ORS 744.992
Civil penalties; civil actions; rescission of life settlement contracts


(1)

A person who violates any provision of ORS 744.318 (Definitions for ORS 744.318 to 744.384) to 744.384 (Rules), 744.991 (Criminal penalties) and 744.992 (Civil penalties) is subject to civil penalties under ORS 731.988 (Civil penalties) and cease and desist orders under ORS 731.252 (Cease and desist orders).

(2)

If a person violates any provision of ORS 744.318 (Definitions for ORS 744.318 to 744.384) to 744.384 (Rules), 744.991 (Criminal penalties) and 744.992 (Civil penalties), the Director of the Department of Consumer and Business Services may seek an injunction in a court of competent jurisdiction and may apply for temporary and permanent orders that the director determines are necessary to restrain the person from committing the violation.

(3)

A person damaged by the acts of a person in violation of any provision of ORS 744.318 (Definitions for ORS 744.318 to 744.384) to 744.384 (Rules), 744.991 (Criminal penalties) and 744.992 (Civil penalties) may bring a civil action against the person committing the violation in a court of competent jurisdiction. Nothing in this subsection shall be construed to alter the provisions of ORS 743.168 (Incontestability) or 743.171 (Incontestability and limitation of liability after reinstatement) relating to the period of incontestability of a policy of life insurance.

(4)

A violation of any provision of ORS 744.318 (Definitions for ORS 744.318 to 744.384) to 744.384 (Rules), 744.991 (Criminal penalties) and 744.992 (Civil penalties) attendant to the execution of a life settlement purchase agreement renders the life settlement purchase agreement voidable and subject to rescission by the life settlement purchaser, upon return of the policy received to the life settlement provider. Suit for rescission may be brought in a court of competent jurisdiction or where the alleged violator resides or has a principal place of business or where the alleged violation occurred.

(5)

Except for an act under ORS 744.369 (Unlawful life settlement contract actions) (8) to (16), the enforcement provisions and penalties of this section do not apply to an owner. [2009 c.711 §18]

Source
Last accessed
May. 15, 2020