{"data":{"id":"us-ok/okla.-stat.-tit.-71-71-1-510","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 71, § 71-1-510","heading":"Rescission offers","body":"A purchaser, seller, or recipient of investment advice may not\n\nmaintain an action under Section 1-509 of this title if:\n\n1. The purchaser, seller, or recipient of investment advice\n\nreceives in a record, before the action is instituted:\n\na. an offer stating the respect in which liability under\n\nSection 1-509 of this title may have arisen and fairly\n\nadvising the purchaser, seller, or recipient of\n\ninvestment advice of that person's rights in\n\nconnection with the offer, and any financial or other\n\ninformation necessary to correct all material\n\nmisstatements or omissions in the information that was\n\nrequired by this act to be furnished to that person at\n\nthe time of the purchase, sale, or investment advice,\n\nb. if the basis for relief under this section may have\n\nbeen a violation of subsection B of Section 1-509 of\n\nthis title, an offer to repurchase the security for\n\ncash, payable on delivery of the security, equal to\n\nthe consideration paid, and interest at the legal rate\n\nof interest per year from the date of purchase, less\n\nthe amount of any income received on the security, or,\n\nif the purchaser no longer owns the security, an offer\n\nto pay the purchaser upon acceptance of the offer\n\ndamages in an amount that would be recoverable upon a\n\ntender, less the value of the security when the\n\npurchaser disposed of it, and interest at the legal\n\nrate of interest per year from the date of purchase in\n\ncash equal to the damages computed in the manner\n\nprovided in this subsection,\n\nc. if the basis for relief under this section may have\n\nbeen a violation of subsection C of Section 1-509 of\n\nthis title, an offer to tender the security, on\n\npayment by the seller of an amount equal to the\n\npurchase price paid, less income received on the\n\nsecurity by the purchaser, and interest at the legal\n\nrate of interest from the date of the sale, or if the\n\npurchaser no longer owns the security, an offer to pay\n\nthe seller upon acceptance of the offer, in cash,\n\ndamages in the amount of the difference between the\n\nprice at which the security was purchased and the\n\nvalue the security would have had at the time of the\n\npurchase in the absence of the purchaser's conduct\n\nthat may have caused liability and interest at the\n\nlegal rate of interest per year from the date of the\n\nsale,\n\nd. if the basis for relief under this section may have\n\nbeen a violation of subsection D of Section 1-509 of\n\nthis title, and if the customer is a purchaser, an\n\noffer to pay as specified in subparagraph b of this\n\nparagraph; or, if the customer is a seller, an offer\n\nto tender or to pay as specified in subparagraph c of\n\nthis paragraph,\n\ne. if the basis for relief under this section may have\n\nbeen a violation of subsection E of Section 1-509 of\n\nthis title, an offer to reimburse in cash the\n\nconsideration paid for the advice and interest at the\n\nlegal rate of interest per year from the date of\n\npayment, or\n\nf. if the basis for relief under this section may have\n\nbeen a violation of subsection F of Section 1-509 of\n\nthis title, an offer to reimburse in cash the\n\nconsideration paid for the advice, the amount of any\n\nactual damages that may have been caused by the\n\nconduct, and interest at the legal rate of interest\n\nper year from the date of the violation causing the\n\nloss;\n\n2. An offer under paragraph 1 of this subsection states that it\n\nmust be accepted by the purchaser, seller, or recipient of\n\ninvestment advice within thirty (30) days after the date of its\n\nreceipt by the purchaser, seller, or recipient of investment advice,\n\nor any shorter period, of not less than three (3) days, that the\n\nAdministrator, by order, specifies;\n\n3. The offeror has the present ability to pay the amount\n\noffered or to tender the security under paragraph 1 of this\n\nsubsection;\n\n4. The offer under paragraph 1 of this subsection is delivered\n(30) days after the date of its\n\nreceipt by the purchaser, seller, or recipient of investment advice,\n\nor any shorter period, of not less than three (3) days, that the\n\nAdministrator, by order, specifies;\n\n3. The offeror has the present ability to pay the amount\n\noffered or to tender the security under paragraph 1 of this\n\nsubsection;\n\n4. The offer under paragraph 1 of this subsection is delivered\n\nto the purchaser, seller, or recipient of investment advice, or sent\n\nin a manner that ensures receipt by the purchaser, seller, or\n\nrecipient of investment advice; and\n\n5. The purchaser, seller, or recipient of investment advice\n\nthat accepts the offer under paragraph 1 of this subsection, in a\n\nrecord within the period specified under paragraph 2 of this\n\nsubsection is paid in accordance with the terms of the offer.","path":["OK Code","Title 71"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os71.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"f77e60dbafb236554b921d3aa983e5b0dda4db3b600b189d14ac335acd867e99","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-71-71-1-509","next":"us-ok/okla.-stat.-tit.-71-71-1-601"},"notice":"GroundRules: Original legal text. Not legal advice."}