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OKLAHOMA BUSINESS OPPORTUNITY SALES ACT
§ 801. Short title
Sections 801 through 829 of this title shall be known and may be cited
as the "Oklahoma Business Opportunity Sales Act".
§ 802. Definitions
As used in the Oklahoma Business Opportunity Sales Act, Section 801 et
seq. of this title, unless otherwise provided:
1. "Administrator" means the Administrator of the
Oklahoma Department of Securities.
2. "Advertising" means any circular, prospectus,
advertisement or other material or any communication by radio, television or other
electronic transmission, newspapers, magazines, pictures or similar means used in
connection with an offer or sale of any business opportunity.
3. a. "Business opportunity" means a contract
or agreement, between a seller and purchaser, express or implied, orally or in writing,
wherein it is agreed that the seller or a person recommended by the seller shall provide
to the purchaser any products, equipment, supplies or services enabling the purchaser to
start a business and the seller represents directly or indirectly, orally or in writing,
that:
(1) The seller or a person recommended by the seller will
provide or assist the purchaser in finding locations for the use or operation of vending
machines, racks, display cases or other similar devices, on premises neither owned nor
leased by the purchaser or seller;
(2) The seller or a person recommended by the seller will
provide or assist the purchaser in finding outlets or accounts for the purchaser's
products or services;
(3) The seller or a person specified by the seller will purchase
any or all products made, produced, fabricated, grown, bred or modified by the purchaser;
(4) The seller guarantees that the purchaser will derive income
from the business which exceeds the price paid to the seller;
(5) The seller will refund all or part of the price paid to the
seller, or repurchase any of the products, equipment or supplies provided by the seller or
a person recommended by the seller, if the purchaser is dissatisfied with the business; or
(6) The seller will provide a marketing plan.
b. "Business opportunity" does not include:
(1) Any offer or sale of an on-going business operated by the
seller and to be sold in its entirety;
(2) Any offer or sale of a business opportunity to an on-going
business where the seller will provide products, equipment, supplies or services which are
substantially similar to the products, equipment, supplies or services sold by the
purchaser in connection with the purchaser's on-going business;
(3) Any offer or sale of a business opportunity which involves a
marketing plan made in conjunction with the licensing of a federally registered trademark
or a federally registered service mark provided that the seller has a minimum net worth of
One Million Dollars ($1,000,000.00) as determined on the basis of the seller's most recent
audited financial statements prepared within thirteen (13) months of an offer or sale in
accordance with generally accepted accounting principles and audited in accordance with
generally accepted auditing standards. Net worth may be determined on a consolidated basis
where the seller is at least eighty percent (80%) owned by one person and that person
expressly guarantees the obligation of the seller with regard to the offer or sale of any
business opportunity claimed to be excluded under this division; or
(4) Any offer or sale of a business opportunity by an executor,
administrator, sheriff, marshal, receiver, trustee in bankruptcy, guardian or conservator
or a judicial offer or sale of a business opportunity.
4. "Department" means the Oklahoma Department of
Securities.
5. "Franchise" means a contract or agreement between a
seller and a purchaser, express or implied, orally or in writing, where it is agreed that:
a. A franchisee is granted the right to engage in the business
of offering, selling or distributing goods or services under a marketing plan prescribed
in substantial part by a franchisor; and
b. The operation of the franchisee's business pursuant to such a
plan is substantially associated with the franchisor’s business and trademark,
service mark, trade name, logotype, advertising or other commercial symbol designating the
franchisor or its affiliate.
For the purposes of this paragraph "franchisee" shall mean a
person to whom a franchise is granted and "franchisor" shall mean a person who
grants a franchise.
6. "Marketing plan" means advice or training, provided
to the purchaser by the seller or a person recommended by the seller, pertaining to the
sale of any products, equipment, supplies or services and the advice or training includes,
but is not limited to, preparing or providing:
a. Promotional literature, brochures, pamphlets or advertising
materials;
b. Training regarding the promotion, operation or management of
the business opportunity; or
c. Operational, managerial, technical or financial guidelines or
assistance.
7. "Offer" or "offer to sell" includes every
attempt to dispose of a business opportunity for value or solicitation of an offer to
purchase a business opportunity.
8. "On-going business" means an existing business
that, for at least six (6) months prior to the offer, has been operated from a specific
location, has been open for business to the general public and has substantially all of
the equipment and supplies necessary for operating the business.
9. "Person" means an individual, corporation, trust,
partnership, limited liability company, incorporated or unincorporated association or any
other entity.
10. "Purchaser" means a person who enters into a
contract or agreement for the acquisition of a business opportunity or a person to whom an
offer to sell a business opportunity is directed.
11. "Sale" or "sell" includes every contract
or agreement of sale, contract to sell, disposition of a business opportunity or interest
in a business opportunity for value.
12. "Seller" means a person who sells or offers to
sell a business opportunity or any agent or person who directly or indirectly acts on
behalf of such person.
§ 803. Exemptions
The following business opportunities are exempt from Sections 806
through 811 of this title:
1. Any offer or sale of a business opportunity for which the
immediate cash payment made by the purchaser for any business opportunity is at least
Twenty-five Thousand Dollars ($25,000.00) if the immediate cash payment does not exceed
twenty percent (20%) of the purchaser's net worth as determined exclusive of principal
residence, furnishings therein, and automobiles. The Administrator may by rule withdraw or
further condition the availability of this exemption.
2. Any offer or sale of a business opportunity for which the
purchaser is required to make a payment to the seller or a person recommended by the
seller not to exceed Five Hundred Dollars ($500.00). For purposes of this paragraph,
"payment" means the total amount the purchaser becomes obligated to pay to the
seller or to any third party either prior to or at the time of delivery of the products,
equipment, supplies or services or within one year of the commencement of operation of the
business opportunity by the purchaser. If payment is over a period of time,
"payment" shall include the sum of the down payment and the total periodic
payments. If the purchaser may enter at different levels, "payment" means the
total sum the purchaser is obligated to pay to enter at the level chosen by the purchaser.
3. Any offer or sale of a business opportunity where the seller
has a net worth of not less than One Million Dollars ($1,000,000.00) as determined on the
basis of the seller's most recent audited financial statements, prepared within thirteen
(13) months of such offer or sale in accordance with generally accepted accounting
principles and audited in accordance with generally accepted auditing standards. Net worth
may be determined on a consolidated basis where the seller is at least eighty percent
(80%) owned by one person and that person expressly guarantees the obligations of the
seller with regard to the offer or sale of any business opportunity claimed to be exempt
under this paragraph. The Administrator may by rule withdraw or further condition the
availability of this exemption.
4. Any offer or sale of a business opportunity where the
purchaser has a net worth of not less than Two Hundred Fifty Thousand Dollars
($250,000.00). Net worth shall be determined exclusive of principal residence, furnishings
therein, and automobiles. The Administrator may by rule withdraw or further condition the
availability of this exemption.
5. Any offer or sale of a business opportunity where the
purchaser is a bank, savings and loan association, trust company, insurance company,
credit union, investment company as defined by the Investment Company Act of 1940, pension
or profit sharing trust or other financial institution or institutional buyer or a dealer
registered pursuant to the Oklahoma Securities Act, where the purchaser is acting for
itself or in a fiduciary capacity.
6. Any offer or sale of a franchise as defined in Section 802 of
this title provided that the seller delivers to each purchaser fourteen (14) calendar days prior to the earlier of the execution by a
purchaser of any contract or agreement imposing a binding legal obligation on the
purchaser or the payment by a purchaser of any consideration in connection with the offer
or sale of the business opportunity, one of the following disclosure documents:
a. A Uniform Franchise Offering Circular prepared in accordance
with the guidelines adopted by the North American Securities Administrators Association,
Inc., or
b. A disclosure document prepared pursuant to the Federal Trade
Commission rule entitled Disclosure Requirements and Prohibitions Concerning Franchising, 16 C.F.R. Section 436.
For the purposes of this paragraph, a personal meeting shall mean a
face-to-face meeting between the purchaser and the seller or their representatives, which
is held for the purpose of discussing the offer or sale of a business opportunity. The
Administrator may by rule adopt any amendment to the Uniform Franchise Offering Circular
that has been adopted by the North American Securities Administrators Association, Inc. or
any amendment to the disclosure document prepared pursuant to the Federal Trade Commission
rule entitled Disclosure Requirements and Prohibitions Concerning Franchising, 16 C.F.R. Section 436, that has been adopted by the Federal Trade
Commission.
7. Any offer or sale of a business opportunity for which the
required cash payment made by a purchaser to participate in any business opportunity does
not exceed Seven Hundred Fifty Dollars ($750.00) and the required payment is made for:
a. the not-for-profit sale of sales demonstration equipment,
material or samples, and/or
b. product inventory sold to the purchaser at a bona fide
wholesale price.
8. Any offer or sale of a business opportunity which the
Administrator exempts by order or a class of business opportunities which the
Administrator exempts by rule upon the finding that such exemption would not be contrary
to public interest and that registration would not be necessary or appropriate for the
protection of purchasers.
9. Any business which is operated under a lease or license on
the premises of the lessor or licenser as long as such business is incidental to the
business conducted by the lessor or the licenser on such premises, including, without
limitation, leased departments, licensed departments and concessions.
§ 804. Denial or revocation of exemption--Orders and violation
thereof
A. The Administrator may issue a final order denying or revoking
any exemption specified in Section 803 of this title, not including the exemption provided
for in paragraphs 2 and 7 of Section 803 of the Oklahoma Business Opportunity Sales Act,
with respect to a particular offering of one or more business opportunities if the
Administrator finds that the order is in the public interest and that:
1. Any provision of the Oklahoma Business Opportunity Sales Act
or any rule, order or condition lawfully imposed pursuant to the act has been willfully
violated, in connection with the offer or sale of the business opportunity by the seller,
any partner, officer or director of the seller, any persons occupying a similar status or
performing similar functions, or any person directly or indirectly controlling or
controlled by the seller;
2. The business opportunity is the subject of an administrative
order denying, suspending, or revoking a registration or a permanent or temporary
injunction of any court of competent jurisdiction; but the Administrator:
a. may not institute a proceeding pursuant to this paragraph
more than one (1) year from the date of the order or injunction relied on, and
b. may not enter an order pursuant to this paragraph on the
basis of an order or injunction entered under any other state act unless that order or
injunction was based on facts, other than facts which establish jurisdiction, which would
currently constitute a ground for an order under this section;
3. The seller's enterprise or method of business, or that of the
business opportunity, includes or would include activities which are illegal where
performed;
4. The business opportunity or the offering of a business
opportunity has worked or tended to work a fraud upon purchasers or would so operate; or
5. The seller's literature or advertising is misleading,
incorrect, incomplete or deceptive.
Except as provided in subsection B of this section or unless the right
to notice and hearing is waived by the person against whom the final order is to be
issued, no order may be issued under this section without notice and opportunity for
hearing as required by the Administrative Procedures Act. If the person to whom such
notice is addressed does not request a hearing within fifteen (15) days after the service
of such notice is effective, a final order shall be issued.
B. If the Administrator makes written findings of fact to
support the conclusion that the public interest will be harmed by delay in issuing an
order pursuant to subsection A of this section, the Administrator may by order summarily
deny or revoke any of the specified exemptions, not including the exemption provided for
in paragraphs 2 and 7 of Section 803 of this title, pending final determination of any
proceeding under this section. Upon the entry of the summary order, the Administrator
shall promptly notify the respondent or respondents:
1. That the summary order has been entered and the reasons
therefor;
2. That the person subject to the summary order, if desiring a
hearing, must make written request for a hearing to the Administrator within fifteen (15)
days after service of the notice is effective;
3. That within fifteen (15) days after receipt by the
Administrator of a written request the matter will be set for hearing to determine whether
the summary order should be modified, vacated or extended pending final determination of
any proceeding under subsection A of this section; and
4. That a hearing shall be commenced within fifteen (15) days of
the matter being set for hearing. The summary order shall remain in effect until the
conclusion of the hearing on the summary order unless the Administrator or the
Administrator's designee extends the summary order pending a final determination of any
proceeding under subsection A of this section. If no hearing is requested and none is
ordered by the Administrator, the summary order will remain in effect until it is modified
or vacated by the Administrator or the Administrator's designee. If a request for hearing
on the summary order is timely made and if the hearing is not commenced by the
Administrator within the time limit set forth herein, the summary order shall dissolve and
an order shall not be issued pursuant to subsection A of this section except upon
reasonable notice and opportunity for a hearing.
C. No order under this section may operate retroactively.
D. No person may be considered to have violated Section 806 of
this title by reason of any offer or sale effected after the entry of an order under
Section 804 of this title if he or she sustains the burden of proof that he or she did not
know, and in the exercise of reasonable care could not have known, of the order.
§ 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.
§ 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.
§ 807. Registration procedure
A. In order to register a business opportunity, the seller shall
file with the Administrator one of the following disclosure documents 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:
1. A Uniform Franchise Offering Circular prepared in accordance
with the guidelines adopted by the North American Securities Administrators Association,
Inc. The Administrator may by rule adopt any amendment to the Uniform Franchise Offering
Circular that has been adopted by the North American Securities Administrators
Association, Inc.;
2. A disclosure document prepared pursuant to the Federal Trade
Commission rule entitled Disclosure Requirements and Prohibitions Concerning Franchising
and Business Opportunity Ventures; 16 C.F.R. Section 436. The Administrator may by rule
adopt any amendment to the disclosure document prepared pursuant to 16 C.F.R. Section 436
that has been adopted by the Federal Trade Commission; or
3. A disclosure document prepared pursuant to Section 808 of this
title.
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.
§ 808. Disclosure document
A. It shall be unlawful for any person to offer or sell any
business opportunity required to be registered pursuant to the Oklahoma Business
Opportunity Sales Act unless a written disclosure document as filed pursuant to Section
807 of this title is delivered to each purchaser at least ten (10) business days prior to
the execution by a purchaser of any contract or agreement imposing a binding legal
obligation on the purchaser or the payment by a purchaser of any consideration in
connection with the offer or sale of the business opportunity.
B. The disclosure document shall have a cover sheet which is
entitled, in at least ten-point bold type, "DISCLOSURE REQUIRED BY THE STATE OF
OKLAHOMA". Under the title shall appear the statement in at least ten-point type that
"THE REGISTRATION OF THIS BUSINESS OPPORTUNITY DOES NOT CONSTITUTE APPROVAL,
RECOMMENDATION OR ENDORSEMENT BY THE STATE OF OKLAHOMA. THE INFORMATION CONTAINED IN THIS
DISCLOSURE DOCUMENT HAS NOT BEEN VERIFIED BY THIS STATE. IF YOU HAVE ANY QUESTIONS OR
CONCERNS ABOUT THIS INVESTMENT, SEEK PROFESSIONAL ADVICE BEFORE YOU SIGN A CONTRACT OR
MAKE ANY PAYMENT. YOU ARE TO BE PROVIDED TEN (10) BUSINESS DAYS TO REVIEW THIS DOCUMENT
BEFORE SIGNING ANY CONTRACT OR AGREEMENT OR MAKING ANY PAYMENT TO THE SELLER OR THE
SELLER'S REPRESENTATIVE". The seller's name and principal business address, along
with the date of the disclosure document shall be provided on the cover sheet. No other
information shall appear on the cover sheet. The disclosure document shall contain the
following information unless the seller uses a disclosure document as provided in Section
807 of this title:
1. The names and residential addresses of those salespersons who
will engage in the offer or sale of the business opportunity in this state;
2. The name of the seller; whether the seller is doing business
as an individual, partnership, corporation, limited liability company, or any other form
of business entity; the names under which the seller has done, is doing or intends to do
business; and the name of any parent or affiliated company that will engage in business
transactions with purchasers or which will take responsibility for statements made by the
seller;
3. The names, addresses and titles of the seller's officers,
directors, trustees, general managers, principal executives, agents and any other persons
charged with responsibility for the seller's business activities relating to the sale of
the business opportunity;
4. Prior business experience of the seller relating to business
opportunities including:
a. the name, address and a description of any business
opportunity previously offered by the seller,
b. the length of time the seller has offered each such business
opportunity, and
c. the length of time the seller has conducted the business
opportunity currently being offered to the purchaser;
5. With respect to persons identified in paragraph 3 of
subsection B of this section:
a. a description of the persons' business experience for the
ten-year period preceding filing date of the disclosure document. The description of
business experience shall list principal occupations and employers, and
b. a listing of the persons' educational and professional
backgrounds, including the names of schools attended and degrees received, and any other
information that will demonstrate sufficient knowledge and experience to perform the
services proposed;
6. Whether the seller or any person identified in paragraph 3 of
subsection B of this section:
a. has been convicted of any felony, has pleaded nolo contendere
to a felony charge or has been the subject of any criminal, civil or administrative
proceedings alleging: The violation of any business opportunity law, securities law,
commodities law, franchise law, fraud or deceit, embezzlement, fraudulent conversion,
restraint of trade, unfair or deceptive practices, misappropriation of property or
comparable allegations; or
b. has filed in bankruptcy, been adjudged bankrupt, been
reorganized due to insolvency, or was an owner, principal officer or general partner of
any other person that has so filed or was so adjudged or reorganized during or within
seven (7) years of the date of the disclosure document;
7. The name(s) of the person(s) identified in paragraph 6 of
subsection B of this section, nature of and parties to the action or proceeding, court or
other forum, date of the institution of the action, docket reference to the action,
current status of the action or proceeding, terms and conditions or any order or decree,
the penalties or damages assessed and terms of settlement;
8. The initial payment required, or when the exact amount cannot
be determined, a detailed estimate of the amount of the initial payment to be made to the
seller;
9. A detailed description of the actual services the seller
agrees to perform for the purchaser;
10. A detailed description of any training the seller agrees to
provide for the purchaser;
11. A detailed description of services the seller agrees to
perform in connection with the placement of equipment, products or supplies at a location,
as well as any agreement necessary in order to locate or operate equipment, products or
supplies on a premises neither owned nor leased by the purchaser or seller;
12. A detailed description of any license(s) or permit(s) that
will be necessary in order for the purchaser to engage in or operate the business
opportunity;
13. Any representations made by the seller to the purchaser
concerning sales or earnings that may be made from the business opportunity, including,
but not limited to:
a. the bases or assumptions for any actual, average, projected
or forecasted sales, profits, income or earnings,
b. the total number of purchasers who, within a period of three
(3) years of the date of the disclosure document, purchased a business opportunity
involving the product, equipment, supplies or services being offered to the purchaser, and
c. the total number of purchasers who, within three (3) years of
the date of the disclosure document, purchased a business opportunity involving the
product, equipment, supplies or services being offered to the purchaser who, to the
seller's knowledge, have actually received earnings in the amount or range specified;
14. A detailed description of the elements of a guarantee made
by a seller to a purchaser. Such description shall include, but shall not be limited to,
the duration, terms, scope, conditions and limitations of the guarantee;
15. A statement describing any contractual restrictions,
prohibitions or limitations on the purchaser's conduct. The seller shall attach a copy of
all business opportunity and other contracts or agreements proposed for use or in use in
this state including, without limitation, all lease agreements, option agreements and
purchase agreements;
16. The rights and obligations of the seller and the purchaser
regarding termination of the business opportunity contract or agreement;
17. A statement accurately describing the grounds upon which the
purchaser may initiate legal action to terminate the business opportunity contract or
agreement;
18. A copy of the most recent audited financial statements of
the seller. If the seller's audited financial statements are dated more than four (4)
months prior to the filing of the disclosure document, the seller shall submit unaudited
financial statements for the interim period;
19. A list of the states in which the business opportunity is
registered;
20. A list of the states in which the disclosure document is on
file;
21. A list of the states which have denied, suspended or revoked
the registration of the business opportunity;
22. A section entitled "Risk Factors" containing a
series of short concise statements summarizing the principal factors which make the
business opportunity a high risk or one of a speculative nature. Each statement shall
include a cross-reference to the page on which further information regarding that risk
factor can be found in the disclosure document; and
23. Any additional information as the Administrator may require
by rule or order.
§ 809. Contracts or agreements required--Contents
A. It is unlawful for any person to offer or sell any business
opportunity, as defined in Section 2 of the Oklahoma Business Opportunity Sales Act,
unless the business opportunity contract or agreement is in writing and a copy of the
contract or agreement is given to the purchaser at the time the purchaser signs the
contract or agreement.
B. Contracts or agreements shall set forth in at least ten-point
type the following:
1. The terms and conditions of any and all payments due to the
seller;
2. The seller's principal business address and the name and
address of the seller's agent in this state authorized to receive service of process;
3. The business form of the seller, whether corporate,
partnership or otherwise;
4. The delivery date or, when the contract provides for a
periodic delivery of items to the purchaser, the approximate delivery date of the product,
equipment or supplies the seller is to deliver to the purchaser to enable the purchaser to
start his or her business; and
5. Whether the product, equipment or supplies are to be
delivered to the purchaser's home or business address or are to be placed or caused to be
placed by the seller at locations owned or managed by persons other than the purchaser.
§ 810. Suspension or revocation of
registration--Grounds--Procedure
A. The Administrator may issue a final order denying
effectiveness to, or suspending or revoking effectiveness of, any registration if the
Administrator finds that the order is in the public interest and that:
1. The registration as of its effective date or as of any
earlier date in the case of any order denying effectiveness, or any amendment as of its
effective date, or any report is incomplete in any material respect or contains any
statement which was, in the light of the circumstances under which it was made, false or
misleading with respect to any material fact;
2. Any provision of the Oklahoma Business Opportunity Sales Act
or any rule, order or condition lawfully imposed pursuant to the act has been willfully
violated, in connection with the business opportunity:
a. by the person filing the registration, or
b. by the seller, any partner, officer or director of the
seller, any persons occupying a similar status or performing similar functions, or any
person directly or indirectly controlling or controlled by the seller, but only if the
person filing the registration is directly or indirectly controlled by or acting for the
seller;
3. The business opportunity registered or sought to be
registered is the subject of an administrative order denying, suspending or revoking a
registration or a permanent or temporary injunction of any court of competent
jurisdiction; but the Administrator:
a. may not institute a proceeding against an effective
registration pursuant to this paragraph more than one (1) year from the date of the order
or injunction relied on, and
b. may not enter an order pursuant to this paragraph on the
basis of an order or injunction entered under any other state act unless that order or
injunction was based on facts, other than facts which establish jurisdiction, which would
currently constitute a ground for an order under this section;
4. The seller's enterprise or method of business, or that of the
business opportunity, includes or would include activities which are illegal where
performed;
5. The business opportunity or the offering of a business
opportunity has worked or tended to work a fraud upon purchasers or would so operate;
6. There has been a failure to file any documents or information
required by Section 807 of this title;
7. The seller has failed to pay the proper filing fee but the
Administrator may enter only a denial order under this paragraph and the Administrator
shall vacate any such order when the deficiency has been corrected; or
8. The seller's literature or advertising is misleading,
incorrect, incomplete or deceptive.
Except as provided in subsection C of this section or unless the right
to notice and hearing is waived by the person against whom the order is to be issued, no
order may be issued under this section without notice and opportunity for hearing as
required by the Administrative Procedures Act. If the person to whom such notice is
addressed does not request a hearing within fifteen (15) days after the service of the
notice is effective, an order as provided in this subsection shall be issued.
B. The Administrator may not institute a proceeding under this
section against an effective registration on the basis of a fact or transaction known to
the Administrator when the registration became effective unless the proceeding is
instituted within thirty (30) days from the date the registration became effective.
C. 1. If the Administrator makes written findings of fact to
support the conclusion that the public interest will be harmed by delay in issuing an
order pursuant to subsection A of this section, the Administrator may by order summarily
postpone or suspend the effectiveness of the registration pending final determination of
any proceeding under this section.
Upon the entry of the summary order, the Administrator shall promptly
notify the respondent or respondents:
(a) that the summary order has been entered and the reasons
therefor,
(b) that the person subject to the summary order, if desiring a
hearing, must make written request for a hearing to the Administrator within fifteen (15)
days after service of the notice is effective,
(c) that within fifteen (15) days after receipt by the
Administrator of a written request the matter will be set for hearing to determine whether
the summary order should be modified, vacated or extended pending final determination of
any proceeding under subsection A of this section, and
(d) that a hearing shall be commenced within fifteen (15) days
of the matter being set for hearing.
2. The summary order shall remain in effect until the conclusion
of the hearing on the summary order unless the Administrator or his or her designee
extends the summary order pending final determination of any proceeding under subsection A
of this section. If no hearing is requested and none is ordered by the Administrator, the
summary order will remain in effect until it is modified or vacated by the Administrator
or his or her designee. If a request for hearing on the summary order is timely made and
if said hearing is not commenced by the Administrator within the time limit set forth
herein, the summary order shall dissolve and a final order shall not be issued pursuant to
subsection A of this section, except upon reasonable notice and opportunity for a hearing.
D. The Administrator may vacate or modify an order issued under
this section if the Administrator finds that the conditions which prompted its entry have
changed or that it is otherwise in the public interest to do so.
§ 811. Minimum net worth requirement
In connection with the offer or sale of a business opportunity, no
seller may make or use any of the representations set forth in divisions (4) and (5) of
subparagraph 3 of Section 2 of the Oklahoma Business Opportunity Sales Act unless the
seller has at all times a minimum net worth of Fifty Thousand Dollars ($50,000.00) as
determined in accordance with generally accepted accounting principles.
§ 812. Administration of act--Use or disclosure of
information
A. The Oklahoma Business Opportunity Sales Act shall be
administered by the Administrator.
B. It is unlawful for the Administrator or any of his or her
officers or employees to use for personal benefit any information which is filed with or
obtained by the Administrator and which is not made public. No provision of the Oklahoma
Business Opportunity Sales Act authorizes the Administrator or any of the Administrator's
officers or employees to disclose any such information except among themselves or when
necessary or appropriate in a proceeding or investigation under the act or in cooperation
with other law enforcement agencies. No provision of the Oklahoma Business Opportunity
Sales Act 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 the Administrator's officers or employees.
§ 813. Investigations and proceedings--Powers and duties of
Administrator
A. The Administrator:
1. May make such public or private investigations within or
outside of this state as the Administrator deems necessary to determine whether any person
has violated or is about to violate any provision of the Oklahoma Business Opportunity
Sales Act or any rule or order hereunder, or to aid in the enforcement of the act or in
the prescribing of rules and forms hereunder;
2. May require or permit any person to file a statement, under
oath or otherwise as the Administrator determines, as to all the facts and circumstances
concerning the matter to be investigated; and
3. May publish information concerning any violation of the
Oklahoma Business Opportunity Sales Act or any rule or order hereunder.
B. For the purpose of any investigation or proceeding pursuant
to the Oklahoma Business Opportunity Sales Act, the Administrator or the Administrator's
designee may administer oaths and affirmations, subpoena witnesses, compel their
attendance, take evidence and require the production of any books, paper, 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 or her to appear before
the Administrator, there to produce documentary evidence if so ordered or to give evidence
touching upon the matters under investigation or in question. Failure to obey the order of
the court may be punishable by the court as contempt.
D. No person is excused from attending and testifying or from
producing any document or record before the Administrator or the Administrator's designee,
or in obedience to the subpoena of the Administrator or the Administrator's designee, in
any proceeding instituted by the Administrator, on the grounds that the testimony or
evidence, documentary or otherwise, required by the Administrator may tend to incriminate
him or her or subject him or her to a penalty or forfeiture; but no individual may be
prosecuted or subjected to any penalty or forfeiture on account of any transaction, matter
or thing concerning which he or she is compelled, after claiming his or her privilege
against self-incrimination, to testify or produce evidence, documentary or otherwise,
except that the individual testifying is not exempt from prosecution and punishment for
perjury or contempt committed in testifying.
§ 814. Violation of act--Cease and desist order--Injunction
A. Whenever it appears to the Administrator that any person has
engaged in or is about to engage in any act or practice constituting a violation of any
provision of the Oklahoma Business Opportunity Sales Act or any rule or order hereunder,
the Administrator may:
1. Issue an order directing each person to cease and desist from
continuing the act or practice and/or issue an order imposing a civil penalty up to a
maximum of Five Thousand Dollars ($5,000.00) for a single violation or transaction or of
Fifty Thousand Dollars ($50,000.00) for multiple violations or transactions in a single
proceeding or a series of related proceedings; or
2. Prior to, concurrently with, or subsequent to an
administrative proceeding pursuant to paragraph 1 of this subsection, bring an action 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 the Oklahoma Business Opportunity Sales Act or any rule or
order hereunder. Upon a proper showing, a permanent or temporary injunction, restraining
order or writ of mandamus shall be granted and a receiver or conservator may be appointed
for the defendant or the defendant's assets or the court may order rescission, which shall
include restitution plus the legal interest rate, for any sales of business opportunities
determined to be unlawful pursuant to the Oklahoma Business Opportunity Sales Act or any
rule or order hereunder. The court shall not require the Administrator to post a bond. No
costs shall be assessed for or against the Administrator in a proceeding under the
Oklahoma Business Opportunity Sales Act brought by or against the Administrator in any
court except as otherwise provided by law.
B. Except as provided in subsection D of this section or unless
the right to notice and hearing is waived by the person against whom the sanction is
imposed, the sanctions provided in paragraph 1 of subsection A of this section may be
imposed only after notice and opportunity for hearing as required by the Administrative
Procedures Act. If the person to whom notice is addressed does not request a hearing
within fifteen (15) days after the service of the notice, a final order as provided for in
subsection A of this section may be issued.
C. For purposes of determining any sanction to be imposed under
subsection A of this section, the Administrator shall consider, among other factors, the
frequency and persistence of the conduct constituting a violation of the Oklahoma Business
Opportunity Sales Act or a rule or order of the Administrator under the Oklahoma Business
Opportunity Sales Act, the number of persons adversely affected by the conduct, and the
resources of the person committing the violation.
D. 1. If the Administrator makes written findings of fact to
support the conclusion that the public interest will be harmed by delay in issuing a cease
and desist order pursuant to paragraph 1 of subsection A of this section, the
Administrator may issue a summary order pending the hearing required by subsection B of
this section.
Upon the entry of the summary order, the Administrator shall promptly
notify the person subject to the summary order:
a. that the summary order has been entered and the reasons
therefor,
b. that the person subject to the summary order, if desiring a
hearing, must make written request for a hearing to the Administrator within fifteen (15)
days after service of the notice is effective,
c. that within fifteen (15) days after receipt by the
Administrator of a written request the matter will be set for hearing to determine whether
the summary order should be modified, vacated or extended pending final determination of
any proceeding under paragraph 1 of subsection A of this section, and
d. that a hearing shall be commenced within fifteen (15) days of
the matter being set for hearing.
2. The summary order shall remain in effect until the conclusion
of the hearing on the summary order unless the Administrator or the Administrator's
designee extends the summary order pending a final determination of any proceeding under
paragraph 1 of subsection A of this section. If no hearing is requested and none is
ordered by the Administrator, the summary order will remain in effect until it is modified
or vacated by the Administrator or the Administrator's designee. If a request for hearing
on the summary order is timely made and if the hearing is not commenced by the
Administrator within the time limit set forth above, the summary order shall dissolve and
a cease and desist order shall not be issued pursuant to paragraph 1 of subsection A of
this section except upon reasonable notice and opportunity for a hearing as provided in
subsection B of this section.
E. When the Administrator has authority to institute an action
or proceeding pursuant to this section, the Administrator may accept an assurance of
discontinuance of an act or practice that is alleged to be unlawful under Section 819 of
this title from the person who is alleged to have engaged or be about to engage in the act
or practice. The assurance shall not constitute an admission of guilt. The assurance may
include a stipulation for any or all of the following:
1. The voluntary payment by the person for the costs of
investigation;
2. An amount to be held in escrow pending the outcome of an
action; or
3. An amount for restitution to an aggrieved person.
An assurance of discontinuance shall be in writing and filed with the
Administrator. Unless rescinded by the parties or voided by a court for good cause, the
assurance may be enforced in the district court of Oklahoma County by the parties to the
assurance. The assurance may be modified by the parties or by a court for good cause.
§ 815. Review of orders
A. Any person aggrieved by a final order of the Administrator
may obtain a review by the Oklahoma Securities Commission by filing with the Oklahoma
Securities Commission at the offices of the Department of Securities, within fifteen (15)
days after the entry of the order, a written petition praying that the order be modified
or set aside in whole or in part and stating his ground 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 Oklahoma Securities Commission. The
cost of preparing the record of the administrative hearing shall be borne by the appealing
parties. Oral argument by all parties shall be heard by the Oklahoma Securities Commission
en banc unless waived by the 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 Oklahoma Securities Commission. 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 of the proceeding before the Oklahoma Securities
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 Oklahoma Securities
Commission or a majority thereof shall make such order as is deemed proper, just and
equitable within sixty (60) days of receipt by the Oklahoma Securities Commission of the
written petition of the appealing party or at such later time as agreed to in writing by
all parties.
B. Any person aggrieved by a final order of the Oklahoma
Securities Commission may obtain a review of the order by the Supreme Court of Oklahoma.
The proceedings for review shall be as now prescribed by law and by rules of the reviewing
court, subject to the power of the other court to make other and further rules with
reference thereto.
C. The commencement of proceedings under this section before the
Oklahoma Securities Commission shall not operate as a stay of the Administrator's order,
unless so ordered by the Oklahoma Securities Commission. The commencement of proceedings
under this section before the Supreme Court shall not operate as a stay of the Oklahoma
Securities Commission's order, unless so ordered by the Court.
§ 816. Rules, forms and orders--Making, amending and
rescinding
A. The Administrator may make, amend, and rescind rules, forms
and orders as are necessary to carry out the provisions of the Oklahoma Business
Opportunity Sales Act including rules and forms governing disclosure documents,
application and reports, and defining any terms, whether or not used in the Oklahoma
Business Opportunity Sales Act insofar as the definitions are not inconsistent with the
provisions of the act. For the purpose of rules and forms, the Administrator may classify
business opportunities, 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 or for the protection of the purchaser. In prescribing rules and forms the
Administrator may cooperate with the administrators of other jurisdictions with a view to
effectuating the policy of the Oklahoma Business Opportunity Sales Act to achieve maximum
uniformity in the form and content of disclosure statements, applications, and reports
whenever practicable.
C. No provision of the Oklahoma Business Opportunity Sales Act
imposing any liability applies to any act done or omitted in good faith in 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 by judicial or other authority to be
invalid for any reason.
§ 817. Filing of document--Register--Public
inspection--Interpretive opinions
A. A document is filed when it is received by the Administrator.
B. The Administrator shall keep a register of all applications
for registration pursuant to the Oklahoma Business Opportunity Sales Act and all orders
which have been entered under the act. The register and all such orders may be maintained
in computer form or any other form of data storage and shall be open for public
inspection.
C. The information contained in or filed with or subsequent to
any application for registration filed pursuant to this title, or any report filed with
the Administrator may be made available to the public under such rules as the
Administrator may prescribe. Litigation files and investigatory files and reports shall be
kept confidential. If an investigatory file is created as a result of a complaint,
grievance or inquiry, the complaint, grievance or inquiry shall be a part of such
investigatory file and the existence of the complaint, grievance or inquiry and the
matters and documents contained therein shall not be disclosed except pursuant to this
title. A settlement agreement may, upon determination of the Administrator, remain part of
the investigatory file and may be used against the person or entity involved only if the
person or entity involved violates the terms of the settlement agreement. The
Administrator may disclose any information obtained in connection with an investigation
pursuant to this title for the purpose of a civil or administrative action brought by the
Administrator, or a criminal referral. The Administrator may disclose such information to
a law enforcement agency or another governmental or regulatory entity so long as the
receiving entity represents in writing that under applicable law protections exist to
preserve the integrity, confidentiality and security of the information.
D. The Administrator in his or her discretion may honor written
requests from interested persons for interpretive opinions or may issue determinations
that the Administrator will not institute enforcement proceedings against certain
specified persons for engaging in certain specified activities where the determination is
consistent with the purposes fairly intended by the policy and provisions of this act upon
the payment of a fee as set forth in Section 829 of this title.
§ 818. Application of act--Offer to sell, communication thereof
and acceptance--Service of process and agent therefor
A. The provisions of the Oklahoma Business Opportunity Sales Act
concerning sales and offers to sell apply to persons who sell or offer to sell when:
1. An offer to sell is made in this state;
2. An offer to purchase is made and accepted in this state; or
3. The purchaser is domiciled in this state and the business
opportunity is or will be operated in this state.
B. For the purpose of this section, an offer to sell is made in
this state, whether or not either party is then present in this state, when:
1. The offer originates from this state; or
2. The offer is directed by the offeror to this state and
received at the place to which it is directed or at any post office in this state in the
case of a mailed offer.
C. For the purpose of this section, an offer to sell is accepted
in this state when acceptance:
1. Is communicated to the offeror in this state; and
2. Has not previously been communicated to the offeror, orally
or in writing, outside this state; an acceptance is communicated to the offeror in this
state, whether or not either party is then present in this state when the offeree directs
it to the offeror in this state reasonably believing the offeror to be in this state and
it is received at the place to which it is directed or at any post office in this state in
the case of a mailed acceptance.
D. An offer to sell is not made in this state when:
1. The publisher circulates or there is circulated on his or her
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 which is published in this state
but has had more than two-thirds (2/3) of its circulation outside this state during the
past twelve (12) months; or
2. A radio or television program originating outside this state
is received in this state.
E. Every seller shall file with the Administrator, in such form
as the Administrator may prescribe, an irrevocable consent appointing the Administrator or
the Administrator's successor in office to be the seller's agent to receive service of any
lawful process in any noncriminal suit, action, or proceeding against the seller or the
seller's successor, executor, or administrator that arises under the Oklahoma Business
Opportunity Sales Act or any rule or order hereunder after the consent has been filed,
with the same force and validity as if served personally on the person filing the consent.
Service on the Administrator may be made by leaving a copy of the process in the office of
the Administrator, but is not effective unless:
1. The plaintiff, who may be the Administrator, in a suit,
action, or proceeding instituted by the plaintiff, promptly sends notice of the service
and a copy of the process by certified mail, return receipt requested and delivery
restricted to the addressee, to the defendant or respondent at the defendant's or
respondent's last address on file with the Administrator; and
2. The plaintiff's affidavit of compliance with this subsection
is filed in the suit, action or proceeding on or before the return date of the process, if
any, or within such further time as the court, or the Administrator in a proceeding before
the Administrator, allows.
F. When any person, including any nonresident of this state,
engages in conduct prohibited or made actionable by the Oklahoma Business Opportunity
Sales Act or any rule or order hereunder, and the person has not filed a consent to
service of process under subsection E of this section, that conduct shall be considered
equivalent to the person's appointment of the Administrator or the Administrator's
successor in office to be the person's agent to receive service of any lawful process in
any noncriminal suit, action or proceeding against the person or the person's successor,
executor or administrator which grows out of that conduct and that is brought pursuant to
the Oklahoma Business Opportunity Sales Act or any rule or order hereunder with the same
force and validity as if served on the person personally. Service on the Administrator may
be made by leaving a copy of the process in the office of the Administrator, and it is not
effective unless:
1. 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 certified mail, return receipt requested and delivery restricted to
the addressee, to the defendant or respondent at the defendant's or respondent's
last-known address or takes other steps that are reasonably calculated to give actual
notice; and
2. The plaintiff's affidavit of compliance with this subsection
is filed in the suit, action, or proceeding on or before the return day of the process, if
any, or within such further time as the court, or the Administrator in a proceeding before
the Administrator, allows.
G. Service by mail shall be effective or the date of receipt by
the defendant or respondent or, if refused, on the date of refusal by the defendant or
respondent. Acceptance or refusal of service by mail by a person who is fifteen (15) years
of age or older shall constitute acceptance or refusal by the party addressed. Acceptance
or refusal by any officer or by any employee of the registered office or principal place
of business who is authorized to or who regularly receives certified mail shall constitute
acceptance or refusal by the party addressed. A return receipt signed at such registered
office or principal place of business shall be presumed to have been signed by an employee
authorized to receive certified mail.
H. Refusal by any person to accept delivery of the certified
mail provided for in this section, or the refusal to sign the return receipt, or the lack
of knowledge of the Administrator of any address to which process may have been mailed,
shall not in any manner affect the legality of the service, and the person shall be
presumed to have had knowledge of the contents of the process.
I. Service as provided for in subsection E or F of this section
may be used in a suit, action, or proceeding before the Administrator, or by the
Administrator where the Administrator is the moving party. When process is served under
this section, the court, or the Administrator in a proceeding before the Administrator,
shall order such continuance as may be necessary to afford the defendant or respondent
reasonable opportunity to defend.
§ 819. Fraud or deceit unlawful
It is unlawful for any person, in connection with the offer or sale of
any business opportunity in this state, directly or indirectly:
1. To employ any device, scheme or artifice to defraud;
2. To make any untrue statement of a material fact or to omit to
state a material fact necessary in order to make the statements made, in the light of the
circumstances under which they are made, not misleading; or
3. To engage in any act, practice or course of business which
operates or would operate as a fraud or deceit upon any person.
§ 820. False or misleading statements unlawful
It is unlawful for any person to make or cause to be made, in any
document filed with the Administrator or in any proceeding pursuant to the Oklahoma
Business Opportunity Sales Act any statement which is, at the time and in the light of the
circumstances under which it is made, false or misleading 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 the light of the circumstances under which they are made, not
misleading.
§ 821. Conclusiveness of filed document
Neither the fact that an application for registration has been filed
nor the fact that a business opportunity is effectively registered constitutes a finding
by the Administrator that any document filed pursuant to the Oklahoma Business Opportunity
Sales Act is true, complete and not misleading. Neither any such fact nor the fact that an
exemption or exception is available for a business opportunity means that the
Administrator has passed in any way upon the merits or qualifications of, or recommended
or given approval to, any person or business opportunity. It is unlawful to make, or cause
to be made, to any purchaser or prospective purchaser any representation inconsistent with
the provisions of this section.
§ 822. Misleading advertising unlawful
It is unlawful for any person, in connection with the offer or sale of
any business opportunity in this state, to publish, circulate or use any advertising which
contains an untrue statement of a material fact or omits to state a material fact
necessary in order to make the statements made, in the light of the circumstances under
which they are made, not misleading.
§ 823. Violations--Penalties--Criminal prosecutions
A. Any person who willfully violates Section 6, subsection A of
Section 8, subsection A of Section 9, Sections 11, 19, 21 or 22 of the Oklahoma Business
Opportunity Sales Act or who willfully violates any rule under the act or who willfully
violates any order of which the person has notice, or who violates Section 20 of the
Oklahoma Business Opportunity Sales Act knowing that the statement made was false or
misleading in any material respect, shall be guilty of a felony and may upon conviction be
fined not more than Ten Thousand Dollars ($10,000.00) or imprisoned not more than ten (10)
years or both for each offense. 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.
B. The Administrator may refer such evidence as may be available
concerning violations of the Oklahoma Business Opportunity Sales Act or any rule or order
hereunder to the Attorney General of the State of Oklahoma or the district attorney for
the county where a violation occurred, who may, with or without such a reference,
institute the appropriate criminal proceedings under the act. The Attorney General or
district attorney may designate and appoint one or more lawyers of the Department as
special assistants available for the purpose of assisting in or conducting all criminal
prosecutions arising by reason of proceedings under this section.
C. Nothing in the Oklahoma Business Opportunity Sales Act limits
the power of the state to punish any person for any conduct which constitutes a crime
under any other statute.
§ 824. Violations--Civil actions
A. Any person who violates Section 6, subsection A of Section 8,
subsection A of Section 9 or Section 11 of the Oklahoma Business Opportunity Sales Act, is
liable to the purchaser who may sue either at law or in equity for rescission, for
recovery of all money and other valuable consideration paid for the business opportunity
and for actual damages, together with interest at the legal rate from the date of sale,
reasonable attorney's fees and court costs.
B. Any person who violates Sections 19, 21 or 22 of the Oklahoma
Business Opportunity Sales Act is liable to the purchaser who may sue either at law or in
equity for rescission, for recovery of all money or other valuable consideration paid for
the business opportunity and for actual damages, together with interest at the legal rate
from the date of sale, reasonable attorney's fees and court costs.
§ 825. Aiding and abetting violation
Any person who controls or materially aids a person liable under
Sections 22 or 23 of this act shall be liable jointly and severally with and to the same
extent as the person committing the violation.
§ 826. Limitation of actions--Remedies not exclusive--Waiver
of compliance, duty or liability void
A. No action shall be maintained under subsection A of Section
24 of this act unless commenced before the expiration of three (3) years after the act or
transaction constituting the sale. No action shall be maintained under subsection B of
Section 24 of this act unless commenced before the expiration of two (2) years after the
untruth or omission was, or in the exercise of reasonable care should have been,
discovered, or such longer term of limitation as may be otherwise provided by law.
B. The rights and remedies under the Oklahoma Business
Opportunity Sales Act are in addition to any other rights or remedies that may exist at
law or in equity.
C. Any condition, stipulation or provision binding any purchaser
of a business opportunity to waive compliance with or relieving a person from any duty or
liability imposed by or any right provided by the Oklahoma Business Opportunity Sales Act
or any rule or order issued pursuant to the act is void.
§ 827. Construction of act
The Oklahoma Business Opportunity Sales Act shall be so construed as to
effectuate its general purpose to make uniform the law of those states which enact it.
§ 828. All of the administrative procedures applicable to
investigations and proceedings conducted pursuant to the Oklahoma Securities Act which are
not in conflict with the provisions of this act shall apply to any offer and/or sale of a
business opportunity in this state.
§ 829. A. Unless otherwise provided for by law, the
following shall be the fees charged pursuant to the provisions of the Oklahoma Business
Opportunity Sales Act. Once paid, the fees shall be nonrefundable.
1. Registration filing fee $250.00
2. Registration renewal fee $150.00
3. Review of sales literature or advertising package $ 50.00
4. Sales report filing fee $ 50.00
5. Interpretive opinion or no-action request $250.00
6. Request for order of exemption $250.00
B. All fees and other charges collected by the Administrator
shall be deposited in the General Revenue Fund, except for the fees deposited in the
Oklahoma Department of Securities Revolving Fund. The fees deposited in the Oklahoma
Department of Securities Revolving Fund shall be the fees set forth in paragraphs 3, 5,
and 6 of subsection A of this section.
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