Oklahoma Administrative Code (Last Updated: March 11, 2021) |
TITLE 660. Department of Securities |
Chapter 20. Oklahoma Subdivided Land Sales Code |
Subchapter 9. Advertising Guidelines |
SECTION 660:20-9-9. Approval of promotional plans
Latest version.
- (a) Vacation certificates. Vacation certification shall be submitted to the Department and shall meet the advertising standards in this Subsection. Any vacation certificate used must be submitted with component parts, i.e., registration card, letter of congratulations, reservation form, confirmation form, signs, etc.(1) The registration card will disclose eligibility requirements such as age limitation, affinity group, residency, marital status, proof of age, transportation, date of expiration.(2) Letter of congratulations will contain seasonal charge, refund deposit, date of expiration, and cost of the certificate.(3) The following must be prominently disclosed: "While on your vacation you will be invited to attend a land sales presentation by (name of subdeveloper) for its property registered by the state of Oklahoma. Attendance is/is not required to make this certificate valid." Certificates, advertising or other promotional material shall disclose the terms, conditions and prerequisites to use and enjoyment of a visitation program, including the following:(A) Eligibility requirements such as age limitations, affinity groups, residency, marital status, proof of age.(B) Statement indicating state taxes are not included.(C) Statement indicating whether transporation, food, lodging or other incidental expenses are included.(D) Statement from the vacation certificate holder containing the following:I have read the terms and conditions and have understood them fully.Signed______________________Prospective purchaser(b) Promotional meetings. If a land sales presentation is to be used in connection with the vacation plan, the standards of this Subsection shall be used as a guide in determining whether or not the nature and manner of conducting the meeting are such as to fully disclose all significant facts concerning the subdivision.(1) If the meeting is to be held within the state of Oklahoma, the Department shall be notified in writing not less than 15 days before said meeting and shall be supplied with the names of the real estate brokers and/or agents involved. If the meeting is to be held outside the state of Oklahoma the subdeveloper is not required to give notice of meetings unless the Administrator so specifically requests. In all cases a written script of any and all slide and film presentations shall be submitted to the Administrator at least ten (10) days prior to their intended use.(2) Department personnel as authorized by the Administrator shall have free access to the meeting and presentations.(3) The advertising in the meeting is subject to the standards of advertising contained within this Subchapter.(4) A false or dummy buyer shall not be used to initiate sales or buying climate or for any other purpose, nor shall it be indicated that lots, parcels, units of interest have been sold, when in fact, they have not been sold.(5) An oral statement to a prospective purchaser at the meeting shall be consistent with written material approved by the Department.(6) A prospective buyer who expresses a desire or intent to leave the meeting at any time during or after the meeting shall not be impeded from departing, pressured to remain, or denied any benefit promised in exchange for attending the meeting, including any transportation.