2017 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 059 - Securities Regulation
Section 59.495 - Delay of disbursements; notifications.
(1) A broker-dealer or state investment adviser may delay a disbursement from an account of a vulnerable person or an account on which a vulnerable person is a beneficiary if:
(a) The broker-dealer, the state investment adviser or a qualified individual reasonably believes that the requested disbursement might result in financial exploitation of a vulnerable person; and
(b) The broker-dealer or state investment adviser:
(A) Within two business days of the request for disbursement, provides written notification of the delay and the reason for the delay to all parties authorized to transact business on the account, except to any party that is suspected to have engaged in actual or attempted financial exploitation of the vulnerable person;
(B) Within two business days of the request for disbursement, notifies the Department of Consumer and Business Services and the Department of Human Services of the delay and the reason for the delay; and
(C) Conducts an internal review of the suspected financial exploitation and reports the results of the review to the Department of Consumer and Business Services and the Department of Human Services.
(2) A delay of a disbursement under this section may not extend beyond the earlier of:
(a) Fifteen business days after the date on which the broker-dealer or state investment adviser first delayed disbursement of the funds; or
(b) The date on which a determination is made by the broker-dealer or state investment adviser that the disbursement will not result in financial exploitation of the vulnerable person.
(3) Notwithstanding subsection (2) of this section, upon request of the Department of Consumer and Business Services, a delay of a disbursement under this section may extend beyond 15 business days after the date on which the broker-dealer or state investment adviser first delayed disbursement of the funds, but not beyond the earliest of:
(a) Twenty-five business days after the date on which the broker-dealer or state investment adviser first delayed disbursement of the funds;
(b) The date on which an order terminating the delay is entered by a court of competent jurisdiction; or
(c) The date on which the department issues an order terminating the delay.
(4) The department or a broker-dealer or state investment adviser that initiated a delay of a disbursement under this section may petition a court of competent jurisdiction for an order delaying or enjoining a disbursement of funds or for other protective relief on the grounds that financial exploitation of a vulnerable person is otherwise likely to occur. [2017 c.514 §5]
