Oklahoma Administrative Code
Title 160 - Department of Consumer Credit
Chapter 50 - Health Spas
Subchapter 7 - Presale Requirements
Section 160:50-7-3 - Notification of location and funds

(a) Before selling memberships in any health spa facility, the owner of the facility shall notify the Administrator in writing of the intent to commence such sales. The notice shall include a statement that the owner shall comply with the Act, the Code and these rules, the street and mailing address of the proposed facility, verified proof that an account in a financial institution authorized to transact business in Oklahoma has been established and is maintained, and the name, address and telephone number of the financial institution. [59:2003(A)(1)]

(b) The health spa shall not take any funds from any buyer until the Administrator has approved the account. The account shall not be approved until the Administrator has a written agreement with the financial institution concerning the funds. [59:2003(A)(1)]

(c) Upon meeting all requirements for the release of presale funds, the owner of a health spa may submit a written request to the Administrator to release such funds. Upon verification of the requirements for release, the Administrator shall submit release authorization to the financial institution used to hold such funds. [59:2003(A)(1)]

(d) It shall be the burden of the health spa to establish any claimed exemption from or exception to the account requirement under the Act. Any health spa which requests and receives an exemption shall notify the Administrator in writing within ten (10) days of any change of circumstance which shall or may affect the ability of the health spa to qualify for an exemption or exception. If an exemption is removed, the health spa shall not take any additional funds from any buyer until it has established an account, and the Administrator has approved the account.