Oregon Administrative Rules
Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION
Division 225 - CANCELLATION, WITHDRAWAL, OR SUSPENSION OF LICENSE
Section 441-225-0010 - Cancellation, Withdrawal and Suspension of the License for Broker-Dealers, Mortgage Brokers, Investment Advisers, and Salespersons
Universal Citation: OR Admin Rules 441-225-0010
Current through Register Vol. 63, No. 9, September 1, 2024
(1) The procedure for cancellation of a license for failure to maintain a bond as required by ORS 59.175(4) is:
(a) Upon notification from the surety of
notice of intent to cancel the surety bond, the Securities Section shall send
written notice to the licensee. This notice shall be sent by certified mail
within three business days of receipt of notification from the surety. Failure
to send the notice within three business days will not preclude cancellation
under subsection (1)(b) of this rule;
(b) Cancellation of the license will occur if
an effective bond is not received by 5 p.m. Pacific Time seven business days
after the bond cancellation date. The cancellation of the license shall be
effective as of the bond cancellation date;
(c) An effective bond is one that commences
no later than the cancellation date of the previous bond.
(2) A person whose license has been cancelled may obtain a license in Oregon by new application.
Stat. Auth.: ORS 59
Stats. Implemented: ORS 59.175(4) & ORS 59.225(1)
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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