Okla. Stat. tit. 15, § 15-686
This is the official text of Okla. Stat. tit. 15, § 15-686, part of Oklahoma’s Stat. tit. 15, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 15,." Browse the sections below, each linked to its official government source.
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Financial requirements of invention developer
Official statutory text
A. Every invention developer rendering or offering to render
invention development services in this state shall maintain a bond
issued by a surety admitted to do business in this state, and equal
to either ten percent (10%) of the invention developer's gross
income from the invention development business in this state during
the invention developer's preceding fiscal year, or Twenty-five
Thousand Dollars ($25,000.00), whichever is larger. A copy of the
bond shall be approved by the Attorney General and filed with the
Secretary of State before the invention developer renders or offers
to render invention development services in this state. The
invention developer shall have ninety (90) days after the end of
each fiscal year within which to change the bond as may be necessary
to conform to the requirements of this subsection.
B. The bond required by subsection A of this section shall be
in favor of the State of Oklahoma for the benefit of any person who,
after entering into a contract for invention development services
with an invention developer, is damaged by fraud or dishonesty of
the invention developer in performance of the contract, by the
insolvency or the cessation of business by the invention developer
or by the intentional violation of the Invention Development
Services Act by the invention developer. Any person claiming
against the bond may maintain an action at law against the invention
developer and the surety company.
The aggregate liability of the surety company to all persons for
all breaches of conditions of the bond shall not exceed the amount
of the bond.
C. In lieu of the bond required by subsection A of this
section, the invention developer may deposit with the State
Treasurer a cash deposit in the like amount. The State Treasurer
shall not refund a deposit until sixty (60) days after either the
invention developer has ceased doing business in the state or a bond
has been filed which complies with subsections A and B of this
section.
invention development services in this state shall maintain a bond
issued by a surety admitted to do business in this state, and equal
to either ten percent (10%) of the invention developer's gross
income from the invention development business in this state during
the invention developer's preceding fiscal year, or Twenty-five
Thousand Dollars ($25,000.00), whichever is larger. A copy of the
bond shall be approved by the Attorney General and filed with the
Secretary of State before the invention developer renders or offers
to render invention development services in this state. The
invention developer shall have ninety (90) days after the end of
each fiscal year within which to change the bond as may be necessary
to conform to the requirements of this subsection.
B. The bond required by subsection A of this section shall be
in favor of the State of Oklahoma for the benefit of any person who,
after entering into a contract for invention development services
with an invention developer, is damaged by fraud or dishonesty of
the invention developer in performance of the contract, by the
insolvency or the cessation of business by the invention developer
or by the intentional violation of the Invention Development
Services Act by the invention developer. Any person claiming
against the bond may maintain an action at law against the invention
developer and the surety company.
The aggregate liability of the surety company to all persons for
all breaches of conditions of the bond shall not exceed the amount
of the bond.
C. In lieu of the bond required by subsection A of this
section, the invention developer may deposit with the State
Treasurer a cash deposit in the like amount. The State Treasurer
shall not refund a deposit until sixty (60) days after either the
invention developer has ceased doing business in the state or a bond
has been filed which complies with subsections A and B of this
section.
Status: in_force · Read it on the official government site
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