reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 71. Securities › §71-455. Fraudulent, deceptive and manipulative acts prohibited.

It is unlawful for any offeror or target company or any controlling person of an offeror or target company or any broker-dealer acting on behalf of an offeror or target company to engage in any fraudulent, deceptive or manipulative acts or practices in connection with a take-over offer. Fraudulent, deceptive and manipulative acts or practices include without limitation:
1. The publication or use in connection with the offer of any false statement of a material fact or the omission to state a material fact necessary to make the statements made not misleading;
2. The sale by any controlling shareholders of a target company of any or all of their equity securities to the offeror for a consideration greater than that to be paid other shareholders pursuant to the take-over offer or the purchase of any of the securities of a controlling shareholder of the target company by the offeror for a consideration greater than that to be paid other shareholders, the terms of which are not disclosed to the other shareholders;
3. The refusal by a target company to permit an offeror who is a shareholder of record to examine its list of shareholders, and to make extracts therefrom, pursuant to the applicable corporation statutes, for the purpose of making a take-over offer in compliance with this act, or in lieu thereof, to mail any solicitation materials published by the offeror to its security holders with reasonable promptness after receipt from the offeror of such materials together with the reasonable expenses of postage and handling; and
4. The solicitation of any offeree for acceptance or rejection of a take-over offer or acquisition of any equity security pursuant to a take-over offer before the take-over offer is effective under this act or while the offer is suspended under this act.
Added by Laws 1985, c. 285, § 5, emerg. eff. July 22, 1985.
2023 Oklahoma Statutes › Title 71. Securities › §71-456. Actions of offeror - Limitations.

A. No offeror may make a take-over offer which is not made to shareholders in this state on substantially the same terms as the offer is made to shareholders outside of this state.
B. An offeror shall provide that any equity securities of a target company deposited or tendered pursuant to a take-over offer may be withdrawn by or on behalf of any offeree at any time within seven (7) days from the date the offer has become effective under this act and after sixty (60) days from the date the offer has become effective under this act, except as the Administrator of the Department of Securities may otherwise prescribe by rule or order for the protection of investors.
C. If an offeror makes a take-over offer for less than all the outstanding equity securities of any class, and if the number of securities deposited or tendered pursuant thereto within ten (10) days after the offer has become effective under this act and copies of the offer, or notice of any increase in the consideration offered, are first published or sent or given to security holders is greater than the number the offeror has offered to accept and pay for, the securities shall be accepted pro rata, disregarding fractions, according to the number of securities deposited or tendered by each offeree.
D. If an offeror varies the terms of a take-over offer before its expiration date by increasing the consideration offered to security holders, the offeror shall pay the increased consideration for all equity securities accepted, whether such securities have been accepted by the offeror before or after the variation in the terms of the offer.
E. No offeror may make a take-over offer or acquire any equity securities in this state pursuant to the take-over offer, at any time when any injunction or cease and desist order is in effect against the offeror based upon a violation of any provision of this act or the Oklahoma Securities Act.
F. No offeror may acquire, remove or exercise control, directly or indirectly, over any target company assets located in this state pursuant to a take-over offer at any time when any injunction or cease and desist order is in effect against the offeror based upon a violation of any provision of this act or the Oklahoma Securities Act.
Added by Laws 1985, c. 285, § 6, emerg. eff. July 22, 1985.
2023 Oklahoma Statutes › Title 71. Securities › §71-457. Powers of Administrator - Rules and forms - Exemptions from act.

A. In administering the provisions of this act, the Administrator of the Department of Securities may exercise all powers granted to him under the Oklahoma Securities Act, which are not inconsistent with this act.
B. The Administrator may make and adopt such rules and forms as are necessary to carry out the purposes of this act, including, without limitation, rules defining terms used in this act.
C. The Administrator may by rule or order exempt from any provisions of this act any proposed take-over offer or any category or type of take-over offer which the Administrator determines does not have the purpose or effect of changing or influencing the control of a target company or where he determines that compliance with this act is not necessary for the protection of the offerees, and the Administrator may similarly exempt any persons from the requirement of filing statements under this act.
Added by Laws 1985, c. 285, § 7, emerg. eff. July 22, 1985.
2023 Oklahoma Statutes › Title 71. Securities › §71-459. Violations - Cease and desist orders - Injunctions.

A. Whenever it appears to the Administrator of the Department of Securities that any person, including a controlling person of an offeror or target company, has engaged or is about to engage in any act or practice constituting a violation of this act or any rule or order hereunder:
1. He may issue and cause to be served upon any person violating any of the provisions of this act an order requiring the person guilty thereof to cease and desist therefrom; and
2. He may bring an action in the district court of Oklahoma County or the district court in any county where service can be obtained on one or more of the offenders to enjoin the acts or practices and to enforce compliance with this act or any rule or order hereunder.
B. Upon a proper showing, the court may grant a permanent or temporary injunction or restraining order and may order rescission of any sales or purchases of securities determined to be unlawful under this act or any rule or order hereunder. The court shall not require the Administrator to post a bond.
Added by Laws 1985, c. 285, § 9, emerg. eff. July 22, 1985.
2023 Oklahoma Statutes › Title 71. Securities › §71-460. Violations - Penalty - Evidence.

A. Any person who violates, and a controlling person of an offeror or target company who knowingly violates, any provision of this act or any rule thereunder, or any order of the Administrator of which this person has notice, shall be guilty of a felony and may be fined not more than Twenty-five Thousand Dollars ($25,000.00) or imprisoned not more than five (5) years, or both. Each of the acts specified shall constitute a separate offense and a prosecution or conviction for any one of such offenses shall not bar prosecution or conviction for any other offense. No indictment or information may be returned under this act more than two (2) years after the alleged violation.
B. The Administrator may refer such evidence as is available concerning violations of this act or of any rule or order hereunder to the Attorney General or the district attorney for the appropriate county who may, with or without any reference, institute the appropriate criminal proceedings under this act. If referred to a district attorney, he shall, within ninety (90) days, file with the Administrator a statement concerning any action taken or, if no action is taken, the reasons therefor.
C. Nothing in this act limits the power of the state to punish any person for any conduct which constitutes a crime under any other statute.
D. All shares acquired from an Oklahoma resident in violation of any provision of this act or any rule thereunder, or any order of the Administrator of which the person has notice, shall be denied voting rights for one (1) year after acquisition, the shares shall be nontransferable on the books of the target company for one (1) year after acquisition and the target company shall, during this one-year period, have the option to call the shares for redemption either at the price at which the shares were acquired or at book value per share as of the last day of the fiscal quarter ended prior to the date of the call for redemption. Such a redemption shall occur on the date set in the call notice, but not later than sixty (60) days after the call notice is given.
Added by Laws 1985, c. 285, § 10, emerg. eff. July 22, 1985. Amended by Laws 1997, c. 133, § 580, eff. July 1, 1999; Laws 1999, 1st Ex.Sess., c. 5, § 420, eff. July 1, 1999.
NOTE: Laws 1998, 1st Ex.Sess., c. 2, § 23 amended the effective date of Laws 1997, c. 133, § 580 from July 1, 1998, to July 1, 1999.
2023 Oklahoma Statutes › Title 71. Securities › §71-461. Liability of offeror - Rights and remedies of seller.

A. Any offeror who purchases a security in connection with a take-over offer in violation of this act shall be liable to the person selling the security to him who may sue either at law or in equity. In an action for rescission the seller shall be entitled to recover the security, plus any income received by the purchaser thereon, upon tender of the consideration received. Tender requires only notice of willingness to pay the amount specified in exchange for the security. Any notice may be given by service as in civil actions or by certified mail to the last-known address of the person liable. Damages are the excess of either the value of the security on the date of purchase or its present value, whichever is greater, over the present value of the consideration received for the security.
B. Every person who directly or indirectly controls a person liable under subsection A of this section, every partner, principal executive officer or director of such person, every person occupying a similar status or performing similar functions, every employee of such person who materially aids in the act or transaction constituting the violation, and every broker-dealer or agent who materially aids in the act or transaction constituting the violation, is also liable jointly and severally with and to the same extent as such person, unless the person who would otherwise be so liable proves that he did not know, and in the exercise of reasonable care could not have known, of the existence of the facts by reason of which the liability is alleged to exist. There is contribution as in cases of contract among the several persons so liable.
C. No action may be maintained under this section unless commenced before the expiration of three (3) years after the act or transaction constituting the violation or the expiration of one (1) year after the discovery of the facts constituting the violation, whichever first expires.
D. The rights and remedies under this act are in addition to any other rights or remedies that may exist at law or in equity.
Added by Laws 1985, c. 285, § 11, emerg. eff. July 22, 1985.
2023 Oklahoma Statutes › Title 71. Securities › §71-621. Registration - Violations.

A. It is unlawful for any person to offer or dispose of any interest in subdivided land located in this state or to offer or dispose in this state of any subdivided land located without this state unless it is registered under this Code or the land or transaction is exempt under Sections 622 or 623 of this Code.
B. It is unlawful for any subdivider or registrant of subdivided lands registered under this Code, or any person in control of, controlled by, or under common control with the subdivider or registrant, or any agent, to offer or dispose of any of the registered subdivided land if the subdivider or registrant is in violation of this Code, or any rule promulgated under this Code, or any order issued under this Code of which he has notice, or if the registration statement relating to the subdivided lands, as of the date of such offer or disposition, is incomplete in any material respect or contains any statement which is false or misleading with respect to any material fact.
Added by Laws 1977, c. 95, § 621.
2023 Oklahoma Statutes › Title 71. Securities › §71-622. Exemptions.

The following lands, lots, interests and evidences of indebtedness are exempt from Section 621 of this Code:
1. Subdivided land offered or disposed of by the United States, any state, political subdivision of the state or any agency or corporate or other instrumentality of one or more of the foregoing;
2. Cemetery lots or interests;
3. Subdivided lands in which there are fewer than twenty lots or parcels intended for sale or lease, whether immediate or future;
4. Lots on which there is a residential, commercial or industrial building, or as to which there is a legal obligation on the part of the seller to construct such building within two (2) years of the date of disposition;
5. Evidences of indebtedness secured by a real estate mortgage or deed of trust; and
6. Such interests in subdivided lands as are regulated as securities under the Oklahoma Securities Act, as provided by this title, and the Administrator by rule or order exempts.
Added by Laws 1977, c. 95, § 622.
2023 Oklahoma Statutes › Title 71. Securities › §71-623. Additional exemptions.

The following transactions are exempt from Section 621 of this Code:
1. Offer or disposition of subdivided lands located within the State of Oklahoma;
2. Offer or disposition by a purchaser of subdivided lands for his own account in a single or isolated transaction;
3. Offer or disposition of subdivided lands if not more than ten lots are offered in any period of twelve (12) consecutive months;
4. Offer or disposition of lots to persons who are engaged in the business of construction of buildings for resale, or to persons who acquire an interest in subdivided lands for the purpose of engaging, and do engage in, the business of construction of buildings for resale;
5. Offer or disposition pursuant to an order of a court of competent jurisdiction;
6. Offer or disposition of lots, each of which will be sold for less than One Hundred Dollars ($100.00), including closing costs, provided that the purchaser will not be required to purchase more than one lot;
7. Such leases of lots which the Administrator by rule or order exempts which are for periods not in excess of five (5) years, provided the terms of the lease do not obligate the lessee to renew;
8. Offer or disposition of subdivided lands if each lot within the subdivision exceeds ten (10) acres in size;
9. Sales of securities issued by a real estate investment trust; and
10. Any other transaction as to which the Administrator by rule or order finds that registration is not necessary or appropriate for the protection of purchasers.
Added by Laws 1977, c. 95, § 623.
2023 Oklahoma Statutes › Title 71. Securities › §71-631. License required - Exemption.

It is unlawful 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 shall not apply to a person whose dealings relate solely to property exempt under Section 622 of this title or to transactions exempt under Section 623 of this title.
Added by Laws 1977, c. 95, § 631. Amended by Laws 1988, c. 108, § 25, eff. Nov. 1, 1988; Laws 2022, c. 78, § 6, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-633. Records - Copies - Inspection - Rules.

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 Administrator by rule prescribes otherwise. The Administrator may require that copies of any such records be provided by the agent to the subdivider for retention and inspection by the Administrator under such rules as the Administrator may prescribe. All required records shall be made available to the Administrator upon request for inspection at his or her office or such other place as he or she may require. The Administrator may accept copies of records at his or her discretion.
B. The Administrator may prescribe rules for the conduct of business by agents as he or she finds appropriate in the public interest for the protection of purchasers.
Added by Laws 1977, c. 95, § 633. Amended by Laws 1989, c. 150, § 10, operative July 1, 1989; Laws 2022, c. 78, § 7, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-641. Fraud - Penalty.

It is unlawful 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 untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or
3. Engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person.
Added by Laws 1977, c. 95, § 641.
2023 Oklahoma Statutes › Title 71. Securities › §71-642. Liens and encumbrances.

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 for the protection of purchasers.
Added by Laws 1977, c. 95, § 642. Amended by Laws 2022, c. 78, § 8, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-643. Contracts - Voiding - Rescinding - Revoking.

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 subsection A of Section 626 of this Code; and
2. A purchaser has an unconditional right to rescind any contract, agreement or other evidence of indebtedness, or to revoke any offer, until five (5) days after the date the purchaser actually receives a legible copy of the signed contract, agreement or other evidence of indebtedness or offer and the public offering statement. Until five (5) days after a purchaser actually receives all documents, a right to rescind may be exercised. Predating of a document does not defeat the time in which the right to rescind may be exercised.
Added by Laws 1977, c. 95, § 643.
2023 Oklahoma Statutes › Title 71. Securities › §71-644. Notice to purchaser - Signatures - Rescission of contract.

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 be at least four (4) type points larger than the body of the document stating:
NOTICE TO PURCHASER
YOU ARE ENTITLED TO CANCEL THIS AGREEMENT AT ANY TIME IF YOU HAVE NOT RECEIVED THE PUBLIC OFFERING STATEMENT IN ADVANCE OF YOUR SIGNING THIS AGREEMENT. IN ADDITION, YOU ARE ENTITLED TO CANCEL THIS AGREEMENT FOR ANY REASON WITHIN FIVE (5) DAYS FROM THE DAY YOU ACTUALLY RECEIVE A LEGIBLE COPY OF THIS DOCUMENT. DO NOT SIGN A RECEIPT FOR THIS DOCUMENT UNLESS YOU HAVE ACTUALLY RECEIVED A LEGIBLE COPY OF IT.
The contract, agreement or evidence of indebtedness shall contain sufficient space upon its face in immediate conjunction with the above notice for the signature of each person obligated under such instrument. The signature shall acknowledge that such person has read the notice and received a legible copy of the document.
2. Exercise of the purchaser's right to rescission occurs when the purchaser gives written notice to the subdivider or agent at the address stated in the contract, agreement, or evidence of indebtedness. Notice of rescission if given by mail is effective when it is deposited in a mailbox properly addressed and postage prepaid. A notice of rescission given by a purchaser need not take a particular form and is sufficient if it indicates by any form or written expression the intention of the purchaser not to be bound by the contract, agreement or evidence of indebtedness.
3. No act of the purchaser shall be effective to waive the right to rescind as provided in this Code.
Added by Laws 1977, c. 95, § 644.
2023 Oklahoma Statutes › Title 71. Securities › §71-651. Administration of Code - Personal use of information - 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 Administrator and which is not generally available to the public. No provision of this Code, except subsection D of Section 633 of this Code, either creates or derogates from any privilege which exists at common law or otherwise when documentary or other evidence is sought under a subpoena directed to the Administrator or any of his officers or employees.
Added by Laws 1977, c. 95, § 651.
2023 Oklahoma Statutes › Title 71. Securities › §71-652. Fees - Disposition.

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 fees shall be nonrefundable.
1. Filing fee for advertising or promotional materials
$10.00
2. Exemption notification filing fee
$250.00
3. Interpretive opinion or no-action request
$250.00
4. Affidavit request
$10.00
5. Service of process upon the Administrator
$10.00
6. Copying fee:
a.
8 1/2" by 14" or smaller
$.25 per page
b.
Larger than 8 1/2" by 14"
$1.00 per page
c.
Certified copy 8 1/2" by 14" or smaller
$1.00 per page
d.
Certified copy larger than 8 1/2" by 14"
$2.00 per page
7. Document search fee for commercial purpose
$20.00 per hour
8. Initial application for registration of subdivided land pursuant to Section 625 of this title:
a.
Examination fee
$250.00
b.
Registration fee
$1.00 per lot
9. Renewal application for registration of subdivided land pursuant to Section 627 of this title:
a.
Examination fee
$250.00
b.
Registration fee
$1.00 per lot
not previously registered pursuant to the Initial Application or prior Renewal Application filed pursuant to this Code.
10. Charges for an on-site examination of a subdivision conducted pursuant to Section 627 of this title shall be billed to the subdivider being examined at a rate of $25.00 per hour per employee for the time spent by each Department employee in traveling to and from the examination site, conducting the examination, and preparing the examination report. In addition, the Department shall be reimbursed for all actual expenses incurred in conducting such examinations including travel expenses, per diem, lodging, and other related expenses of Department employees conducting the examination, the cost of supplies, materials, photocopying, long distance telephone calls, and postage; and costs of technical, expert or special services required in connection with such examination.
B. All fees and other charges collected by the Administrator pursuant to this section shall be deposited in the General Revenue Fund except for the following fees and charges which shall be deposited in the Oklahoma Department of Securities Revolving Fund established pursuant to Section 1-612 of this title:
1. The fees collected pursuant to paragraphs 3, 4, 5, 6, and 7 of subsection A of this section;
2. The fees collected pursuant to the provisions of Section 627 of this title as provided in paragraph 10 of subsection A of this section; and
3. The examination fees collected pursuant to subparagraph a of paragraph 8 and subparagraph a of paragraph 9 of subsection A of this section.
Added by Laws 1977, c. 95, § 652. Amended by Laws 1989, c. 150, § 11, operative July 1, 1989; Laws 2022, c. 78, § 9, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-653. Advertising.

A. It is unlawful 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 representation of a material fact which under the circumstances makes the statement, omission or pictorial representation misleading; or
2. Any statement which differs materially from the information contained in a registration application or public offering statement.
B. All advertising except advertising relating to subdivided land or transactions exempt pursuant to Sections 622 and 623 shall be filed with the Administrator not later than ten (10) days prior to its use and shall not be used until a copy thereof has been approved for use by the Administrator, except advertising which the Administrator exempts by rule or order. Any advertising filed with the Administrator pursuant to this section shall be accompanied by the filing fee specified in Section 652 of this title.
Added by Laws 1977, c. 95, § 653. Amended by Laws 1989, c. 150, § 12, operative July 1, 1989.
2023 Oklahoma Statutes › Title 71. Securities › §71-654. Fraud - Filing of documents and information.

It is unlawful 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 omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading.
Added by Laws 1977, c. 95, § 654.
2023 Oklahoma Statutes › Title 71. Securities › §71-655. Presumptions - Fraud - Violations.

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 exemption or exclusion is available for subdivided land or a transaction means that the Administrator has passed in any way upon the merits or qualifications of, or recommended or given approval to, any person, subdivided land or transaction. It is unlawful to make, or cause to be made, to any prospective purchaser, any representation inconsistent with the foregoing.
Added by Laws 1977, c. 95, § 655. Amended by Laws 2022, c. 78, § 10, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-656. Power and duties of Administrator.

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 Code or in the prescribing of rules and forms hereunder;
2. Require or permit any person to file a statement in writing, under oath or otherwise as the Administrator determines, as to all of the facts and circumstances concerning the matter being investigated;
3. Publish information concerning any violation of this Code or any rule or order issued hereunder or concerning subdivided lands, or practices in the disposition thereof, which appear or tend to be unfair, inequitable or fraudulent; and
4. Hold hearings upon reasonable notice in respect of any matter arising out of the administration of this Code.
B. For the purpose of any investigation, hearing or proceeding under this Code, the Administrator or any officer designated by him may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence and require the production of any books, papers, correspondence, memoranda, agreements or other documents or records which the Administrator deems relevant or material to the inquiry.
C. In case of contumacy by or refusal to obey a subpoena issued to any person, the district court of Oklahoma County or the district court in any other county where service can be obtained on one or more of the defendants, upon application by the Administrator, may issue to the person an order requiring him to appear before the Administrator, or the officer designated by him, there to produce documentary evidence if so ordered or to give evidence touching the matter under investigation or in question. Failure to obey the order of the court may be punished by the court as a contempt of court.
D. No person is excused from attending and testifying or from producing any document or record before the Administrator, or in obedience to the subpoena of the Administrator or any officer designated by him, or in any proceeding instituted by the Administrator, on the ground that the testimony or evidence required of him may tend to incriminate him or subject him to a penalty or forfeiture; but no individual may be prosecuted or subjected to any penalty or forfeiture for or on account of any transaction, matter or thing concerning which he is compelled, after claiming his privilege against self-incrimination, to testify or produce evidence, except that the individual testifying is not exempt from prosecution and punishment for perjury or contempt committed in testifying.
Added by Laws 1977, c. 95, § 656.
2023 Oklahoma Statutes › Title 71. Securities › §71-657. Injunctions - Intervention in suits involving subdivided 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 County or the district court in any other county where service can be obtained on one or more of the defendants to enjoin the acts or practices and to enforce compliance with this Code or any rule or order hereunder, or he may refer the matter to the Attorney General or the district attorney of the appropriate district. Upon a proper showing, the court may grant a permanent or temporary injunction or restraining order, or may appoint a receiver for the defendant or the defendant's assets or may order rescission of any sales or purchases of subdivided lands determined to be unlawful under this Code or any rule or order hereunder. The court may not require the Administrator to post a bond.
B. The Administrator may intervene in a suit involving subdivided land required to be registered under this Code. In any suit by or against a subdivider or agent involving subdivided lands required to be registered under this Code, the subdivider or agent shall promptly furnish the Administrator with notice of the suit and copies of all pleadings.
Added by Laws 1977, c. 95, § 657.
2023 Oklahoma Statutes › Title 71. Securities › §71-658. Violation of Code - Fine.

A. Any person who willfully violates any provision of this Code except Section 654 of this title, 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 any material respect, shall be guilty of a felony and may be fined not more than Twenty-five Thousand Dollars ($25,000.00) or imprisoned not more than three (3) years, or both.
B. The Administrator may refer such evidence as is available concerning violations of this Code or any rule or order hereunder to the Attorney General or the district attorney of the appropriate district, who may, with or without any reference, institute the appropriate criminal proceedings. The Attorney General or district attorney may designate and appoint one or more lawyers of the Department of Securities as special assistants as available for the purpose of assisting in or conducting all criminal prosecutions arising by reason of proceedings under this section.
C. Nothing in this Code limits the power of the state to punish any person for any conduct which constitutes a crime under any other statute.
Added by Laws 1977, c. 95, § 658. Amended by Laws 1988, c. 108, § 26, eff. Nov. 1, 1988; Laws 1997, c. 133, § 581, eff. July 1, 1999; Laws 1999, 1st Ex.Sess., c. 5, § 421, eff. July 1, 1999.
NOTE: Laws 1998, 1st Ex.Sess., c. 2, § 23 amended the effective date of Laws 1997, c. 133, § 581 from July 1, 1998, to July 1, 1999.
2023 Oklahoma Statutes › Title 71. Securities › §71-660. Summary prohibition of offers or dispositions.

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 land until it is registered under this Code. If the Administrator has reason to believe that any subdivided land is being offered or disposed of in this state by any person in violation of this Code or any rule or order hereunder, he or she may by order summarily prohibit such person from further offers or dispositions in this state of such subdivided lands until the person is licensed as required under this Code.
Added by Laws 1977, c. 95, § 660. Amended by Laws 2022, c. 78, § 11, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-661. Review of orders.

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 stating his ground therefor. The application and petition shall within sixty (60) days be heard de novo by the Commission en banc. The applicant may offer evidence and it shall be the duty of the Administrator to offer such evidence as is relied upon in the entry of his order and such further evidence as he may deem relevant. Upon the written request of the party on whose behalf the appeal is brought, or upon his own motion, the Administrator shall cause complete stenographic notes to be taken. If requested by the appealing party, the cost of taking and transcribing such notes shall be borne by the said appealing party. If such notes are taken upon the motion of the Administrator, the cost shall be borne by the Commission. The Commission or a majority thereof shall make such order as is deemed proper, just and equitable.
B. Any person aggrieved by a final order of the Commission may obtain a review of the order by the district court of Oklahoma County.
C. The commencement of proceedings under this section before the Commission shall not operate as a stay of the Administrator's order, unless so ordered by the Commission. The commencement of proceedings under this section before the district court shall not operate as a stay of the Commission's order, unless so ordered by the court.
Added by Laws 1977, c. 95, § 661.
2023 Oklahoma Statutes › Title 71. Securities › §71-662. Rules, forms and orders - Making, amending or rescinding - 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, insofar as the definitions are not inconsistent with this Code. For the purpose of rules and forms, the Administrator may classify subdivided lands, persons, and matters within his or her jurisdiction, and prescribe different requirements for different classes.
B. No rule, form, or order may be made, amended, or rescinded unless the Administrator finds that the action is necessary or appropriate in the public interest and for the protection of purchasers. In prescribing rules and forms, the Administrator may cooperate with regulatory agencies of other units of government with a view to achieving maximum uniformity in the form and content of registration statements, applications, and reports wherever practicable.
C. The Administrator may by rule or order prescribe the form and content of financial statements required under this Code, the circumstances under which consolidated financial statements shall be filed, and whether any required financial statements shall be certified by independent or certified public accountants. All financial statements shall be prepared in accordance with generally accepted accounting practices unless otherwise permitted by rule or order.
D. No provision of this Code imposing any liability applies to any act done or omitted in good faith and conformity with any rule, form, or order of the Administrator, notwithstanding that the rule, form, or order may later be amended or rescinded or be determined to be invalid for any reason.
E. All rules and forms of the Administrator shall be published.
Added by Laws 1977, c. 95, § 662. Amended by Laws 2022, c. 78, § 12, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-663. Filing of documents - Register - Inspection - Copies - 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 which have been entered under this Code. The record shall be open for public inspection.
C. The information contained in or filed with any application for registration or report shall be made available to the public in accordance with rules prescribed by the Administrator.
D. Subject to the provisions of subsection D of Section 633 of this Code, the Administrator upon request shall furnish to any person at a reasonable charge copies, certified under the seal of office of the Administrator, if certification is requested, of any entry in the record or any order on file in the office of the Administrator. Any copy so certified is admissible in evidence in trials and other proceedings.
E. The Administrator may honor requests from interested persons for interpretative opinions.
Added by Laws 1977, c. 95, § 663. Amended by Laws 2022, c. 78, § 13, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-664. Consent to service of process - Service.

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 noncriminal suit, action or proceeding against the applicant or his or her successor, executor, or administrator which arises under this Code or any rule or order issued hereunder after the consent has been filed, with the same validity as if served personally on the person filing the consent. The consent need not be filed by a person who has filed a consent in connection with a previous registration which is then in effect. Service may be made by leaving a copy of the process in the office of the Administrator, but is not effective unless the plaintiff, who may be the Administrator in the suit, action, or proceeding instituted by him or her, promptly sends notice of the service and a copy of the process by registered or certified mail to the defendant or respondent at the last address on file with the Administrator, and the plaintiff's affidavit of compliance with this subsection is filed in the case on or before the return of the process, or within such time as the court allows.
B. When any person including any nonresident in this state, engages in conduct prohibited or made actionable by this Code or any rule or order hereunder, and has not filed a consent to service of process under subsection A of this section and personal jurisdiction over the person cannot otherwise be obtained in this state, that conduct shall be considered equivalent to appointment of the Administrator to be the person's attorney to receive service of any lawful process in any noncriminal suit, action, or proceeding against the person or his or her successor, executor, or administrator which arises out of that conduct and which is brought under this Code or any rule or order hereunder with the same validity as if served on the person personally. Service may be made by leaving a copy of the process in the office of the Administrator, but it is not effective unless the plaintiff, who may be the Administrator in a suit, action, or proceeding instituted by the Administrator, promptly sends notice of the service and a copy of the process by registered or certified mail to the defendant or respondent at the last-known address or takes other steps which are reasonably calculated to give actual notice and the plaintiff's affidavit of compliance with this subsection is filed in the case on or before the return day of the process or within such time as the court allows.
C. When process is served under this section, the court or the Administrator in a proceeding before the Administrator, shall order such continuance as is necessary to afford the defendant or respondent reasonable opportunity to defend.
Added by Laws 1977, c. 95, § 664. Amended by Laws 2022, c. 78, § 14, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-665. Dispositions and offers - Application of law - Acceptance.

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 offer to purchase. The provisions concerning purchases and offers to purchase apply when a purchase or offer to purchase is made in this state or an offer to dispose is made and accepted in this state.
B. For the purpose of this section, an offer to dispose or to purchase subdivided land is made in this state, whether or not either party is then present in this state, when the offer originates from this state or is directed by the offeror to this state and received by the offeree in this state, but, for the purpose of Section 621 of this Code, an offer to dispose which is not directed to or received by the offeree in this state is not made in this state. An offer which is made to or accepted by a person who has been induced to travel from this state for the purpose of receiving the offer or making the acceptance shall be deemed to have been made or accepted in this state.
C. For the purpose of this section, an offer to purchase or dispose is accepted in this state when acceptance is communicated to the offeror in this state. Acceptance is communicated to the offeror in this state, whether or not either party is then present, when the offeree directs the acceptance to the offeror in this state reasonably believing the offeror to be in this state and the acceptance is received by the offeror in this state.
D. An offer to dispose or to purchase subdivided land is not made in this state when the publisher circulates or there is circulated on his behalf in this state any bona fide newspaper or other publication of general, regular and paid circulation which is not published in this state, or when a radio or television program originating outside this state is received in this state.
Added by Laws 1977, c. 95, § 665.
2023 Oklahoma Statutes › Title 71. Securities › §71-666. Liens and encumbrances.

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.
Added by Laws 1977, c. 95, § 666.
2023 Oklahoma Statutes › Title 71. Securities › §71-801. Short title.

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.
2023 Oklahoma Statutes › Title 71. Securities › §71-805. Burden of proving exemption.

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. Amended by Laws 1999, c. 109, § 13, eff. July 1, 1999.
2023 Oklahoma Statutes › Title 71. Securities › §71-806. Certain sales unlawful.

It is unlawful 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 Sales Act or is exempt under Section 803 of this title.
Added by Laws 1985, c. 157, § 6, eff. Nov. 1, 1985. Amended by Laws 1999, c. 109, § 14, eff. July 1, 1999.
2023 Oklahoma Statutes › Title 71. Securities › §71-807. Registration procedure.

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 specified in subsection B of this section, the appropriate fee set forth in Section 829 of this title, and any other information determined by the Administrator to be necessary.
B. Every seller shall file the consent to service of process required by Section 818 of this title.
C. A registration automatically becomes effective upon the expiration of fifteen (15) full business days after a complete filing, provided that no order has been issued or that no proceeding is pending pursuant to Section 810 of this title. The Administrator may by order waive or reduce the time period prior to effectiveness, provided that a complete filing has been made. The Administrator may by order defer the effective date until the expiration of fifteen (15) full business days after the filing of any amendment. For purposes of this subsection, a filing shall be deemed complete upon receipt by the Administrator of the items described in subsections A and B of this section.
D. The registration is effective for one (1) year commencing on the day of effectiveness and may be renewed annually upon the filing of a current disclosure document accompanied by any documents or information that the Administrator may by rule or order require. A renewal fee as set forth in Section 829 of this title shall accompany each request for renewal. Failure to renew upon the close of the one-year period of effectiveness will result in expiration of the registration. The Administrator may by rule or order require the filing of a sales report and payment of a report filing fee as set forth in Section 829 of this title.
E. The Administrator may by rule or order require the filing of all proposed literature or advertising prior to its use and payment of the review fee as set forth in Section 829 of this title for each sales literature or advertising package.
Added by Laws 1985, c. 157, § 7, eff. Nov. 1, 1985. Amended by Laws 1989, c. 150, § 13, operative July 1, 1989; Laws 1997, c. 279, § 25, eff. July 1, 1997; Laws 1999, c. 109, § 15, eff. July 1, 1999; Laws 2022, c. 77, § 43, eff. Nov. 1, 2022.