business Opportunity Sa…

A. In order to register a business opportunity, the seller shall file with the Administrator a disclosure document prepared pursuant to Section 808 of this title with the appropriate cover sheet as required by Section 808 of this title, a consent to service of process as specifie…

A. It shall be unlawful and shall be deemed a Class C2 felony offense for any person to offer or sell any business opportunity required to be registered pursuant to the Oklahoma Business Opportunity Sales Act unless a written disclosure document as filed pursuant to Section 807 o…

A. It is unlawful and shall be deemed a Class C2 felony offense for any person to offer or sell any business opportunity, as defined in Section 802 of this title, unless the business opportunity contract or agreement is in writing and a copy of the contract or agreement is given …

Procedure. A. The Administrator may issue a final order denying effectiveness to, or suspending or revoking effectiveness of, any registration if the Administrator finds that the order is in the public interest and that: 1. The registration as of its effective date or as of any e…

In connection with the offer or sale of a business opportunity, no seller may make or use any of the representations set forth in divisions (4) and (5) of subparagraph a of paragraph 3 of Section 802 of this title unless the seller has at all times a minimum net worth of Fifty Th…

A. The Oklahoma Business Opportunity Sales Act shall be administered by the Administrator. B. It is unlawful and shall be deemed a Class C2 felony offense for the Administrator or any of his or her officers or employees to use for personal benefit any information which is filed w…

Administrator. A. The Administrator: 1. May make such public or private investigations within or outside of this state as the Administrator deems necessary to determine whether any person has violated or is about to violate any provision of the Oklahoma Business Opportunity Sales…

A. Whenever it appears to the Administrator that any person has engaged in or is about to engage in any act or practice constituting a violation of any provision of the Oklahoma Business Opportunity Sales Act or any rule or order hereunder, the Administrator may: 1. Issue an orde…

A. Any person aggrieved by a final order of the Administrator may obtain a review by the Oklahoma Securities Commission by filing with the Oklahoma Securities Commission at the offices of the Department of Securities, within fifteen (15) days after the entry of the order, a writt…

A. The Administrator may make, amend and rescind rules, forms and orders as are necessary to carry out the provisions of the Oklahoma Business Opportunity Sales Act including rules and forms governing disclosure documents, applications and reports, and defining any terms, whether…

of applications and orders - Disclosure - Interpretive opinions. A. A document is filed when it is received by the Administrator. B. The Administrator shall keep a register of all applications for registration pursuant to the Oklahoma Business Opportunity Sales Act and all orders…

and acceptance - Service of process and agent therefor. A. The provisions of the Oklahoma Business Opportunity Sales Act concerning sales and offers to sell apply to persons who sell or offer to sell when: 1. An offer to sell is made in this state; 2. An offer to purchase is made…

It is unlawful and shall be deemed a Class C2 felony offense for any person, in connection with the offer or sale of any business opportunity in this state, directly or indirectly: 1. To employ any device, scheme or artifice to defraud; 2. To make any untrue statement of a materi…

It is unlawful and shall be deemed a Class C2 felony offense for any person to make or cause to be made, in any document filed with the Administrator or in any proceeding pursuant to the Oklahoma Business Opportunity Sales Act any statement which is, at the time and in the light …

Neither the fact that an application for registration has been filed nor the fact that a business opportunity is effectively registered constitutes a finding by the Administrator that any document filed pursuant to the Oklahoma Business Opportunity Sales Act is true, complete and…

It is unlawful and shall be deemed a Class C2 felony offense for any person, in connection with the offer or sale of any business opportunity in this state, to publish, circulate or use any advertising which contains an untrue statement of a material fact or omits to state a mate…

A. Any person who willfully violates Section 806, subsection A of Section 808, subsection A of Section 809, Sections 811, 812, 819, 821 or 822 of this title or who willfully violates any rule under the act or who willfully violates any order of which the person has notice, or who…

A. Any person who violates Section 806, subsection A of Section 808, subsection A of Section 809 or Section 811 of this title, is liable to the purchaser who may sue either at law or in equity for rescission, for recovery of all money and other valuable consideration paid for the…

Any person who controls or materially aids a person liable under Sections 822 or 823 of this title shall be liable jointly and severally with and to the same extent as the person committing the violation. Added by Laws 1985, c. 157, § 25, eff. Nov. 1, 1985. Amended by Laws 2022, …

compliance, duty or liability void. A. No action shall be maintained under subsection A of Section 824 of this title unless commenced before the expiration of three (3) years after the act or transaction constituting the sale. No action shall be maintained under subsection B of S…

The Oklahoma Business Opportunity Sales Act shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it. Added by Laws 1985, c. 157, § 27, eff. Nov. 1, 1985.

All of the administrative procedures applicable to investigations and proceedings conducted pursuant to the Oklahoma Uniform Securities Act of 2004 which are not in conflict with the provisions of this title shall apply to any offer and/or sale of a business opportunity in this s…

A. Unless otherwise provided for by law, the following shall be the fees charged pursuant to the provisions of the Oklahoma Business Opportunity Sales Act. Once paid, the fees shall be nonrefundable. 1. Registration filing fee $250.00 2. Registration renewal fee $150.00 3. Review…

This act shall be known and may be cited as the "Oklahoma Uniform TOD Security Registration Act". Added by Laws 1994, c. 208, § 1, eff. Sept. 1, 1994.

As used in the Oklahoma Uniform TOD Security Registration Act, unless the context otherwise requires: 1. "Beneficiary form" means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the…

Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by two or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in ben…

A security may be registered in beneficiary form if the form is authorized by this or a similar statute of the state of organization of the issuer or registering entity, the location of the registering entity's principal office, the office of its transfer agent or its office maki…

A security, whether evidenced by certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners. Added by Laws 1994, c. 208, § 5, eff. Sep…

Registration in beneficiary form may be shown by the words "transfer on death" or the abbreviation "TOD", or by the words "pay on death" or the abbreviation "POD", after the name of the registered owner and before the name of a beneficiary. Added by Laws 1994, c. 208, § 6, eff. S…

The designation of a TOD beneficiary on a registration in beneficiary form has no effect on ownership until the owner's death. A registration of a security in beneficiary form may be canceled or changed at any time by the sole owner or all then surviving owners without the consen…

A. On death of a sole owner or the last to die of all multiple owners, ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners. On proof of death of all owners and compliance with any applicable requirements of the …

A. A registering entity is not required to offer or to accept a request for security registration in beneficiary form. If a registration in beneficiary form is offered by a registering entity, the owner requesting registration in beneficiary form assents to the protections given …

A. In this section, “nonprobate transfer” means a transfer described in subsection B of this section by an owner whose last domicile was in this state. B. A transfer on death resulting from a registration in beneficiary form is effective by reason of the contract regarding the re…

A. A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests for registrations in beneficiary form, and for implementation of registrations in beneficiary form, including requests for canc…

A. The Oklahoma Uniform TOD Security Registration Act shall be liberally construed and applied to promote its underlying purposes and policy and to make uniform the laws with respect to the subject of this act among states enacting it. B. Unless displaced by the particular provis…

The Oklahoma Uniform TOD Security Registration Act applies to registrations of securities in beneficiary form made before or after the effective date of this act by decedents dying on or after the effective date of this act. Added by Laws 1994, c. 208, § 13, eff. Sept. 1, 1994.