{"data":{"id":"us-ok/okla.-stat.-tit.-71-71-808","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 71, § 71-808","heading":"Disclosure document","body":"A. It shall be unlawful and shall be deemed a Class C2 felony\n\noffense for any person to offer or sell any business opportunity\n\nrequired to be registered pursuant to the Oklahoma Business\n\nOpportunity Sales Act unless a written disclosure document as filed\n\npursuant to Section 807 of this title is delivered to each purchaser\n\nat least ten (10) business days prior to the execution by a\n\npurchaser of any contract or agreement imposing a binding legal\n\nobligation on the purchaser or the payment by a purchaser of any\n\nconsideration in connection with the offer or sale of the business\n\nopportunity.\n\nB. The disclosure document shall have a cover sheet which is\n\nentitled, in at least ten-point bold type, \"DISCLOSURE REQUIRED BY\n\nTHE STATE OF OKLAHOMA\". Under the title shall appear the statement\n\nin at least ten-point type that \"THE REGISTRATION OF THIS BUSINESS\n\nOPPORTUNITY DOES NOT CONSTITUTE APPROVAL, RECOMMENDATION OR\n\nENDORSEMENT BY THE STATE OF OKLAHOMA. THE INFORMATION CONTAINED IN\n\nTHIS DISCLOSURE DOCUMENT HAS NOT BEEN VERIFIED BY THIS STATE. IF\n\nYOU HAVE ANY QUESTIONS OR CONCERNS ABOUT THIS INVESTMENT, SEEK\n\nPROFESSIONAL ADVICE BEFORE YOU SIGN A CONTRACT OR MAKE ANY PAYMENT.\n\nYOU ARE TO BE PROVIDED TEN (10) BUSINESS DAYS TO REVIEW THIS\n\nDOCUMENT BEFORE SIGNING ANY CONTRACT OR AGREEMENT OR MAKING ANY\n\nPAYMENT TO THE SELLER OR THE SELLER'S REPRESENTATIVE\". The seller's\n\nname and principal business address, along with the date of the\n\ndisclosure document shall also be provided on the cover sheet. No\n\nother information shall appear on the cover sheet. The disclosure\n\ndocument shall contain the following information unless the seller\n\nuses a disclosure document as provided in Section 807 of this title:\n\n1. The names and residential addresses of those salespersons\n\nwho will engage in the offer or sale of the business opportunity in\n\nthis state;\n\n2. The name of the seller; whether the seller is doing business\n\nas an individual, partnership, corporation, limited liability\n\ncompany, or any other form of business entity; the names under which\n\nthe seller has done, is doing or intends to do business; and the\n\nname of any parent or affiliated company that will engage in\n\nbusiness transactions with purchasers or which will take\n\nresponsibility for statements made by the seller;\n\n3. The names, addresses and titles of the seller's officers,\n\ndirectors, trustees, general managers, principal executives, agents\n\nand any other persons charged with responsibility for the seller's\n\nbusiness activities relating to the sale of the business\n\nopportunity;\n\n4. Prior business experience of the seller relating to business\n\nopportunities including:\n\na. the name, address and a description of any business\n\nopportunity previously offered by the seller,\n\nb. the length of time the seller has offered each such\n\nbusiness opportunity, and\n\nc. the length of time the seller has conducted the\n\nbusiness opportunity currently being offered to the\n\npurchaser;\n\n5. With respect to persons identified in paragraph 3 of\n\nsubsection B of this section:\n\na. a description of the persons' business experience for\n\nthe ten-year period preceding filing date of the\n\ndisclosure document. The description of business\n\nexperience shall list principal occupations and\n\nemployers, and\n\nb. a listing of the persons' educational and professional\n\nbackgrounds, including the names of schools attended\n\nand degrees received, and any other information that\n\nwill demonstrate sufficient knowledge and experience\n\nto perform the services proposed;\n\n6. Whether the seller or any person identified in paragraph 3\n\nof subsection B of this section:\n\na. has been convicted of any felony, has pleaded nolo\n\ncontendere to a felony charge or has been the subject\n\nof any criminal, civil or administrative proceedings\n\nalleging: The violation of any business opportunity\nill demonstrate sufficient knowledge and experience\n\nto perform the services proposed;\n\n6. Whether the seller or any person identified in paragraph 3\n\nof subsection B of this section:\n\na. has been convicted of any felony, has pleaded nolo\n\ncontendere to a felony charge or has been the subject\n\nof any criminal, civil or administrative proceedings\n\nalleging: The violation of any business opportunity\n\nlaw, securities law, commodities law, franchise law,\n\nfraud or deceit, embezzlement, fraudulent conversion,\n\nrestraint of trade, unfair or deceptive practices,\n\nmisappropriation of property or comparable\n\nallegations; or\n\nb. has filed in bankruptcy, been adjudged bankrupt, been\n\nreorganized due to insolvency, or was an owner,\n\nprincipal officer or general partner of any other\n\nperson that has so filed or was so adjudged or\n\nreorganized during or within seven (7) years of the\n\ndate of the disclosure document;\n\n7. The name(s) of the person(s) identified in paragraph 6 of\n\nsubsection B of this section, nature of and parties to the action or\n\nproceeding, court or other forum, date of the institution of the\n\naction, docket reference to the action, current status of the action\n\nor proceeding, terms and conditions or any order or decree, the\n\npenalties or damages assessed and terms of settlement;\n\n8. The initial payment required, or when the exact amount\n\ncannot be determined, a detailed estimate of the amount of the\n\ninitial payment to be made to the seller;\n\n9. A detailed description of the actual services the seller\n\nagrees to perform for the purchaser;\n\n10. A detailed description of any training the seller agrees to\n\nprovide for the purchaser;\n\n11. A detailed description of services the seller agrees to\n\nperform in connection with the placement of equipment, products or\n\nsupplies at a location, as well as any agreement necessary in order\n\nto locate or operate equipment, products or supplies on a premises\n\nneither owned nor leased by the purchaser or seller;\n\n12. A detailed description of any license(s) or permit(s) that\n\nwill be necessary in order for the purchaser to engage in or operate\n\nthe business opportunity;\n\n13. Any representations made by the seller to the purchaser\n\nconcerning sales or earnings that may be made from the business\n\nopportunity, including, but not limited to:\n\na. the bases or assumptions for any actual, average,\n\nprojected or forecasted sales, profits, income or\n\nearnings,\n\nb. the total number of purchasers who, within a period of\n\nthree (3) years of the date of the disclosure\n\ndocument, purchased a business opportunity involving\n\nthe product, equipment, supplies or services being\n\noffered to the purchaser, and\n\nc. the total number of purchasers who, within three (3)\n\nyears of the date of the disclosure document,\n\npurchased a business opportunity involving the\n\nproduct, equipment, supplies or services being offered\n\nto the purchaser who, to the seller's knowledge, have\n\nactually received earnings in the amount or range\n\nspecified;\n\n14. A detailed description of the elements of a guarantee made\n\nby a seller to a purchaser. Such description shall include, but\n\nshall not be limited to, the duration, terms, scope, conditions and\n\nlimitations of the guarantee;\n\n15. A statement describing any contractual restrictions,\n\nprohibitions or limitations on the purchaser's conduct. The seller\n\nshall attach a copy of all business opportunity and other contracts\n\nor agreements proposed for use or in use in this state including,\n\nwithout limitation, all lease agreements, option agreements and\n\npurchase agreements;\n\n16. The rights and obligations of the seller and the purchaser\n\nregarding termination of the business opportunity contract or\n\nagreement;\n\n17. A statement accurately describing the grounds upon which\n\nthe purchaser may initiate legal action to terminate the business\n\nopportunity contract or agreement;\n\n18. A copy of the most recent audited financial statements of\neements and\n\npurchase agreements;\n\n16. The rights and obligations of the seller and the purchaser\n\nregarding termination of the business opportunity contract or\n\nagreement;\n\n17. A statement accurately describing the grounds upon which\n\nthe purchaser may initiate legal action to terminate the business\n\nopportunity contract or agreement;\n\n18. A copy of the most recent audited financial statements of\n\nthe seller. If the seller's audited financial statements are dated\n\nmore than four (4) months prior to the filing of the disclosure\n\ndocument, the seller shall submit unaudited financial statements for\n\nthe interim period;\n\n19. A list of the states in which the business opportunity is\n\nregistered;\n\n20. A list of the states in which the disclosure document is on\n\nfile;\n\n21. A list of the states which have denied, suspended or\n\nrevoked the registration of the business opportunity;\n\n22. A section entitled \"Risk Factors\" containing a series of\n\nshort concise statements summarizing the principal factors which\n\nmake the business opportunity a high risk or one of a speculative\n\nnature. Each statement shall include a cross-reference to the page\n\non which further information regarding that risk factor can be found\n\nin the disclosure document; and\n\n23. Any additional information as the Administrator may require\n\nby rule or order.","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":"12caecd9df7a22f319d0a91e235b7035b2cd95aba817705298166d101c75a9c2","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-71-71-807","next":"us-ok/okla.-stat.-tit.-71-71-809"},"notice":"GroundRules: Original legal text. Not legal advice."}