Or. Admin. R. 441-175-0110

Current through Register Vol. 63, No. 9, September 1, 2024

Section 441-175-0110 - Surety Bond; Letter of Credit

(1) Every applicant for a license as an Oregon based state investment adviser, must file with the director a surety bond as specified in section (4) of this rule or a letter of credit as specified in section (5) of this rule.

(2) Every person licensed as an Oregon based state investment adviser must maintain a surety bond as specified in section (4) of this rule or a letter of credit as specified in section (5) of this rule during the period of licensing and for at least six years after the person ceases to be licensed as an Oregon based state investment adviser.

(3) In no less than six years after a person ceases to be required to maintain a surety bond or a letter of credit, the person may apply to the director for release of the surety bond or letter of credit. Unless the director determines that claims are pending against the person for violation of the Oregon Securities Law, the director shall release the surety bond or letter of credit.

(4) A surety bond shall be in a form and on terms approved by the director in the sum of $10,000 from a corporation authorized by the director to transact insurance in the State of Oregon.

(5) A letter of credit shall be in the form and on terms approved by the director in the sum of $10,000 from a financial institution authorized to transact banking business in the State of Oregon.

Or. Admin. R. 441-175-0110

CC 1-1987, f. & ef. 2-4-87; FCS 1-1987(Temp), f. & ef. 8-7-87; FCS 7-1987(Temp), f. 9-24-87, ef. 9-28-87; FCS 3-1988, f. 2-2-88, cert. ef. 2-3-88; Renumbered from 815-030-0068; FCS 1-1992, f. 1-31-92, cert. ef. 2-1-92; FCS 2-1994, f. & cert. ef. 1-7-94; FCS 7-2000; f. & cert. ef. 6-2-00; FSR 1-2016, f. & cert. ef. 3/7/2016

Stat. Auth.: ORS 59.175

Stats. Implemented: ORS 59.175(4) & 59.225