ORS 59.245
Investigations

  • publicity with respect to violations
  • confidentiality of materials
  • exceptions
  • cease and desist order

(1)

The Director of the Department of Consumer and Business Services may:

(a)

Make such public or private investigations within or outside this state as the director deems necessary to determine whether a person has violated or is about to violate any provision of the Oregon Securities Law or any rule or order of the director, or to aid in the enforcement of the Oregon Securities Law or in the formulation of rules and forms thereunder;

(b)

Make any proper inquiry of a person that is licensed or required to be licensed as a broker-dealer, salesperson, investment adviser representative or state investment adviser, or any officer, partner, director or authorized representative of a broker-dealer, salesperson, investment adviser representative or state investment adviser, in relation to the activities or condition of the broker-dealer, salesperson, investment adviser representative or state investment adviser or in relation to any other matter connected with offering, purchasing or selling any security or conducting a securities business;

(c)

Require or permit a person to file a statement in writing, under oath or otherwise as the director determines, as to all the facts and circumstances concerning the matter to be investigated; and

(d)

Publish information concerning any violation of the Oregon Securities Law or any rule or order of the director.

(2)

A person shall promptly and truthfully reply to an inquiry from the director in relation to any matter connected directly or indirectly with an offer, purchase or sale of any security or the conduct of a securities business. The person shall reply using the form of communication the director requests, and the person shall verify the reply in the manner and form that the director specifies. A person’s reply under this subsection is subject to the provisions of ORS 59.135 (Fraud and deceit with respect to securities or securities business) (4) and 59.451 (Prohibition against filing false statement by person under investigation or examination).

(3)

If the director has reason to believe that any person has engaged, is engaging or is about to engage in any violation of the Oregon Securities Law, the director may issue an order, subject to ORS 59.295 (Notice of orders), directed to the person to cease and desist from the violation or threatened violation.

(4)

Except as provided in subsections (5) to (8) of this section, the following documents, material and other information are confidential and may not be disclosed except as provided in ORS 705.137 (Information that is confidential or not subject to disclosure):

(a)

Any tip, complaint or referral made to the director against any person that is subject to the director’s general supervision under ORS 59.235 (General supervision over persons dealing in securities) and the record of the tip, complaint or referral;

(b)

Any examination made by the director under the Oregon Securities Law and the record of the examination, including any documents, material and other information the director gathers, compiles or creates in connection with the examination, but excluding any final report of the examination; and

(c)

Any investigation or inquiry the director makes under the Oregon Securities Law and the record of the investigation or inquiry, including any documents, material or other information the director gathers, compiles or creates in connection with the investigation or inquiry, but only during the pendency of the investigation or inquiry or during the pendency of a related action, suit or proceeding by the director, the Attorney General or other government entity to enforce a provision of the Oregon Securities Law or a rule or order of the director.

(5)

The director may use documents, materials and other information that are confidential under subsection (4) of this section to the extent that the director considers necessary in investigating or prosecuting apparent violations of the Oregon Securities Law and as otherwise provided in ORS 705.137 (Information that is confidential or not subject to disclosure).

(6)

Notwithstanding ORS 40.270 (Rule 509. Public officer privilege), an officer of the Department of Consumer and Business Services may be examined concerning records that are exempt from disclosure under subsection (4) of this section and the records are subject to examination and production if a court or arbitrator finds that the examination and production are essential for establishing a claim or defense in a civil or criminal action or an arbitration, or that a person other than the director possessed or controlled the records but the person is not available, cannot produce the records or make the records available for examination or is not subject to subpoena in this state. In making a finding under this subsection, a court or arbitrator may view in camera the records the court or arbitrator requires to be produced.

(7)

If the director, in the director’s sole discretion, determines that disclosure is necessary to protect the public interest, the director may make available the records described in subsection (4) of this section.

(8)

Subsection (4) of this section does not prevent disclosure of documents, material or other information that a person other than the director possesses or controls or make the documents, material or other information confidential or subject to ORS 705.137 (Information that is confidential or not subject to disclosure). [1967 c.537 §22; 1973 c.366 §6; 1999 c.315 §2; 2007 c.71 §14; 2023 c.494 §1]

Source: Section 59.245 — Investigations; publicity with respect to violations; confidentiality of materials; exceptions; cease and desist order, https://www.­oregonlegislature.­gov/bills_laws/ors/ors059.­html (accessed May 26, 2025).

59.005
Short title 59.015
Definitions for Oregon Securities Law 59.025
Securities exempt from registration 59.035
Transactions exempt from registration 59.045
Authority of director to deny, withdraw or condition exemptions 59.049
Federal covered securities exempt from registration 59.051
Statutory references to federal law 59.055
Conditions of offer and sale of securities 59.065
Registration procedures 59.070
Amended registration application 59.075
Registration by director 59.085
Conditions imposed on registration 59.095
Approval of plan to issue securities in exchange for other securities, claims or property 59.105
Denial, suspension or revocation of registration 59.115
Liability in connection with sale or successful solicitation of sale of securities 59.125
Effect of notice of offer to repay purchaser 59.127
Liability in connection with purchase or successful solicitation of purchase of securities 59.131
Effect of notice of intent to return unlawfully purchased security 59.135
Fraud and deceit with respect to securities or securities business 59.137
Liability in connection with violation of ORS 59.135 59.145
Effect of notice filing, registration or license 59.155
Director is agent for service of process 59.165
Licensing of broker-dealers, investment advisers and salespersons required 59.175
Procedures for notice filing and licensing 59.185
Expiration of license 59.195
Licensees to keep records 59.205
Grounds for denying, suspending, revoking or imposing condition or restriction on license 59.215
Action against applicant or licensee for act or omission of associate 59.225
Cancellation of license or application 59.235
General supervision over persons dealing in securities 59.245
Investigations 59.255
Enjoining violations 59.265
Procedure when assets or capital of broker-dealer or investment adviser found impaired 59.275
Burden of proof 59.285
Rules 59.295
Notice of orders 59.305
Judicial review of orders 59.315
Oaths and subpoenas in proceedings before director 59.325
Certified copies of documents 59.331
Scope of Attorney General powers 59.335
Application of certain sections 59.345
When offer to sell or buy is made in this state 59.350
Treatment of certain transactions 59.355
Corporations subject to other laws 59.365
Common-law and statutory rights not limited 59.370
Limitation on liability for good faith act or omission 59.451
Prohibition against filing false statement by person under investigation or examination 59.480
Definitions for ORS 59.480 to 59.505 59.485
Required reporting by certain securities professionals of suspected financial exploitation 59.490
Notifications to third parties 59.495
Delay of disbursements 59.500
Limitation on liability 59.505
Provision of records to law enforcement and certain state agencies 59.535
Definitions for ORS 59.535 to 59.585 59.540
Registration in beneficiary form 59.545
Registration in beneficiary form 59.550
Origination of registration in beneficiary form 59.555
Form of registration in beneficiary form 59.560
Effect of registration in beneficiary form 59.565
Ownership on death of owner 59.570
Protection of registering entity 59.575
Nontestamentary transfer on death 59.580
Terms, conditions and forms for registration 59.585
Short title 59.710
Definitions for ORS 59.710 to 59.830 59.720
Application of ORS 59.710 to 59.830 to real estate contracts and brokers 59.730
Making contract involving securities without intending a bona fide sale or purchase 59.740
Conducting bucket shop or repeatedly making forbidden contracts 59.750
Receipt or communication of prices for purpose of forbidden contract 59.760
Reporting false sale of securities with intent to deceive 59.770
Manipulating market by pretended sales 59.780
Broker’s trading against customer’s order 59.790
Insolvent broker-dealer receiving securities from customer 59.800
Pledge or sale by broker-dealer of customer’s securities 59.810
Delivery to customer of true statement of purchase or sale made by broker 59.820
Actions against corporation for second violation 59.830
Self-incrimination by witness 59.991
Criminal penalties for ORS 59.005 to 59.505, 59.710 to 59.830, 59.991 and 59.995 59.995
Civil penalties for ORS 59.005 to 59.505, 59.710 to 59.830 and 59.991

Current through early 2026

§ 59.245. Investigations's source at oregon​.gov