Oklahoma § 74-5010.2 - Definitions

§ 74-5010.2. Definitions

For purposes of this act:

1. "Disadvantaged business" means a business employing less

than twenty-five persons of which at least fifty-one percent (51%)

of the outstanding stock is owned, regardless of minority status, by

a person who is:

a.

by reason of social or economic background

unable to compete in the free enterprise system due to diminished

capital and credit opportunities of a quality or quantity similar to

those available to others in the same business area who are not

disadvantaged, and

b.

impeded from normal entry into the economic

mainstream because of historical practices of discrimination based

on race, color, religion, ethnic background, sex, age, handicap,

national origin, or service in the armed forces during the Vietnam

conflict, and

c.

unable to compete effectively because of

tendencies of regular financing and commercial organizations to

restrict their services to established businesses, and

d.

in a state of low income;

2. "Low income" means annual income which is eighty percent

(80%) or less of the median annual income of the citizens of this

state as reported by the latest estimates of the U.S. Bureau of the

Census;

3. "Minority business" means a business employing less than

twenty-five persons which is fifty-one percent (51%) owned and

operated by one or more minority persons; and

4. "Minority person" means a citizen of the United States who

is Black, Hispanic, Oriental, American Indian, Eskimo, Aleut, or

handicapped.

Added by Laws 1987, c. 148, § 2, eff. July 1, 1987.