{"data":{"id":"us-ok/okla.-stat.-tit.-71-71-802","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 71, § 71-802","heading":"Definitions","body":"As used in the Oklahoma Business Opportunity Sales Act, Section\n\n801 et seq. of this title, unless otherwise provided:\n\n1. \"Administrator\" means the Administrator of the Oklahoma\n\nDepartment of Securities.\n\n2. \"Advertising\" means any circular, prospectus, advertisement\n\nor other material or any communication by radio, television or other\n\nelectronic transmission, newspapers, magazines, pictures or similar\n\nmeans used in connection with an offer or sale of any business\n\nopportunity.\n\n3. a. \"Business opportunity\" means a contract or agreement,\n\nbetween a seller and purchaser, express or implied,\n\norally or in writing, wherein it is agreed that the\n\nseller or a person recommended by the seller shall\n\nprovide to the purchaser any products, equipment,\n\nsupplies or services enabling the purchaser to start a\n\nbusiness and the seller represents directly or\n\nindirectly, orally or in writing, that:\n\n(1) The seller or a person recommended by the seller\n\nwill provide or assist the purchaser in finding\n\nlocations for the use or operation of vending\n\nmachines, racks, display cases or other similar\n\ndevices, on premises neither owned nor leased by\n\nthe purchaser or seller;\n\n(2) The seller or a person recommended by the seller\n\nwill provide or assist the purchaser in finding\n\noutlets or accounts for the purchaser's products\n\nor services;\n\n(3) The seller or a person specified by the seller\n\nwill purchase any or all products made, produced,\n\nfabricated, grown, bred or modified by the\n\npurchaser;\n\n(4) The seller guarantees that the purchaser will\n\nderive income from the business which exceeds the\n\nprice paid to the seller;\n\n(5) The seller will refund all or part of the price\n\npaid to the seller, or repurchase any of the\n\nproducts, equipment or supplies provided by the\n\nseller or a person recommended by the seller, if\n\nthe purchaser is dissatisfied with the business;\n\nor\n\n(6) The seller will provide a marketing plan.\n\nb. \"Business opportunity\" does not include:\n\n(1) Any offer or sale of an on-going business\n\noperated by the seller and to be sold in its\n\nentirety;\n\n(2) Any offer or sale of a business opportunity to an\n\non-going business where the seller will provide\n\nproducts, equipment, supplies or services which\n\nare substantially similar to the products,\n\nequipment, supplies or services sold by the\n\npurchaser in connection with the purchaser's on-\n\ngoing business;\n\n(3) Any offer or sale of a business opportunity which\n\ninvolves a marketing plan made in conjunction\n\nwith the licensing of a federally registered\n\ntrademark or federally registered service mark\n\nprovided that the seller has a minimum net worth\n\nof One Million Dollars ($1,000,000.00) as\n\ndetermined on the basis of the seller's most\n\nrecent audited financial statements prepared\n\nwithin thirteen (13) months of an offer or sale\n\nin accordance with generally accepted accounting\n\nprinciples and audited in accordance with\n\ngenerally accepted auditing standards. Net worth\n\nmay be determined on a consolidated basis where\n\nthe seller is at least eighty percent (80%) owned\n\nby one person and that person expressly\n\nguarantees the obligation of the seller with\n\nregard to the offer or sale of any business\n\nopportunity claimed to be excluded under this\n\ndivision; or\nted accounting\n\nprinciples and audited in accordance with\n\ngenerally accepted auditing standards. Net worth\n\nmay be determined on a consolidated basis where\n\nthe seller is at least eighty percent (80%) owned\n\nby one person and that person expressly\n\nguarantees the obligation of the seller with\n\nregard to the offer or sale of any business\n\nopportunity claimed to be excluded under this\n\ndivision; or\n\n(4) Any offer or sale of a business opportunity by an\n\nexecutor, administrator, sheriff, marshal,\n\nreceiver, trustee in bankruptcy, guardian or\n\nconservator or a judicial offer or sale of a\n\nbusiness opportunity.\n\n4. \"Department\" means the Oklahoma Department of Securities.\n\n5. \"Franchise\" means a contract or agreement between a seller\n\nand a purchaser, express or implied, orally or in writing, where it\n\nis agreed that:\n\na. A franchisee is granted the right to engage in the\n\nbusiness of offering, selling or distributing goods or\n\nservices under a marketing plan prescribed in\n\nsubstantial part by a franchisor; and\n\nb. The operation of the franchisee's business pursuant to\n\nsuch a plan is substantially associated with the\n\nfranchisor's business and trademark, service mark,\n\ntrade name, logotype, advertising or other commercial\n\nsymbol designating the franchisor or its affiliate.\n\nFor the purposes of this paragraph, \"franchisee\" shall mean a\n\nperson to whom a franchise is granted and \"franchisor\" shall mean a\n\nperson who grants a franchise.\n\n6. \"Marketing plan\" means advice or training, provided to the\n\npurchaser by the seller or a person recommended by the seller,\n\npertaining to the sale of any products, equipment, supplies or\n\nservices and the advice or training includes, but is not limited to,\n\npreparing or providing:\n\na. Promotional literature, brochures, pamphlets or\n\nadvertising materials;\n\nb. Training regarding the promotion, operation or\n\nmanagement of the business opportunity; or\n\nc. Operational, managerial, technical or financial\n\nguidelines or assistance.\n\n7. \"Offer\" or \"offer to sell\" includes every attempt to dispose\n\nof a business opportunity for value or solicitation of an offer to\n\npurchase a business opportunity.\n\n8. \"On-going business\" means an existing business that, for at\n\nleast six (6) months prior to the offer, has been operated from a\n\nspecific location, has been open for business to the general public\n\nand has substantially all of the equipment and supplies necessary\n\nfor operating the business.\n\n9. \"Person\" means an individual, corporation, trust,\n\npartnership, limited liability company, incorporated or\n\nunincorporated association or any other entity.\n\n10. \"Purchaser\" means a person who enters into a contract or\n\nagreement for the acquisition of a business opportunity or a person\n\nto whom an offer to sell a business opportunity is directed.\n\n11. \"Sale\" or \"sell\" includes every contract or agreement of\n\nsale, contract to sell, disposition of a business opportunity or\n\ninterest in a business opportunity for value.\n\n12. \"Seller\" means a person who sells or offers to sell a\n\nbusiness opportunity or any agent or person who directly or\n\nindirectly acts on behalf of such 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":"df8ccf0faa6372da7533edef466c73ccd1c2c1afc518b60f32f5b66d347f32d1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-71-71-801","next":"us-ok/okla.-stat.-tit.-71-71-803"},"notice":"GroundRules: Original legal text. Not legal advice."}