Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 20 - Oklahoma Subdivided Land Sales Code › Subchapter 3 - Registration of Subdivided Land › Section 660:20-3-1 - Registration procedure

Current through Vol. 41, No. 20, July 1, 2024
(a)
Applications filed with OILSR.
Application for registration of
				subdivided land shall be made by submitting to the Administrator at the office
				of the Department two (2) complete copies of a full registration filed with the
				OILSR and the OILSR certificate of registration, provided, however, that only
				one copy of the exhibits to the OILSR filing shall be filed with the
				Administrator.
(b)
Applications on Form LRF-625.
In the event subdivided lands are
				not to be registered with the OILSR, then a registration shall be undertaken by
				filing with the Administrator a completed Form LRF-625, adopted by the
				Administrator as the application form for registration of subdivided
				lands.
(c)
Exhibits and
				additional information.
Any information required by Section 625 of the
				Land Sales Act which is not included, or not sufficiently covered in the form
				of OILSR registration, or any condensed version thereof, shall be covered,
				expanded or explained by attaching additional sheets to the copies of the OILSR
				form of registration when necessary and where appropriate. All instruments,
				documents and other exhibits required by Section 625 of the Land Sales Act
				shall be included in the registration and those not otherwise attached or
				included in the form of registration requried by OILSR must be added and
				attached as exhibits to the copies of the registration submitted to the
				Administrator for filing with the Department. Only one of each required exhibit
				shall be filed and such exhibits shall include, when applicable, but shall not
				be limited to the following:
(1) When the
				subdeveloper is a corporation or limited partnership, or if applicable a joint
				stock company, or business trust, which must be domesticated in Oklahoma to do
				business in Oklahoma, a copy of a certificate of domestication issued by the
				Secretary of state of Oklahoma, or if applicable other evidence of authority to
				do business in Oklahoma.
(2) If the
				subdivider is an unincorporated association, joint stock company, business
				trust or a general partnership using a fictitious name or any other form of
				business organization which may not file with the Secretary of state of
				Oklahoma, but which may be required to file copies of a trust instrument or
				certificates of fictitious name or a similar document with the clerk of the
				Oklahoma District Court in districts where company offices are located, real
				estate is owned or business is principally conducted, then a certified copy of
				each such filed document shall be attached as an exhibit.
(3) If the subdivider is a trustee, a
				certified copy of all instruments by which the trust was created or declared,
				and in which it is accepted and acknowledged.
(4) If the subdivider is a partnership or
				unincorporated association, or joint stock company or similar form of business
				organization, a certified copy of its articles of partnership or association
				and all other papers pertaining to formation and governance of the
				organization.
(5) An executed
				"Consent to Service of Process" irrevocably appointing the Administrator of the
				Department or his successor in office, as attorney to receive service of any
				lawful process in any noncriminal suit, action or proceeding against the
				applicant or his successor, executor or administrator which arises under the
				Land Sales Act or any rule or order issued thereunder after the Consent has
				been filed, with the same validity as if served personally on the person filing
				the Consent, all as provided in Subsection A of Section 664 of the Land Sales
				Act, and such "Consent to Service of Process" should be generally in the form
				of the Uniform Form U-2 promulgated and recommended by the North American
				Securities Administrators Association.
(6) A uniform form of "Corporate Resolution,"
				or in the case of another form of business organization, a substantially
				similar and appropriate resolution, as applicable generally in the form of the
				Uniform Form U-2A as promulgated by the North American Securities
				Administrators Association.
(7) A
				list of all persons who are intended or expected to represent or assist the
				subdivider in selling or disposing the subdivided land to Oklahoma
				residents.
(8) A copy of agency
				franchise agreements, sales agreements and a copy of any agreements between the
				subdivider and salesmen and brokers.
(9) A detailed statement of the plan under
				which the subdivider proposes to develop the subdivision, offer and sell lots
				and generally transact business, sworn to or affirmed by an officer of the
				subdivider or a person occupying a similar position.
(10) A copy of all advertising material
				intended to be used for distribution, publication, or otherwise in connection
				with the subdivided land.
(11) An
				exact description of the real estate to be sold.
(12) A map or plat prepared by an
				independent, registered professional land surveyor showing the boundaries,
				dimensions, setback lines, roads, utility easements, public easements and all
				other similar information regarding the subdivided land including all common
				areas and lots of the subdivision.
(13) Copies of all zoning restrictions and
				deed restrictions affecting any of the subdivided land included in the
				filing.
(14) Copies of conveyances,
				bearing public record book and page number, by which the subdivider or owner
				acquired title. If the subdivider does not own the property, also attach copies
				of all instruments which give the subdivider authority to sell.
(15) Copies of all instruments presently
				creating liens, mortgages, encumbrances, reservations or defects upon or
				otherwise affecting the use or title of land included in the filing. The
				documents shall reflect the book and page number of the public records where
				they are recorded.
(16) A list of
				units by lot number and section number, as applicable, which relates each lot
				to all improvements which are dependent upon future performance according to
				any promise made by the subdivider.
(17) An up-to-date, current copy of either a
				master title insurance policy providing coverage for the purchasers of lots or
				a specimen copy of individual title insurance policies which will provide
				coverage for the purchasers of lots and an independent, as described in Section
				625 of the Land Sales Act, attorney's title opinion regarding title to the
				subdivided land included in the filing and a consent to use the opinion in
				connection with the registration.
(18) A copy of the sales contract, including
				contract for a deed if applicable, to be used.
(19) A copy of any note, including mortgage
				note, to be used.
(20) A copy of
				the deed or other instrument to be used by the subdivider in conveying title to
				the purchasers.
(21) A copy of any
				mortgage trust escrow agreement.
(22) A copy of any improvement escrow
				agreement.
(23) A copy of an
				independent licensed engineer's report regarding the soil and topography of the
				subdivided land, and a consent to use the report in connection with the
				registration.
(24) A copy of any
				and all contracts for franchises with public utility companies or copies of all
				documents and instruments providing arrangement for services and facilities in
				lieu of those provided by any public utility companies.
(25) A copy of any and all completion bonds,
				performance bonds and agreements with public authorities which guarantee
				completion of improvements.
(26) A
				copy of all contracts or agreements to be used between any salesmen and the
				ultimate purchaser.
(27) An opinion
				of counsel regarding the legality of the proposed offering of subdivided land
				and a consent to use such opinion in connection with the
				registration.
(28) Audited
				financial statements including a schedule of real estate assets, and a consent
				to use the opinion of the independent accountant in connection with the
				registration.
(29) Three (3) copies
				of the Public Offering Statement, for which the federal Property Report with
				supplements may be used.