Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 20 - Oklahoma Subdivided Land Sales Code › Subchapter 9 - Advertising Guidelines › Section 660:20-9-7 - Standards of review

Current through Vol. 41, No. 20, July 1, 2024
(a)
Authority
				of Administrator.
In reviewing the advertising submitted by a registrant
				under the Land Sales Act, the Administrator shall determine whether the
				submitted material makes a full and fair disclosure or is false and misleading
				within the intent and meaning of the law, by examining the form, language and
				content of the material and supporting data and any other available information
				as to ascertain whether the express and implied representations therein are
				true and make full and fair disclosure. If it does not appear that the said
				representations are true and fair disclosure as to all subdivided lands to
				which the filing relates, no order of approval will be entered and the
				Administrator will enter such orders or rejection or take such action as may be
				necessary.
(b)
Implied
				representations and presumptions.
Any inference reasonably to be drawn
				from advertising or promotional material will be considered to be a positive
				assertion unless the inference is negated therein in clear and unmistakable
				terms, or unless adequate safeguards have been provided by the owner to
				reasonably guarantee the occurrence of the thing inferred. Advertising or
				promotional material will be judged on the basis of the positive
				representations contained therein and the reasonable inferences to be drawn
				therefrom. Unless the contrary affirmatively appears in advertising or
				promotional material the following inferences will be assumed to have been
				intended in each case mentioned; to-wit:
(1)
				When homesites or building lots are advertised, the inference is that said lots
				are immediately usable for such purpose without any further improvement or
				development by the prospective purchaser and that there is an adequate potable
				water supply available; that the lands have been approved for installation of
				septic tanks or that an adequate sewage disposal system is installed; that no
				further major draining, fill-in or subsurface improvement is necessary to
				construct dwellings, except for reasonable preparation for construction; that
				the individual homesites or building lots are accessible by automobile without
				additional expense to the purchaser over existing right-of-way and that no
				other fact or circumstance exists to prohibit the use of the lots as a homesite
				or building lot.
(2) When title
				insurance, abstract or attorney's opinion is advertised, the inference is that
				the seller can and will convey fee simple title free and clear of all liens,
				encumbrances and defects except those which are disclosed in writing to the
				prospective purchaser prior to purchase.
(3) When lands are advertised as usable for
				any particular purpose other than homesites or building lots, the inference is
				that said lots or parcels are immediately accessible and usable for such
				purpose by purchaser without the necessity for draining, fill-in or other
				improvement prior to putting the lands to use for such purpose, except for
				reasonable preparation for construction, and that no fact or circumstance
				exists to prohibit the immediate use of said lands for such purposes.
(4) When any recreational facility,
				improvement, accommodation or privilege is advertised, the inference is that
				the same is on the lands at the present time and available without restriction
				to the purchasers of lots at no additional expense.
(5) When improvements are advertised the
				inference is that the same are completed.