Title 71 — Title 71 — Securities

documents and information. A. Within ninety (90) days from the date of filing a completed application for registration, the Administrator shall issue an order registering the subdivided lands or denying the application for registration. If an order of denial is not issued within …

effectiveness of registration. A. The Administrator may issue a stop order denying effectiveness to, or suspending or revoking the effectiveness of, any registration if he or she finds that the order is in the public interest and that: 1. The registration statement as of its effe…

It is unlawful and shall be deemed a Class D3 felony offense for any person to transact business in this state as an agent unless the person has obtained a real estate broker's or real estate sales associate's license from this state, provided that the provisions of this section …

71 O.S. § 632 Repealed by Laws 2022, c. 78, § 15, eff. Nov. 1, 2022

A. Agents shall make and keep all accounts, correspondence, memoranda, papers, books and other records as the Administrator by rule requires and shall keep them for at least six (6) years, and for the first three (3) years in a readily accessible location, unless the Administrato…

71 O.S. § 634 Repealed by Laws 2022, c. 78, § 15, eff. Nov. 1, 2022

It is unlawful and deemed a Class D3 felony offense for any subdivider, agent, or affiliate of either, in connection with the offer or disposition in this state of any subdivided land, directly or indirectly, to: 1. Employ any device, scheme or artifice to defraud; 2. Make any un…

No person may offer or dispose of lots within a subdivision required to be registered under this Code which is subject to a blanket encumbrance, option or contract for deed unless such offer or disposition is in compliance with such rules as may be prescribed by the Administrator…

In connection with dispositions of subdivided lands required to be registered under this Code: 1. Any contract or agreement for the disposition is voidable at the discretion of the purchasers if the public offering statement has not been given to the purchasers as required by sub…

In connection with the offer or disposition of subdivided land required to be registered under this Code: 1. Each contract, agreement or evidence of indebtedness shall prominently contain upon its face the following notice printed in at least sixteen-point bold type which shall b…

Privileges and immunities. A. This Code shall be administered by the Administrator of the Department of Securities. B. It is unlawful for the Administrator or any of his officers or employees to use for personal benefit any information which is filed with or obtained by the Admin…

A. Unless otherwise provided by law, the following are the fees that shall be charged by the Administrator pursuant to the Oklahoma Subdivided Land Sales Code. No additional fees shall be assessed or charged pursuant to rule or regulation of the Administrator. Once paid, such fee…

A. It is unlawful and deemed a Class D3 felony offense for any person, in connection with the offer or disposition of subdivided land, to publish, circulate or use any advertising concerning the subdivided land which contains: 1. Any untrue statement, omission or pictorial repres…

It is unlawful and shall be deemed a Class D3 felony offense for any person to make or cause to be made, in any document filed under this Code or in any proceeding under this Code, any false or misleading statement in any material respect or, in connection with such statement, to…

Neither the fact that a registration statement has been filed nor the fact that any subdivided lands are registered constitutes a finding by the Administrator that any document filed under this Code is true, complete, and not misleading. Neither any such fact nor the fact that an…

A. The Administrator may: 1. Make such public or private investigations within or without this state as he deems necessary to determine whether any person has violated or is about to violate this Code or any rule or order issued hereunder, or to aid in the enforcement of this Cod…

land. A. Whenever it appears to the Administrator that any person has engaged or is about to engage in any act or practice constituting a violation of this Code or any rule or order hereunder, he may bring an action in the name of the state in the district court of Oklahoma Count…

A. Any person who willfully violates any provision of this Code, or any rule under this Code, or any order of which the person has notice, or who violates Section 654 of this title, knowing or having reasonable cause to believe that the statement made was false or misleading in a…

actions. Any person who: 1. Offers or disposes of subdivided land in violation of Sections 621, 631 or 653 of this Code, or any rule relating thereto, or any condition imposed under Sections 625 through 627 of this Code, or any order under this Code of which he has notice; or 2. …

If the Administrator has reason to believe that any offer or disposition of subdivided land required to be registered under this Code is or would be fraudulent to purchasers, the Administrator may by order summarily prohibit further offers or dispositions in this state of such la…

A. Any person aggrieved by final order of the Administrator may obtain a review by the Commission by filing with the Administrator within fifteen (15) days after the entry of the order, a written petition praying that the order be modified or set aside in whole or in part and sta…

Exemption from liability. A. The Administrator may make, amend, and rescind any rules, forms and orders that are necessary to carry out this Code including rules and forms governing applications for registration, reports and defining any terms, whether or not used in this Code, i…

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.

71 O.S. § 7 Repealed by Laws 1985, c. 178, § 81, operative July 1, 1985

71 O.S. § 701 Repealed by Laws 2003, c. 347, § 53, eff. July 1, 2004

71 O.S. § 702 Repealed by Laws 2003, c. 347, § 53, eff. July 1, 2004

71 O.S. § 703 Repealed by Laws 2003, c. 347, § 53, eff. July 1, 2004

71 O.S. § 8 Repealed by Laws 2003, c. 347, § 53, eff. July 1, 2004

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…