71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
HA to HB 3359
 
LC 4000/HB 3359-2
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 3359
 
             By COMMITTEE ON ADVANCING E-GOVERNMENT
 
                            April 11
 
  In line 2 of the printed bill, after 'reports;' delete the rest
of the line and insert 'amending ORS 59.370.'.
  Delete lines 4 through 18 and insert:
  '  { +  SECTION 1. + } ORS 59.370 is amended to read:
  ' 59.370.  { + (1) + }   { - No provision - }   { + Provisions
 + }of the Oregon Securities Law imposing civil or criminal
liability   { - shall - }   { + do not + } apply to an act done
or omitted in good faith in conformity with a rule or order of
the Director of the Department of Consumer and Business Services,
notwithstanding that the rule or order may later be amended or
rescinded or be determined by judicial or other authority to be
invalid for any reason.
  '  { +  (2) A broker-dealer or state investment advisor shall
report information to the director regarding salespersons or
investment advisor representatives licensed to the broker-dealer
or state investment advisor. The director, by rule, shall
establish the reporting requirements under this subsection. In
adopting rules under this subsection, the director shall consider
and to the greatest extent practicable adopt the applicable
public reporting requirements of the National Association of
Securities Dealers, Inc., and the federal Securities and Exchange
Commission.
  ' (3) A broker-dealer or state investment advisor is not liable
in any civil action by or on behalf of a salesperson or an
investment advisor representative, including counterclaims,
third-party claims or cross-claims, that is related to an alleged
untrue statement made in connection with a report made under
subsection (2) of this section, unless the salesperson or
investment advisor representative shows by clear and convincing
evidence that:
  ' (a) The broker-dealer or state investment advisor knew at the
time the report was made that the report contained a statement
regarding the salesperson or investment advisor representative
that was false in any material respect; or
  ' (b) The broker-dealer or state investment advisor acted in
reckless disregard as to the statement's truth or falsity.'. + }
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