Securities Regulation

ORS 59.995
Civil penalties for ORS 59.005 to 59.505 and 59.710 to 59.830

  • exceptions

(1)

(a) Except as provided in paragraph (b) of this subsection, in addition to all other penalties and enforcement provisions provided by law, any person who violates or who procures, aids or abets the violation of ORS 59.005 (Short title) to 59.505 (Provision of records to law enforcement and certain state agencies), 59.710 (Definitions for ORS 59.710 to 59.830) to 59.830 (Self-incrimination by witness), 59.991 (Criminal penalties for ORS 59.005 to 59.505 and 59.710 to 59.830) and 59.995 (Civil penalties for ORS 59.005 to 59.505 and 59.710 to 59.830) or any rule or order of the Director of the Department of Consumer and Business Services shall be subject to a penalty of not more than $20,000 for every violation, which shall be paid to the General Fund of the State Treasury.

(b)

Notwithstanding paragraph (a) of this subsection, any person who violates or who procures, aids or abets the violation of ORS 59.485 (Required reporting by certain securities professionals of suspected financial exploitation) or of any rule adopted by the director for administration of ORS 59.480 (Definitions for ORS 59.480 to 59.505) to 59.505 (Provision of records to law enforcement and certain state agencies) shall be subject to a penalty of not more than $1,000 for every violation, which shall be paid to the General Fund of the State Treasury.

(2)

Every violation described in subsection (1)(a) of this section is a separate offense and, in the case of a continuing violation, each day’s continuance is a separate violation, but the maximum penalty for any continuing violation shall not exceed $100,000.

(3)

Civil penalties under this section shall be imposed as provided in ORS 183.745 (Civil penalty procedures).

(4)

This section does not apply to a failure to file a notice and pay a fee pursuant to ORS 59.049 (Federal covered securities exempt from registration) (1), (2) or (3), nor to a failure to file a notice and pay a fee pursuant to ORS 59.165 (Licensing of broker-dealers, investment advisers and salespersons required) (7), nor to a failure to pay a fee pursuant to ORS 59.175 (Procedures for notice filing and licensing) (9), nor to a violation of any rule adopted by the director under ORS 59.049 (Federal covered securities exempt from registration) (1), (2) or (3) or 59.165 (Licensing of broker-dealers, investment advisers and salespersons required) (7). [1973 c.366 §10; 1975 c.491 §5; 1983 c.696 §7; 1985 c.349 §28; 1989 c.197 §18; 1991 c.734 §3; 1997 c.772 §29; 1999 c.53 §6; 1999 c.315 §4; 2017 c.313 §6; 2017 c.514 §8]

Law Review Citations

68 OLR 890 (1989)

Chapter 59

Notes of Decisions

Public policy does not prohibit nonculpable corporate directors held liable under this chapter from seeking indemnification from persons actually responsible for the wrongful issuance of unregistered securities. Collins v. Fitzwater, 277 Or 401, 560 P2d 1074 (1977)

Atty. Gen. Opinions

Additional real estate license not required where security sold is interest in limited partnership to invest in real estate, (1978) Vol 38, p 1971

Source

Last accessed
Jun. 26, 2021

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