Oklahoma § 71-816 - Rules, forms and orders - Making, amending and rescinding

§ 71-816. Rules, forms and orders - Making, amending and rescinding

A. The Administrator may make, amend and rescind rules, forms

and orders as are necessary to carry out the provisions of the

Oklahoma Business Opportunity Sales Act including rules and forms

governing disclosure documents, applications and reports, and

defining any terms, whether or not used in the Oklahoma Business

Opportunity Sales Act insofar as the definitions are not

inconsistent with the provisions of the act. For the purpose of

rules and forms, the Administrator may classify business

opportunities, persons and matters within his or her jurisdiction,

and prescribe different requirements for different classes.

B. No rule, form or order may be made, amended or rescinded

unless the Administrator finds that the action is necessary or

appropriate in the public interest or for the protection of the

purchaser. In prescribing rules and forms the Administrator may

cooperate with the administrators of other jurisdictions with a view

to effectuating the policy of the Oklahoma Business Opportunity

Oklahoma Statutes - Title 71. Securities

Sales Act to achieve maximum uniformity in the form and content of

disclosure statements, applications, and reports whenever

practicable.

C. No provision of the Oklahoma Business Opportunity Sales Act

imposing any liability applies to any act done or omitted in good

faith in conformity with any rule, form or order of the

Administrator, notwithstanding that the rule, form or order may

later be amended or rescinded or be determined by judicial or other

authority to be invalid for any reason.

Added by Laws 1985, c. 157, § 16, eff. Nov. 1, 1985.