reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 70. Schools › §70-9009. Millage levy - Net assessed value of taxable property.

The millage levied by a higher education funding district shall be applied to the net assessed value of all taxable property located within the district each year in the same manner as provided by law for millage imposed by other ad valorem taxing jurisdictions. The county treasurer shall include the tax due resulting from such millage in the same manner as provided by law for other ad valorem taxes.
Added by Laws 2022, c. 406, § 9.
2023 Oklahoma Statutes › Title 70. Schools › §70-9010. Revenues – General fund of institution – Authorized expenditures.

A. All revenues derived from the net assessed value of property located within the boundary of the higher education funding district shall be paid by the county treasurer to the general fund of the eligible institution or to such fund as may be specified by the board of regents for the institution, and the board of regents for the institution shall be authorized to expend such revenues in support of the operational expenses of the institution, including, without limitation, employee salaries, employee benefits, including retirement benefits and health care benefits, federal or state income or withholding taxes or related payroll taxes, utility costs, insurance expenses, books, electronic instructional materials, supplies for classrooms, upkeep of grounds and landscaping, maintenance of physical plants such as heating and air conditioning units, acquisition and maintenance of motor vehicles and such other expenditures as may be approved by the board of regents pursuant to such standards and procedures as the board of regents may establish.
B. None of the revenues derived from any millage rate imposed within the boundary of a higher education funding district may be used by an institution within The Oklahoma State System of Higher Education to compete with the services or programs offered by any existing career technology district which is either contiguous to the boundary of the higher education funding district or located in sufficiently close proximity to the higher education funding district that the programs or services offered by such career technology district would be duplicated or adversely impacted by the expenditure of funds by the institution which causes the formation of the higher education funding district pursuant to the provisions of this act.
C. The Oklahoma State Regents for Higher Education shall not take into consideration revenues derived from any millage levy imposed pursuant to the provisions of the Higher Education Institution Local Funding Act when allocating state-appropriated funds for support of the institution which established a higher education funding district pursuant to the provisions of this act.
Added by Laws 2022, c. 406, § 10.
2023 Oklahoma Statutes › Title 70. Schools › §70-9011. Bond proceeds – Authorized expenditures – Final authority.

A. Proceeds from bonds or other evidence of indebtedness issued by the higher education funding district may be expended on such assets as authorized by the provisions of the Internal Revenue Code of 1986, as amended, or other provisions of federal or state law based on whether the interest income paid to bondholders is exempt from federal or state income tax.
B. Final maturity of any obligation issued by the higher education funding district shall not exceed twenty-five (25) years.
C. Bonds or other evidence of indebtedness issued by a higher education funding district may be sold using such procedures as may be established by the board of regents of the institution for whose benefit the higher education funding district has been created.
Added by Laws 2022, c. 406, § 11.
2023 Oklahoma Statutes › Title 70. Schools › §70-9012. Modification of millage rate – Submission to voters – Petition - Limits.

After the formation of a higher education funding district authorized by this act, the question of modification of an operational millage rate may be submitted to the voters of the district by resolution of the board of regents of the institution within The Oklahoma State System of Higher Education for the benefit of which the district has been created or upon a petition signed by ten percent (10%) or more of the eligible voters residing within the boundary of a district. No millage rate in excess of that provided for in Section 9B of Article X of the Oklahoma Constitution may be approved and no sinking fund millage rate for repayment of bonds or other evidence of indebtedness may be modified pursuant to the provisions of this section. The question of modification of an operational millage rate may be submitted at either a General Election or a special election with notice of the question to be provided in advance of the election date in the same manner as provided by law for similar questions pursuant to Section 9B of Article X of the Oklahoma Constitution or enabling legislation enacted pursuant to authority of that section.
Added by Laws 2022, c. 406, § 12.
2023 Oklahoma Statutes › Title 70. Schools › §70-9013. Annexation or deannexation of territory - Resolution by board of regents - Petition.

After the formation of a higher education funding district authorized by this act, the question of annexation or deannexation of territory comprising the district may be submitted either by resolution of the board of regents for the institution within The Oklahoma State System of Higher Education for whose benefit the district was created or by a petition signed by ten percent (10%) or more of the eligible voters of the district. The procedures for conducting the vote and implementing any changes in the boundary of the higher education funding district shall be the same as those prescribed by Section 9B of Article X of the Oklahoma Constitution or enabling legislation enacted or administrative rules adopted pursuant thereto.
Added by Laws 2022, c. 406, § 13.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-103. References to federal statutes.

"Securities Act of 1933" (15 U.S.C. Section 77a et seq.), "Securities Exchange Act of 1934" (15 U.S.C. Section 78a et seq.), "Public Utility Holding Company Act of 2005" (42 U.S.C. Section 16451 et seq.), "Investment Company Act of 1940" (15 U.S.C. Section 80a-1 et seq.), "Investment Advisers Act of 1940" (15 U.S.C. Section 80b-1 et seq.), "Employee Retirement Income Security Act of 1974" (29 U.S.C. Section 1001 et seq.), "National Housing Act" (12 U.S.C. Section 1701 et seq.), "Commodity Exchange Act" (7 U.S.C. Section 1 et seq.), "Internal Revenue Code" (26 U.S.C. Section 1 et seq.), "Securities Investor Protection Act of 1970" (15 U.S.C. Section 78aaa et seq.), "Securities Litigation Uniform Standards Act of 1998" (112 Stat. 3227), "Small Business Investment Act of 1958" (15 U.S.C. Section 661 et seq.), "Family Educational Rights and Privacy Act" (20 U.S.C. Section 1232g), and "Electronic Signatures in Global and National Commerce Act" (15 U.S.C. Section 7001 et seq.) mean those statutes and the rules and regulations adopted under those statutes, as in effect on the date of enactment of this act, or as later amended.
Added by Laws 2003, c. 347, § 3, eff. July 1, 2004. Amended by Laws 2022, c. 77, § 7, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-105. Electronic records and signatures.

This Act modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, but does not modify, limit, or supersede Section 101(c) of that act (15 U.S.C. Section 7001(c)) or authorize electronic delivery of any of the notices described in Section 103(b) of that act (15 U.S.C. Section 7003(b)). This Act authorizes the filing of records and signatures, when specified by provisions of this act or by a rule adopted or order issued under this act, in a manner consistent with Section 104(a) of that act (15 U.S.C. Section 7004(a)).
Added by Laws 2003, c. 347, § 5, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-203. Additional exemptions and waivers.

A rule adopted or order issued under this act may exempt a security, transaction, or offer; a rule under this act may exempt a class of securities, transactions, or offers from any or all of the requirements of Sections 1-301 through 1-305 and 1-504 of this title; and an order under this act may waive, in whole or in part, any or all of the conditions for an exemption or offer under Sections 1-201 and 1-202 of this title.
Added by Laws 2003, c. 347, § 8, eff. July 1, 2004. Amended by Laws 2022, c. 77, § 10, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-204. Denial, suspension of application, revocation, condition, or limitation of exemptions.

A. Except with respect to a federal covered security or a transaction involving a federal covered security, an order under this act may deny, suspend application of, condition, limit, or revoke an exemption created under subparagraph c or d of paragraph 3 of Section 1-201 of this title, or paragraph 7 or 8 of Section 1-201 of this title or Section 1-202 of this title or an exemption or waiver created under Section 1-203 of this title with respect to a specific security, transaction, or offer. An order under this section may be issued only pursuant to the procedures in subsection D of Section 1-306 or Section 1-604 of this title and only prospectively.
B. A person does not violate Section 1-301, 1-504 or 1-510 of this title by an offer to sell, offer to purchase, sale, or purchase effected after the entry of an order issued under this section if the person did not know, and in the exercise of reasonable care could not have known, of the order.
Added by Laws 2003, c. 347, § 9, eff. July 1, 2004. Amended by Laws 2022, c. 77, § 11, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-301. Securities registration requirement.

It is unlawful for a person to offer or sell a security in this state unless:
1. The security is a federal covered security;
2. The security, transaction, or offer is exempted from registration under Sections 1-201 through 1-203 of this title; or
3. The security is registered under this title.
Added by Laws 2003, c. 347, § 10, eff. July 1, 2004. Amended by Laws 2022, c. 77, § 12, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-302. Federal covered security – Notice filing.

A. With respect to a federal covered security, as defined in Section 18(b)(2) of the Securities Act of 1933, (15 U.S.C. Section 77r(b)(2)), that is not otherwise exempt under Sections 1-201 through 1-203 of this title, the issuer shall file a notice with the Administrator prior to an offer in this state. A separate notice shall be filed for each class of an issuer's securities offered in this state. Each notice shall be for an indefinite amount of securities. A notice, or renewal thereof, shall be accompanied by the filing fee set forth in Section 1-612 of this title. The Administrator may, by rule or order, prescribe notice filing and renewal requirements, and the requirements for filing of reports of the dollar amount of securities sold or offered to be sold to persons located in this state.
B. A notice filing under subsection A of this section is effective for one (1) year commencing on the later of the notice filing or the effectiveness of the offering filed with the Securities and Exchange Commission. On or before expiration, the issuer may renew a notice filing by filing a copy of those records filed by the issuer with the Securities and Exchange Commission that are required by rule or order under this act to be filed and by paying a renewal fee as provided in Section 1-612 of this title. A previously filed consent to service of process complying with Section 1-611 of this title may be incorporated by reference in a renewal. A renewed notice filing becomes effective upon the expiration of the filing being renewed.
C. 1. With respect to a security that is a federal covered security under Section 18(b)(4)(F) of the Securities Act of 1933, (15 U.S.C. Section 77r(b)(4)(F)), a notice filing is required and shall be accompanied by the payment of the fee set forth in Section 1-612 of this title. The Administrator shall designate the content and timing of the notice filing by rule.
2. With respect to a security that is a federal covered security under Section 18(b)(4)(D)(ii) of the Securities Act of 1933, (15 U.S.C. Section 77r(b)(4)(D)(ii)), a notice filing is required and shall be accompanied by the payment of the fee set forth in Section 1-612 of this title. The Administrator shall designate the content and timing of the notice filing by rule.
D. Except with respect to a federal covered security under Section 18(b)(1) of the Securities Act of 1933, (15 U.S.C. Section 77r(b)(1)), if the Administrator finds that there is a failure to comply with a notice or fee requirement of this section, the Administrator may issue a stop order suspending the offer and sale of a federal covered security in this state. If the deficiency is corrected, the stop order is void as of the time of its issuance and no penalty may be imposed by the Administrator.
Added by Laws 2003, c. 347, § 11, eff. July 1, 2004. Amended by Laws 2016, c. 107, § 1, eff. Nov. 1, 2016; Laws 2022, c. 77, § 13, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-307. Waiver or modification.

The Administrator may waive or modify, in whole or in part, any or all of the requirements of Sections 1-302, 1-303, and subsection B of Section 1-304 of this title or the requirement of any information or record in a registration statement or in a periodic report filed pursuant to subsection I of Section 1-305 of this title.
Added by Laws 2003, c. 347, § 16, eff. July 1, 2004. Amended by Laws 2022, c. 77, § 18, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-405. Federal covered investment adviser registration requirement and exemptions.

A. Except with respect to a federal covered investment adviser described in subsection B of this section, it is unlawful for a federal covered investment adviser to transact business in this state as a federal covered investment adviser unless the federal covered investment adviser complies with subsection C of this section.
B. The following federal covered investment advisers are not required to comply with subsection C of this section:
1. A federal covered investment adviser without a place of business in this state if its only clients in this state are:
a.
federal covered investment advisers, investment advisers registered under this act, and broker-dealers registered under this act,
b.
institutional investors,
c.
bona fide preexisting clients whose principal places of residence are not in this state, or
d.
other clients specified by rule adopted or order issued under this act;
2. A federal covered investment adviser without a place of business in this state if the person has had, during the preceding twelve (12) months, not more than five clients that are residents in this state in addition to those specified under paragraph 1 of this subsection; and
3. Any other person excluded by rule adopted or order issued under this act.
C. A person acting as a federal covered investment adviser, not excluded under subsection B of this section, shall file a notice containing a consent to service of process complying with Section 1-611 of this title, such records as have been filed with the Securities and Exchange Commission under the Investment Advisers Act of 1940 required by rule or order under this act, and the fee specified in Section 1-612 of this title.
D. The notice under subsection C of this section becomes effective upon its filing and expires at midnight on December 31 each year.
Added by Laws 2003, c. 347, § 22, eff. July 1, 2004. Amended by Laws 2022, c. 77, § 23, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-406. Registration application - Time of becoming effective.

A. A person shall register as a broker-dealer, agent, investment adviser, or investment adviser representative by filing an application that contains:
1. The information required for the filing of a uniform application, a consent to service of process complying with Section 1-611 of this title, the fee specified in Section 1-612 of this title and any reasonable fees charged by the designee of the Administrator for processing the filing; and
2. Upon request by the Administrator, any other financial or other information that the Administrator determines is appropriate.
B. If the information contained in an application that is filed under subsection A of this section is or becomes inaccurate or incomplete in any material respect, the registrant shall promptly file a correcting amendment.
C. If an order is not in effect and a proceeding is not pending under Section 1-411 of this title, registration becomes effective at noon on the 45th day after a completed application is filed unless the registration is denied. A rule adopted or order issued under this act may set an earlier effective date or may defer the effective date until noon on the 45th day after the filing of any amendment completing the application.
D. A registration is effective until midnight on December 31 of the year for which the application for registration is filed. Unless an order is in effect under Section 1-411 of this title, a registration may be automatically renewed each year by filing such records as are required by rule adopted or order issued under this act, by paying the fee specified in Section 1-612 of this title, and by paying costs charged by the designee of the Administrator for processing the filings.
E. A rule adopted or order issued under this act may impose such other conditions not inconsistent with the National Securities Markets Improvement Act of 1996. An order issued under this act may waive, in whole or in part, specific requirements in connection with registration as are in the public interest and for the protection of investors.
Added by Laws 2003, c. 347, § 23, eff. July 1, 2004. Amended by Laws 2022, c. 77, § 24, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-407. Succession and change in registration of broker-dealer or investment adviser.

A. A broker-dealer or investment adviser may succeed to the current registration of another broker-dealer or investment adviser or a notice filing of a federal covered investment adviser, and a federal covered investment adviser may succeed to the current registration of an investment adviser or notice filing of another federal covered investment adviser, by filing as a successor an application for registration pursuant to Section 1-401 or 1-403 of this title, or a notice pursuant to Section 1-405 of this title, for the unexpired portion of the current registration or notice filing.
B. A broker-dealer or investment adviser that changes its form of organization or state of incorporation or organization may continue its registration by filing an amendment to its registration if the change does not involve a material change in its financial condition or management. The amendment becomes effective when filed or upon a date designated by the registrant in its filing. The new organization is a successor to the original registrant for the purposes of this act. If there is a material change in financial condition or management, the broker-dealer or investment adviser shall file a new application for registration. Any predecessor registered under this act shall stop conducting its securities business other than winding down transactions and shall file for withdrawal of broker-dealer or investment adviser registration within forty-five (45) days after filing its amendment to effect succession.
C. A broker-dealer or investment adviser that changes its name may continue its registration by filing an amendment to its registration. The amendment becomes effective when filed or upon a date designated by the registrant.
D. A change of control of a broker-dealer or investment adviser may be made in accordance with a rule adopted or order issued under this act.
Added by Laws 2003, c. 347, § 24, eff. July 1, 2004. Amended by Laws 2022, c. 77, § 25, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-409. Withdrawal of registration of broker-dealer, agent, investment adviser, and investment adviser representative.

Withdrawal of registration by a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective sixty (60) days after the filing of the application to withdraw or within any shorter period as provided by rule adopted or order issued under this act unless a revocation or suspension proceeding is pending when the application is filed. If a proceeding is pending, withdrawal becomes effective when and upon such conditions as required by rule adopted or order issued under this act. The Administrator may institute a revocation or suspension proceeding under Section 1-411 of this title within one (1) year after the withdrawal became effective automatically and issue a revocation or suspension order as of the last date on which registration was effective if a proceeding is not pending when the application is filed.
Added by Laws 2003, c. 347, § 26, eff. July 1, 2004. Amended by Laws 2022, c. 77, § 27, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-501. General fraud.

It is unlawful for a person, in connection with the offer, sale, or purchase of a security, directly or indirectly:
1. To employ a device, scheme, or artifice to defraud;
2. To make an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which it is made, not misleading; or
3. To engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person.
Added by Laws 2003, c. 347, § 29, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-502. Prohibited conduct in providing investment advice.

A. It is unlawful for a person that advises others, for compensation, either directly or indirectly, or through publications or writings, as to the value of securities or the advisability of investing in, purchasing or selling securities, or that, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities:
1. To employ a device, scheme, or artifice to defraud another person;
2. To make an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which it is made, not misleading; or
3. To engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person.
B. 1. A rule adopted under this act may define an act, practice, or course of business of an investment adviser or an investment adviser representative as fraudulent, deceptive or manipulative, and prescribe means reasonably designed to prevent investment advisers and investment adviser representatives from engaging in acts, practices, and courses of business defined as fraudulent, deceptive, or manipulative.
2. A rule adopted or order issued under this act may specify the contents of an investment advisory contract entered into, extended, or renewed by an investment adviser.
Added by Laws 2003, c. 347, § 30, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-503. Evidentiary burden.

A. In a civil action or administrative proceeding under this act, a person claiming an exemption, exception, preemption, or exclusion has the burden to prove the applicability of the exemption, exception, preemption, or exclusion.
B. In a criminal proceeding under this act, a person claiming an exemption, exception, preemption, or exclusion has the burden of going forward with evidence of the claim.
Added by Laws 2003, c. 347, § 31, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-504. Filing of sales and advertising literature.

A. Except as otherwise provided in subsection B of this section, it is unlawful for a person to distribute a prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising communication relating to a security or investment advice, addressed or intended for distribution to prospective investors, including clients or prospective clients of a person registered or required to be registered as an investment adviser under this act, unless the sales and advertising literature is first filed with the Department with the fee specified in Section 1-612 of this title and the Department has responded indicating that the Administrator has no objection to its distribution or use.
B. This section does not apply to sales and advertising literature specified in subsection A of this section relating to a federal covered security, a federal covered investment adviser, or a security or transaction exempted by Section 1-201, 1-202, or 1-203 of this title except as may be required pursuant to paragraph 7 of Section 1-201 of this title.
Added by Laws 2003, c. 347, § 32, eff. July 1, 2004. Amended by Laws 2022, c. 77, § 30, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-505. Misleading filings.

It is unlawful for a person to make or cause to be made, in a record that is used in an action or proceeding or filed under this act, a statement that, at the time and in the light of the circumstances under which it is made, is false or misleading in a material respect, or, in connection with the statement, to omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which it was made, not false or misleading.
Added by Laws 2003, c. 347, § 33, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-506. Misrepresentations concerning registration or exemption.

The filing of an application for registration, a registration statement, or a notice filing under this act, or the registration of a person or security under this act, does not constitute a finding by the Administrator that a record filed under this act is true, complete, and not misleading. The filing or registration or the availability of an exemption, exception, preemption, or exclusion for a security or a transaction does not mean that the Administrator has passed upon the merits or qualifications of, or recommended or given approval to, a person, security, or transaction. It is unlawful to make, or cause to be made, to a purchaser, customer, client, or prospective customer or client, a representation inconsistent with this section.
Added by Laws 2003, c. 347, § 34, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-507. Qualified immunity.

A broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative is not liable to another broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative for defamation relating to an alleged untrue statement that is contained in a record required by the Administrator, or designee of the Administrator, the Securities and Exchange Commission, or a self-regulatory organization, unless it is proven that the person knew, or should have known at the time that the statement was made, that it was false in a material respect or the person acted in reckless disregard of the statement’s truth or falsity.
Added by Laws 2003, c. 347, § 35, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-508. Violations - Criminal penalties - Administrative fines.

A. A person who willfully violates this act, or a rule adopted or order issued under this act, except Section 1-504 of this title or the notice filing requirements of Section 1-302 or 1-405 of this title, or that willfully violates Section 1-505 of this title knowing the statement made to be false or misleading in a material respect, upon conviction, shall be fined not more than One Hundred Thousand Dollars ($100,000.00) or imprisoned not more than ten (10) years, or both such fine and imprisonment. An individual convicted of violating a rule adopted or order issued under this act may be fined, but may not be imprisoned, if the individual did not have knowledge of the rule or order.
B. This act does not limit the power of this state to punish a person for conduct that constitutes a crime under other laws of this state.
C. On a criminal matter referred by the Administrator, the prosecuting attorney may designate and appoint one or more lawyers of the Department as special assistants as available for the purpose of assisting in or conducting a criminal prosecution arising by reason of an investigation or proceeding under this section.
Added by Laws 2003, c. 347, § 36, eff. July 1, 2004. Amended by Laws 2022, c. 77, § 31, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-603. Civil enforcement.

A. If the Administrator believes that a person has engaged, is engaging, or is about to engage in an act, practice, or course of business constituting a violation of this act or a rule adopted or order issued under this act or constituting a dishonest or unethical practice or that a person has, is, or is about to engage in an act, practice, or course of business that materially aids a violation of this act or a rule adopted or order issued under this act or a dishonest or unethical practice, the Administrator may, prior to, concurrently with, or subsequent to an administrative proceeding, maintain an action in the district court of Oklahoma County or the district court of any other county where service can be obtained to enjoin the act, practice, or course of business and to enforce compliance with this act or a rule adopted or order issued under this act.
B. In an action under this section and on a proper showing, the court may:
1. Issue a permanent or temporary injunction, restraining order, or declaratory judgment;
2. Order other appropriate or ancillary relief, which may include:
a.
an asset freeze, accounting, writ of attachment, writ of general or specific execution, and appointment of a receiver or conservator, that may be the Administrator, for the defendant or the defendant's assets,
b.
ordering the Administrator to take charge and control of a defendant's property, including investment accounts and accounts in a depository institution, rents, and profits; to collect debts; and to acquire and dispose of property,
c.
imposing a civil penalty up to a maximum of Five Thousand Dollars ($5,000.00) for a single violation or up to Two Hundred Fifty Thousand Dollars ($250,000.00) for more than one violation; an order of rescission, restitution, or disgorgement directed to a person that has engaged in an act, practice, or course of business constituting a violation of this act or the predecessor act or a rule adopted or order issued under this act or the predecessor act, and
d.
ordering the payment of prejudgment and postjudgment interest; or
3. Order such other relief as the court considers appropriate.
C. The Administrator may not be required to post a bond in an action or proceeding under this act.
Added by Laws 2003, c. 347, § 41, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-605. Rules, forms, orders, interpretative opinions, and hearings.

A. The Administrator may:
1. Issue forms and orders and, after notice and comment, may adopt and amend rules necessary or appropriate to carry out this act and may repeal rules, including rules and forms governing registration statements, applications, notice filings, reports, and other records;
2. By rule, define terms, whether used in this act, but those definitions may not be inconsistent with this act; and
3. By rule, classify securities, persons, and transactions and adopt different requirements for different classes.
B. Under this act, a rule or form may not be adopted or amended, or an order issued or amended, unless the Administrator finds that the rule, form, order, or amendment is necessary or appropriate in the public interest or for the protection of investors and is consistent with the purposes intended by this act. In adopting, amending, and repealing rules and forms, Section 1-608 of this title applies in order to achieve uniformity among the states and coordination with federal laws in the form and content of registration statements, applications, reports, and other records, including the adoption of uniform rules, forms, and procedures.
C. Subject to Section 15(i) of the Securities Exchange Act (15 U.S.C. Section 78o(i)) and Section 222 of the Investment Advisers Act of 1940 (15 U.S.C. Section 80b-18a), the Administrator may require that a financial statement filed under this act be prepared in accordance with generally accepted accounting principles in the United States and comply with other requirements specified by rule adopted or order issued under this act. A rule adopted or order issued under this act may establish:
1. Subject to Section 15(i) of the Securities Exchange Act (15 U.S.C. Section 78o(i)) and Section 222 of the Investment Advisors Act of 1940 (15 U.S.C. Section 80b-18a), the form and content of financial statements required under this act;
2. Whether unconsolidated financial statements must be filed; and
3. Whether required financial statements must be audited by an independent certified public accountant.
D. The Administrator may provide interpretative opinions or issue determinations that the Administrator will not institute a proceeding or an action under this act against a specified person for engaging in a specified act, practice, or course of business if the determination is consistent with this act. The charge for interpretative opinions or determinations that the Administrator will not institute an action or a proceeding under this act shall be specified in Section 1-612 of this title.
E. A penalty under this act may not be imposed for, and liability does not arise from, conduct that is engaged in or omitted in good faith believing it conforms to a rule, form, or order of the Administrator under this act.
F. A hearing in an administrative proceeding under this act shall be conducted in public.
Added by Laws 2003, c. 347, § 43, eff. July 1, 2004. Amended by Laws 2022, c. 77, § 36, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-606. Administrative files and opinions.

A. The Administrator shall maintain, or designate a person to maintain, a register of applications for registration of securities; registration statements; notice filings; applications for registration of broker-dealers, agents, investment advisers, and investment adviser representatives; notice filings by federal covered investment advisers that are or have been effective under this act or the predecessor act; notices of claims of exemption from registration or notice filing requirements contained in a record; orders issued under this act or the predecessor act; and interpretative opinions or no action determinations issued under this act.
B. The Administrator shall make all rules, forms, interpretative opinions, and orders available to the public.
C. The Administrator shall furnish a copy of a record that is a public record or a certification that the public record does not exist to a person who so requests. The charge for furnishing the record or certification shall be specified in Section 1-612 of this title. A copy of the record certified or a certificate by the Administrator of a record's nonexistence is prima facie evidence of a record or its nonexistence.
Added by Laws 2003, c. 347, § 44, eff. July 1, 2004. Amended by Laws 2022, c. 77, § 37, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-608. Uniformity and cooperation with other agencies.

A. The Administrator shall, in its discretion, cooperate, coordinate, consult, and, subject to Section 1-607 of this title, share records and information with the securities regulator of another state, Canada, a Canadian province or territory, a foreign jurisdiction, the Securities and Exchange Commission, the United States Department of Justice, the Commodity Futures Trading Commission, the Federal Trade Commission, the Securities Investor Protection Corporation, a self-regulatory organization, a national or international organization of securities regulators, a federal or state banking and insurance regulator, and a governmental law enforcement agency to effectuate greater uniformity in securities matters among the federal government, self-regulatory organizations, states, and foreign governments.
B. In cooperating, coordinating, consulting, and sharing records and information under this section and in acting by rule, order, or waiver under this act, the Administrator shall, in its discretion, take into consideration in carrying out the public interest the following general policies:
1. Maximizing effectiveness of regulation for the protection of investors;
2. Maximizing uniformity in federal and state regulatory standards; and
3. Minimizing burdens on the business of capital formation, without adversely affecting essentials of investor protection.
C. The cooperation, coordination, consultation, and sharing of records and information authorized by this section includes:
1. Establishing or employing one or more designees as a central depository for registration and notice filings under this act and for records required or allowed to be maintained under this act;
2. Developing and maintaining uniform forms;
3. Conducting a joint examination or investigation;
4. Holding a joint administrative hearing;
5. Instituting and prosecuting a joint civil or administrative proceeding;
6. Sharing and exchanging personnel;
7. Coordinating registrations under Sections 1-301 and 1-401 through 1-404 of this title and exemptions under Section 1-203 of this title;
8. Sharing and exchanging records, subject to Section 1-607 of this title;
9. Formulating rules, statements of policy, guidelines, forms, and interpretative opinions and releases;
10. Formulating common systems and procedures;
11. Notifying the public of proposed rules, forms, statements of policy, and guidelines;
12. Attending conferences and other meetings among securities regulators, which may include representatives of governmental and private sector organizations involved in capital formation, deemed necessary or appropriate to promote or achieve uniformity; and
13. Developing and maintaining a uniform exemption from registration for small issuers, and taking other steps to reduce the burden of raising investment capital by small businesses.
Added by Laws 2003, c. 347, § 46, eff. July 1, 2004. Amended by Laws 2022, c. 77, § 39, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-609. Commission review of order - Judicial review.

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 the person’s specific grounds therefor. The petition, the record upon which the final order was issued, and written briefs submitted by the appealing parties and the Administrator shall be reviewed by the Commission. The cost of preparing the record of the administrative hearing shall be borne by the appealing parties. Oral argument by all parties may be heard by the Commission en banc if requested by an appealing party. Other than newly discovered evidence, additional evidence may only be presented by the appealing party and/or the Administrator on the request of the Commission. Upon the written request of the party on whose behalf the appeal is brought, or upon the party’s own motion, the Administrator shall cause complete stenographic notes to be taken of the proceeding before the Commission. 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 Department. The Commission or a majority thereof shall make such order as is deemed proper, just, and equitable within sixty (60) days of receipt by the Administrator of the written petition of the appealing party or at such later time as agreed to by all parties.
B. Appeals by any person aggrieved by a final order of the Commission, except a final order of the Commission to cease and desist, shall be taken to the Supreme Court of this state within thirty (30) days of the date that a copy of the order is mailed to such person, as shown by the certificate of mailing attached to the order. Any person aggrieved by a final order of the Commission to cease and desist shall be taken to the district court of Oklahoma County within thirty (30) days of the date that a copy of the order is mailed to such person, as shown by the certificate of mailing attached to the order. The proceedings for review shall be as now prescribed by law and by rules of the reviewing court, subject to the power of the reviewing court to make other and further rules with reference thereto.
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 Supreme Court shall not operate as a stay of the Commission's order, unless so ordered by the Court.
Added by Laws 2003, c. 347, § 47, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 71. Securities › §71-1-701. Application of act to existing proceedings and rights.

A. The predecessor act exclusively governs all actions or proceedings that are pending on the effective date of this act or may be instituted on the basis of conduct occurring before the effective date of this act, but a civil action may not be maintained to enforce any liability under the predecessor act unless instituted within any period of limitation that applied when the cause of action accrued or within five (5) years after the effective date of this act, whichever is earlier.
B. All effective registrations under the predecessor act, all administrative orders relating to the registrations, rules, statements of policy, interpretative opinions, declaratory rulings, no action determinations, and conditions imposed on the registrations under the predecessor act remain in effect while they would have remained in effect if this act had not been enacted. They are considered to have been filed, issued, or imposed under this act, but are exclusively governed by the predecessor act.
C. The predecessor act exclusively applies to an offer or sale made within one (1) year after the effective date of this act pursuant to an offering made in good faith before the effective date of this act on the basis of an exemption available under the predecessor act.
Added by Laws 2003, c. 347, § 52, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 71. Securities › §71-417. Discrimination prohibited.

No offeror shall make a multinational corporation take-over bid which is not made to all holders residing in this state of the equity security that is the subject of such multinational corporation take-over bid, or which is not made to such holders on the same terms as such multinational corporation take-over bid is made to holders of such equity security not residing in this state. If an offeror makes a tender offer or request or invitation for tenders for less than all the outstanding equity securities of a class, and if a greater number of securities is deposited pursuant thereto within ten (10) days after copies of the offer or request or invitation for tenders are first published or sent or given to security holders that such offeror is bound or willing to take up and pay for, the securities shall be taken up as nearly as may be pro rata, disregarding fractions, according to the number of securities deposited by each offeree. This section shall apply to securities deposited within ten (10) days after notice of an increase in the consideration offered to security holders, as described in this section, is first published or sent or given to security holders. If the terms of a multinational corporation take-over bid are changed before its expiration by increasing the consideration offered to offerees, the offeror shall pay the increased consideration for all equity securities taken up, whether the same are deposited or taken up before or after the change in the terms of the multinational corporation take-over bid.
Added by Laws 1980, c. 300, § 4, emerg. eff. June 12, 1980.
2023 Oklahoma Statutes › Title 71. Securities › §71-418. Copies of information to be filed with certain regulatory bodies.

If the offeror or the target company is a banking corporation subject to regulation by the Banking Department, a building and loan association subject to regulation by the Building and Loan Board, or a public utility corporation subject to regulation by the Corporation Commission, the Administrator shall forthwith, upon receipt of the filing required under this act, furnish a copy of such filing to the regulatory body having jurisdiction over the offeror or target company.
Added by Laws 1980, c. 300, § 5, emerg. eff. June 12, 1980.
2023 Oklahoma Statutes › Title 71. Securities › §71-419. Liabilities, remedies and penalties.

An offeror is subject to the liabilities, penalties and other provisions applicable to a seller and an offeree is entitled to the remedies applicable to a purchaser, as set forth in Sections 402 et seq. of this title.
Added by Laws 1980, c. 300, § 6, emerg. eff. June 12, 1980.
2023 Oklahoma Statutes › Title 71. Securities › §71-420. Rules and regulations.

The Administrator may prescribe reasonable rules and regulations:
1. Defining fraudulent, evasive, deceptive or grossly unfair practices in connection with multinational corporation take-over bids, and the terms used in this act;
2. Exempting from this act multinational corporation take-over bids not made for the purpose of, and not having the effect of, changing or influencing the control of a target company; and
3. Covering such other matters as are necessary to give effect to this act.
Added by Laws 1980, c. 300, § 7, emerg. eff. June 12, 1980.
2023 Oklahoma Statutes › Title 71. Securities › §71-421. Exemptions.

This act shall not apply when:
1. The offeror or the target company is a public utility or a public utility holding company as defined in Section 2 of the "Public Utility Holding Company Act of 1935," 49 Stat. 803, 15 U.S.C. 79, as amended, and the multinational corporation take-over bid is subject to approval by the appropriate federal agency as provided in such act;
2. The offeror or the target company is a bank or a bank holding company as subject to the "Bank Holding Company Act of 1956," 70 Stat. 133, 12 U.S.C. 1841, and subsequent amendments thereto, and the multinational corporation take-over bid is subject to approval by the appropriate federal agency as provided in such act;
3. The offeror or the target company is a savings and loan holding company as defined in Section 2 of the "Savings and Loan Holding Company Amendments of 1967," 82 Stat. 5, 12 U.S.C. 1730A, as amended, and the multinational corporation take-over bid is subject to approval by the appropriate federal agency as provided in such act;
4. The offeror and the target company are banks and the offer is part of a merger transaction subject to approval by appropriate federal supervisory authorities; and
5. The offeror or target company is an insurance company regulated under the Oklahoma Insurance Code.
Added by Laws 1980, c. 300, § 8, emerg. eff. June 12, 1980.
2023 Oklahoma Statutes › Title 71. Securities › §71-454. Solicitation materials - Filing - Prohibited use.

Copies of all advertisements, circulars, letters or other materials published by the offeror or the target company, soliciting or requesting the acceptance or rejection of the take-over offer, shall be filed with the Administrator of the Department of Securities and sent to the target company or offeror, respectively, not later than the time copies of such solicitation materials are first published or used or sent to offerees. The Administrator may prohibit the use of any solicitation materials deemed false or misleading.
Added by Laws 1985, c. 285, § 4, emerg. eff. July 22, 1985.