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The Oregon Administrative Rules contain OARs filed through July 15, 2014
 
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DEPARTMENT OF CONSUMER AND BUSINESS SERVICES,
DIVISION OF FINANCE AND CORPORATE SECURITIES

 

DIVISION 225

CANCELLATION, WITHDRAWAL, OR SUSPENSION OF LICENSE

441-225-0010

Cancellation, Withdrawal and Suspension of the License for Broker-Dealers, Mortgage Brokers, Investment Advisers, and Salespersons

(1) The procedure for cancellation of a license for failure to maintain a bond as required by ORS 59.175 (4) is:

(a) Upon notification from the surety of notice of intent to cancel the surety bond, the Securities Section shall send written notice to the licensee. This notice shall be sent by certified mail within three business days of receipt of notification from the surety. Failure to send the notice within three business days will not preclude cancellation under subsection (1)(b) of this rule;

(b) Cancellation of the license will occur if an effective bond is not received by 5 p.m. Pacific Time seven business days after the bond cancellation date. The cancellation of the license shall be effective as of the bond cancellation date;

(c) An effective bond is one that commences no later than the cancellation date of the previous bond.

(2) A person whose license has been cancelled may obtain a license in Oregon by new application.

Stat. Auth.: ORS 59
Stats. Implemented: ORS 59.175(4) & ORS 59.225(1)
Hist.: FCS 7-1987(Temp), f. 9-24-87, ef. 9-28-87; FCS 6-1988, f. 3-22-88, cert. ef. 3-25-88, Renumbered from 815-030-0078

441-225-0020

Termination of Order Authorizing Use of Assumed Business Name or Trade Name

The status of an order authorizing use of an assumed business name or a trade name pursuant to OAR 441-175-0171 is dependent upon the license status of the licensee. Therefore, without further action by the Director:

(1) The suspension of the license suspends the order to use the assumed business name or trade name; however, the end of suspension of the license automatically reinstates the order authorizing use of the assumed business name or trade name; and

(2) The revocation, cancellation, withdrawal or expiration of the license cancels the order authorizing use of the assumed business name or trade name.

Stat. Auth.: ORS 59.285
Stats. Implemented: ORS 59.165
Hist.: FCS 7-2000, f. & cert.ef. 6-2-00

441-225-0030

License Conditions or Restrictions

(1) If the Director makes a finding as specified in ORS 59.205 or 59.215 and determines, in the public interest, that the license of an applicant should be conditioned or restricted, the Director may issue the license:

(a) Under the condition that the licensee be subject to heightened supervision by the employing firm for a specified period of time;

(b) Under the condition that the licensee retake and pass a specified competency examination within a specified period of time;

(c) Limiting the licensee to conducting business in a specified area of the industry;

(d) Restricting the licensee from conducting business in a specified area of the industry; or

(e) Restricting the licensee from acting as a supervisor for salespersons or investment adviser representatives conducting business in Oregon.

(2) If the Director makes a finding as specified in ORS 59.205 or 59.215 and determines, in the public interest, that the license of a licensee should be conditioned or restricted, the Director may issue an order modifying the license:

(a) To impose a condition that the licensee is subject to heightened supervision by the employing firm for a specified period of time;

(b) To impose a condition that the licensee retake and pass a specified competency examination within a specified period of time;

(c) To limit the licensee to conducting business in a specified area of the industry;

(d) To restrict the licensee from conducting business in a specified area of the industry; or

(e) To restrict the licensee from acting as a supervisor for salespersons or investment adviser representatives conducting business in Oregon.

Stat. Auth.: ORS 59.285
Stats. Implemented: ORS 59.175, ORS 59.215, ORS 59.215
Hist.: FCS 9-2001, f. & cert. ef. 9-28-01

The official copy of an Oregon Administrative Rule is contained in the Administrative Order filed at the Archives Division, 800 Summer St. NE, Salem, Oregon 97310. Any discrepancies with the published version are satisfied in favor of the Administrative Order. The Oregon Administrative Rules and the Oregon Bulletin are copyrighted by the Oregon Secretary of State. Terms and Conditions of Use

Oregon Secretary of State • 136 State Capitol • Salem, OR 97310-0722
Phone: (503) 986-1523 • Fax: (503) 986-1616 • oregon.sos@state.or.us

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