Oklahoma § 71-626 - Public offering statements - Contents - Violations - Uses

§ 71-626. Public offering statements - Contents - Violations - Uses

A. It shall be unlawful and deemed a Class D3 felony offense

for a person to dispose of an interest in subdivided lands, pursuant

to a registration under this Code, unless a current public offering

statement is delivered to the purchaser at the expense of the

subdivider or the subdivider's agent at least forty-eight (48) hours

prior to any sale, contract to sell or option to purchase and unless

the purchaser is afforded a reasonable opportunity to examine and is

permitted to retain the public offering statement. The subdivider

shall obtain and retain a receipt, signed by the purchaser,

acknowledging receipt of a copy of the public offering statement

prior to the execution by the purchaser of any contract or agreement

for the disposition of any lot in a subdivision, which receipt shall

be kept in the files of the subdivider and be subject to inspection

by the Administrator for a period of three (3) years from the date

the receipt is taken.

Oklahoma Statutes - Title 71. Securities

B. A public offering statement shall disclose fully and

accurately all material circumstances or features which affect the

subdivided lands or which would be a material consideration in

making the purchasing decision. The proposed public offering

statement shall be submitted to the Administrator as required by

paragraph 20 of Section 625 of this Code and shall be in such form

and contain such information as the Administrator by rule requires

including:

1. The name, principal address, electronic mail address,

website address, and telephone number of the subdivider and the

subdivider's offices and agents in this state;

2. A general description of the subdivided lands including a

statement of the total number of lots to be offered;

3. A statement as to whether the subdivider holds any option to

purchase adjacent properties and, if so, a description of such

option and the location and zoning of the adjacent properties;

4. The assistance, if any, that the subdivider and the

subdivider's agents or affiliates will provide to the purchaser in

the resale of the property and the extent to which the subdivider,

agents, or affiliates will be in competition in the event of resale;

5. The material terms of any encumbrances, easements, liens,

and restrictions including zoning and other regulations affecting

the subdivided lands and each unit or lot, the efforts to remove

such liens or encumbrances, the results of the success or failure

thereof, and all existing taxes and existing or proposed special

taxes or assessments which affect the subdivided lands;

6. The use for which the property is to be offered;

7. Information concerning existing or proposed improvements

including, but not limited to, streets, water supply, levees,

drainage control systems, irrigation systems, sewage disposal

systems and customary utilities and the estimated cost, date of

completion, and responsibility for construction and maintenance of

existing and proposed improvements which are referred to in

connection with the offering or disposition of any lot in subdivided

lands;

8. Such financial statements of the subdivider as the

Administrator may require;

9. The topographic and climatic characteristics of the

subdivided lands and adjacent area;

10. A statement of the existing provisions for access of the

subdivision to community fire protection, the location of primary

and secondary schools, the proximity to municipalities and the

population thereof, the improvements installed or to be installed

including off-site and on-site community and recreational

facilities, by whom they were or are to be installed, maintained or

paid for, and an estimate of completion thereof; and

Oklahoma Statutes - Title 71. Securities

11. Such additional information as may be required by the

Administrator including any of the information contained in the

application for registration.

C. The public offering statement shall not be used for any

promotional purpose before registration of the subdivided lands and

afterwards it shall be used only in its entirety. It shall be

unlawful for any person to advertise or represent that the

Administrator has approved or recommended the subdivided lands or a

disposition thereof. No portion of the public offering statement

may be underscored, italicized, or printed in larger or heavier or

different colored type than the remainder of the statement unless

required or approved by the Administrator.

D. The Administrator may require the subdivider or the

subdivider's agent to alter or amend the proposed public offering

statement in order to provide full and fair disclosure to

prospective purchasers.

Added by Laws 1977, c. 95, § 626. Amended by Laws 2022, c. 78, § 3,

eff. Nov. 1, 2022; Laws 2025, c. 486, § 752, eff. Jan. 1, 2026.