{"data":{"id":"us-ok/okla.-stat.-tit.-71-71-602","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 71, § 71-602","heading":"Definitions","body":"In this Code, unless the context otherwise requires;\n\n1. \"Administrator\" means the Administrator of the Department of\n\nSecurities;\n\n2. \"Advertising\" means:\n\na. material published or designed for use in social media\n\nor a newspaper, magazine, or other periodical, or for\n\nradio, television, telephone solicitations or tape\n\nrecordings, videotaped displays, signs, billboards,\n\nmotion pictures, telephone directories other than\n\nroutine listings, websites, other public media, and\n\nany other written or electronic communication\n\ndistributed or made generally available to customers\n\nor the public and used in connection with a\n\ndisposition, an offer to dispose of, or any inducement\n\nto any person to purchase or acquire an interest in\n\nthe title to any subdivided lands including any\n\nleasehold interest or land contract,\n\nb. any material used to induce prospective purchasers to\n\nvisit any subdivided lands or submit to a presentation\n\nby a subdivider or any of the subdivider's\n\nrepresentatives or agents including but not limited to\n\nwebsites, prospectuses, pamphlets, circulars, form\n\nletters, market letters, telemarketing scripts,\n\nseminar texts, research reports, surveys, performance\n\nreports or summaries, and reprints or excerpts of any\n\nother advertisement, sales literature, or published\n\nmaterial, and\n\nc. the entire promotional plan for the disposition of\n\nsubdivided lands including promotional displays at\n\npublic or private events, parties, dinners, or other\n\nmeetings;\n\nAdvertising shall not mean stockholder communications including, but\n\nnot limited to, annual reports and interim financial reports, proxy\n\nmaterials, registration statements, securities prospectuses, and\n\napplication for listing securities on stock exchanges;\n\ncommunications addressed to and relating to the account of any\n\npersons who have previously executed a contract for the acquisition\n\nof any of the subdivider's lands except where directed to the\n\ndisposition of additional lands; press releases or other\n\ncommunications delivered to newspapers or other periodicals for\n\ngeneral information or public relations purposes, provided no charge\n\nis made by and nothing of value is given to such newspapers, their\n\nemployees or other periodicals for the publication or use of any\n\npart of such communication;\n\n3. \"Agent\" means any person who, directly or indirectly,\n\ndisposes of, or offers to dispose of, or advertises for disposition\n\nany lot in a subdivision and includes a real estate salesman, broker\n\nor subdivider so engaged;\n\n4. \"Blanket encumbrance\" means any trust deed, mortgage,\n\njudgment, lien or other financial encumbrance securing or evidencing\n\ndebt and affecting lands to be subdivided or affecting more than one\n\nlot of subdivided land, and any agreement by which the subdivider\n\nholds more than one lot under an option, contract or deed, contract\n\nto purchase or trust agreement. Blanket encumbrance shall not mean\n\na lien or other encumbrance arising as a result of the imposition of\n\na tax assessed by a public authority so long as no portion thereof\n\nis past due;\n\n5. \"Commission\" means the Oklahoma Securities Commission;\n\n6. \"Department\" means the Department of Securities;\n\n7. \"Disposition\" or \"dispose of\" means every sale, lease,\n\nassignment, award by lottery, option, or exchange of a lot and every\n\ncontract for, or contract to do, any of the foregoing for value, or\n\nwhen given as an incident of any of the foregoing;\n\n8. \"Lot\" means any portion, parcel, piece, division, unit or\n\nundivided interest in land if such interest includes the right to\n\nthe exclusive use of a specified portion of the land;\n\n9. \"Notice\" means a communication from the Administrator.\n\nNotice to a subdivider shall be deemed complete when personally\n\nserved upon the subdivider or mailed to the subdivider at the last-\n\nknown address on file with the Administrator;\n\n10. \"Offer\" means any inducement, solicitation or attempt to\nland if such interest includes the right to\n\nthe exclusive use of a specified portion of the land;\n\n9. \"Notice\" means a communication from the Administrator.\n\nNotice to a subdivider shall be deemed complete when personally\n\nserved upon the subdivider or mailed to the subdivider at the last-\n\nknown address on file with the Administrator;\n\n10. \"Offer\" means any inducement, solicitation or attempt to\n\nencourage a person to acquire an interest in a lot in a subdivision;\n\n11. \"Option\" means, and is limited to, an offer to sell or\n\npurchase respecting which a consideration of not more than fifteen\n\npercent (15%) of the total purchase price is exchanged to guarantee\n\nthat the offer will not be withdrawn or revoked for an agreed period\n\nof time;\n\n12. \"Person\" means an individual, corporation, partnership,\n\nassociation, joint stock company, or trust where the interests of\n\nthe beneficiaries are evidenced by a security, an unincorporated\n\norganization, government, political subdivision of a government or\n\nany other entity;\n\n13. \"Purchaser\" means a person who acquires, attempts to\n\nacquire, is solicited to acquire, or succeeds to any interest in a\n\nlot in a subdivision, excluding a security interest;\n\n14. \"Subdivision\" and \"subdivided land\" means any land,\n\nwherever located, whether improved or unimproved, contiguous or not,\n\nwhich is divided into lots or proposed to be divided for the purpose\n\nof disposition pursuant to a common promotional scheme or plan of\n\nadvertising and disposition. If the land is designated or\n\nadvertised as a common unit or by a common name, the land shall be\n\npresumed, without regard to the number of lots covered by each\n\nindividual offering, to be offered for disposition as part of a\n\ncommon promotional plan. Where the context so requires, it shall\n\nalso include any lot in a subdivision and any interest therein; and\n\n15. \"Subdivider\" means a person whose interest in subdivided\n\nlands is advertised, offered, or disposed of by the subdivider or\n\nanother person.","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":"8e8d971a448763d3b41d8e26d35ece23de990030fd5710d583c98d5d4fa5891c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-71-71-601","next":"us-ok/okla.-stat.-tit.-71-71-621"},"notice":"GroundRules: Original legal text. Not legal advice."}