{"data":{"id":"us-ok/okla.-stat.-tit.-15-15-686","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 15, § 15-686","heading":"Financial requirements of invention developer","body":"A. Every invention developer rendering or offering to render\n\ninvention development services in this state shall maintain a bond\n\nissued by a surety admitted to do business in this state, and equal\n\nto either ten percent (10%) of the invention developer's gross\n\nincome from the invention development business in this state during\n\nthe invention developer's preceding fiscal year, or Twenty-five\n\nThousand Dollars ($25,000.00), whichever is larger. A copy of the\n\nbond shall be approved by the Attorney General and filed with the\n\nSecretary of State before the invention developer renders or offers\n\nto render invention development services in this state. The\n\ninvention developer shall have ninety (90) days after the end of\n\neach fiscal year within which to change the bond as may be necessary\n\nto conform to the requirements of this subsection.\n\nB. The bond required by subsection A of this section shall be\n\nin favor of the State of Oklahoma for the benefit of any person who,\n\nafter entering into a contract for invention development services\n\nwith an invention developer, is damaged by fraud or dishonesty of\n\nthe invention developer in performance of the contract, by the\n\ninsolvency or the cessation of business by the invention developer\n\nor by the intentional violation of the Invention Development\n\nServices Act by the invention developer. Any person claiming\n\nagainst the bond may maintain an action at law against the invention\n\ndeveloper and the surety company.\n\nThe aggregate liability of the surety company to all persons for\n\nall breaches of conditions of the bond shall not exceed the amount\n\nof the bond.\n\nC. In lieu of the bond required by subsection A of this\n\nsection, the invention developer may deposit with the State\n\nTreasurer a cash deposit in the like amount. The State Treasurer\n\nshall not refund a deposit until sixty (60) days after either the\n\ninvention developer has ceased doing business in the state or a bond\n\nhas been filed which complies with subsections A and B of this\n\nsection.","path":["OK Code","Title 15"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os15.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"9f449de15bb6572ca12f082bd709cbe98f23d48b404dac2cd5592f137334b176","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-15-15-685","next":"us-ok/okla.-stat.-tit.-15-15-687"},"notice":"GroundRules: Original legal text. Not legal advice."}