Or. Admin. Code § 836-014-0226

Current through Register Vol. 63, No. 12, December 1, 2024

Section 836-014-0226 - Life Settlement Investment Agent Licensing Requirements

(1) In order for an applicant to qualify to transact business as a life settlement investment agent, the person must pay the appropriate application fee under OAR 836-014-0210 and either:

(a) Demonstrate that the person has completed to the director's satisfaction an examination of the Financial Industry Regulatory Authority (FINRA) that is Series 6 or Series 7; or

(b) Operates under the appropriate license from the equivalent chief insurance official of the state of residence of the life settlement purchaser whom the agent is negotiating with on behalf of a life settlement provider. If there is more than one purchaser of a single policy and the purchasers are residents of different states, the life settlement investment agent must be licensed by the state in which the purchaser having the largest percentage ownership resides, or if the purchasers hold equal ownership, the state of residence of one purchaser agreed upon in writing by all purchasers.

(2) A life settlement investment agent license does not eliminate the need to obtain a securities license from the Department if a life settlement investment agent conducts life settlement transactions in a manner that would be considered an offer, sale, transfer or delivery of a security under the Oregon Securities Law.

Or. Admin. Code § 836-014-0226

ID 1-2010, f. & cert. ef. 1-5-10

Stat. Auth.: ORS 731.244, 744.331, 744.358

Stats. Implemented: Sec. 5, Ch. 711, OL 2009