71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
 
                            Enrolled
 
                         House Bill 3359
 
Sponsored by Representative PATRIDGE; Representative NELSON
 
 
                     CHAPTER ................
 
 
                             AN ACT
 
 
Relating to public reports; amending ORS 59.370.
 
Be It Enacted by the People of the State of Oregon:
 
  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rescinded or be determined by judicial or other authority to be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, federal covered investment adviser
or state investment adviser shall report information to the
director regarding salespersons or investment adviser
representatives licensed to the broker-dealer, federal covered
investment adviser or state investment adviser. 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, federal covered investment adviser or
state investment adviser is not liable in any civil action by or
on behalf of a salesperson or an investment adviser
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 adviser
representative shows by clear and convincing evidence that:
  (a) The broker-dealer, federal covered investment adviser or
state investment adviser knew at the time the report was made
that the report contained a statement regarding the salesperson
or investment adviser representative that was false in any
material respect; or
  (b) The broker-dealer, federal covered investment adviser or
state investment adviser acted in reckless disregard as to the
statement's truth or falsity. + }
                         ----------
 
 
 
 
 
Enrolled House Bill 3359 (HB 3359-B)                       Page 1
 
 
 
 
 
Passed by House April 17, 2001
 
Repassed by House May 22, 2001
 
 
      ...........................................................
                                             Chief Clerk of House
 
      ...........................................................
                                                 Speaker of House
 
Passed by Senate May 18, 2001
 
 
      ...........................................................
                                              President of Senate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled House Bill 3359 (HB 3359-B)                       Page 2
 
 
 
 
 
Received by Governor:
 
......M.,............., 2001
 
Approved:
 
......M.,............., 2001
 
 
      ...........................................................
                                                         Governor
 
Filed in Office of Secretary of State:
 
......M.,............., 2001
 
 
      ...........................................................
                                               Secretary of State
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled House Bill 3359 (HB 3359-B)                       Page 3