Oklahoma § 15-686 - Financial requirements of invention developer
Full text of Oklahoma Oklahoma Statutes § 15-686 — Financial requirements of invention developer, with citation guidance and answers to common questions.
§ 15-686. Financial requirements of invention developer
A. Every invention developer rendering or offering to render
invention development services in this state shall maintain a bond
issued by a surety admitted to do business in this state, and equal
to either ten percent (10%) of the invention developer's gross
income from the invention development business in this state during
the invention developer's preceding fiscal year, or Twenty-five
Thousand Dollars ($25,000.00), whichever is larger. A copy of the
bond shall be approved by the Attorney General and filed with the
Secretary of State before the invention developer renders or offers
to render invention development services in this state. The
invention developer shall have ninety (90) days after the end of
each fiscal year within which to change the bond as may be necessary
to conform to the requirements of this subsection.
B. The bond required by subsection A of this section shall be
in favor of the State of Oklahoma for the benefit of any person who,
after entering into a contract for invention development services
with an invention developer, is damaged by fraud or dishonesty of
the invention developer in performance of the contract, by the
insolvency or the cessation of business by the invention developer
or by the intentional violation of the Invention Development
Services Act by the invention developer. Any person claiming
against the bond may maintain an action at law against the invention
developer and the surety company.
The aggregate liability of the surety company to all persons for
all breaches of conditions of the bond shall not exceed the amount
of the bond.
C. In lieu of the bond required by subsection A of this
section, the invention developer may deposit with the State
Treasurer a cash deposit in the like amount. The State Treasurer
shall not refund a deposit until sixty (60) days after either the
invention developer has ceased doing business in the state or a bond
has been filed which complies with subsections A and B of this
section.
Added by Laws 1991, c. 170, § 7, eff. Sept. 1, 1991.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 15-686
What does Oklahoma Statutes § 15-686 cover?
Section 15-686 ("Financial requirements of invention developer") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 15-686?
A common citation format is "Oklahoma Statutes § 15-686" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 15-686 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.