SECTION 710:15-2-9. Cancellation, revocation, or forfeiture

(a)   Any entity whose aircraft dealer license is refused, expires and is not renewed, is voluntarily forfeited, or is cancelled or revoked by action of the Commission, must immediately register and remit the aircraft excise tax and registration fees on any aircraft owned by the entity on which the aircraft registration fees and the aircraft excise tax were not paid at the time of the aircraft's acquisition by the dealer. Failure to do so may result in the assessment of the registration fees, the excise tax, and the possible imposition of an administrative fine.

(b)   The Tax Commission may impose a fine not to exceed Five Hundred Dollars ($500.00) for each day that a dealer is in violation of 3 O. S. Section 254.1(F), any of the rules set out in this Subchapter, or for any of the following reasons:

(1)   Failure to meet or maintain the conditions and requirements necessary to qualify for the issuance of a license;

(2)   Failure to maintain an established place of business;

(3)   Proof of the unfitness of any applicant for a license;

(4)   Making a material misstatement in any application for a license;

(5)   A change in condition after a license is granted which results in the dealer no longer qualifying for the license;

(6)   Use of false or misleading advertising in connection with the business as a dealer; or,

(7)   Commission of any unlawful act which resulted in the revocation of any similar license in another state, failure or refusal to perform any written agreement with any retail buyer involving the sale of an aircraft, conviction of a crime involving moral turpitude, commission of a fraudulent act in selling, purchasing, or otherwise dealing in aircraft, or misrepresentation in the terms and conditions of a sale, purchase, or contract for sale or purchase of an aircraft. [3 O. S. Section 254.1]

[Source: Added at 18 Ok Reg 2805, eff 6-25-01; Amended at 21 Ok Reg 1123, eff 5-13-04]