Okla. Stat. tit. 71 § 602

Current through Laws 2024, c. 453.

Section 602 - Definitions

In this Code, unless the context otherwise requires;

1. "Administrator" means the Administrator of the Department of Securities;

2. "Advertising" means:

a. material published or designed for use in social media or a newspaper, magazine, or other periodical, or for radio, television, telephone solicitations or tape recordings, videotaped displays, signs, billboards, motion pictures, telephone directories other than routine listings, websites, other public media, and any other written or electronic communication distributed or made generally available to customers or the public and used in connection with a disposition, an offer to dispose of, or any inducement to any person to purchase or acquire an interest in the title to any subdivided lands including any leasehold interest or land contract,

b. any material used to induce prospective purchasers to visit any subdivided lands or submit to a presentation by a subdivider or any of the subdivider's representatives or agents including but not limited to websites, prospectuses, pamphlets, circulars, form letters, market letters, telemarketing scripts, seminar texts, research reports, surveys, performance reports or summaries, and reprints or excerpts of any other advertisement, sales literature, or published material, and

c. the entire promotional plan for the disposition of subdivided lands including promotional displays at public or private events, parties, dinners, or other meetings;

Advertising shall not mean stockholder communications including, but not limited to, annual reports and interim financial reports, proxy materials, registration statements, securities prospectuses, and application for listing securities on stock exchanges; communications addressed to and relating to the account of any persons who have previously executed a contract for the acquisition of any of the subdivider's lands except where directed to the disposition of additional lands; press releases or other communications delivered to newspapers or other periodicals for general information or public relations purposes, provided no charge is made by and nothing of value is given to such newspapers, their employees or other periodicals for the publication or use of any part of such communication;

3. "Agent" means any person who, directly or indirectly, disposes of, or offers to dispose of, or advertises for disposition any lot in a subdivision and includes a real estate salesman, broker or subdivider so engaged;

4. "Blanket encumbrance" means any trust deed, mortgage, judgment, lien or other financial encumbrance securing or evidencing debt and affecting lands to be subdivided or affecting more than one lot of subdivided land, and any agreement by which the subdivider holds more than one lot under an option, contract or deed, contract to purchase or trust agreement. Blanket encumbrance shall not mean a lien or other encumbrance arising as a result of the imposition of a tax assessed by a public authority so long as no portion thereof is past due;

5. "Commission" means the Oklahoma Securities Commission;

6. "Department" means the Department of Securities;

7. "Disposition" or "dispose of" means every sale, lease, assignment, award by lottery, option, or exchange of a lot and every contract for, or contract to do, any of the foregoing for value, or when given as an incident of any of the foregoing;

8. "Lot" means any portion, parcel, piece, division, unit or undivided interest in land if such interest includes the right to the exclusive use of a specified portion of the land;

9. "Notice" means a communication from the Administrator. Notice to a subdivider shall be deemed complete when personally served upon the subdivider or mailed to the subdivider at the last-known address on file with the Administrator;

10. "Offer" means any inducement, solicitation or attempt to encourage a person to acquire an interest in a lot in a subdivision;

11. "Option" means, and is limited to, an offer to sell or purchase respecting which a consideration of not more than fifteen percent (15%) of the total purchase price is exchanged to guarantee that the offer will not be withdrawn or revoked for an agreed period of time;

12. "Person" means an individual, corporation, partnership, association, joint stock company, or trust where the interests of the beneficiaries are evidenced by a security, an unincorporated organization, government, political subdivision of a government or any other entity;

13. "Purchaser" means a person who acquires, attempts to acquire, is solicited to acquire, or succeeds to any interest in a lot in a subdivision, excluding a security interest;

14. "Subdivision" and "subdivided land" means any land, wherever located, whether improved or unimproved, contiguous or not, which is divided into lots or proposed to be divided for the purpose of disposition pursuant to a common promotional scheme or plan of advertising and disposition. If the land is designated or advertised as a common unit or by a common name, the land shall be presumed, without regard to the number of lots covered by each individual offering, to be offered for disposition as part of a common promotional plan. Where the context so requires, it shall also include any lot in a subdivision and any interest therein; and

15. "Subdivider" means a person whose interest in subdivided lands is advertised, offered, or disposed of by the subdivider or another person.

Okla. Stat. tit. 71, § 602

Amended by Laws 2022 , c. 78, s. 1, eff. 11/1/2022.

Added by Laws 1977, c. 95, § 602.