59.255 Enjoining violations; fine; appointment of receiver; attorney fees; damages to private parties
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/or/ors-chapter-59/securities-regulation/59-255·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
59.255 Enjoining violations; fine; appointment of receiver; attorney fees; damages to private parties.
(1)Whenever it appears to the Director of the Department of Consumer and Business Services that a person has engaged, is engaging or is about to engage in an act or practice constituting a violation of any provision of the Oregon Securities Law or any rule or order of the director, the director may bring suit in the name and on behalf of the State of Oregon in the circuit court of any county of this state to enjoin the acts or practices and to enforce compliance with the Oregon Securities Law or such rule or order. Upon a proper showing, a permanent or temporary injunction, restraining order or writ of mandamus shall be granted.
(2)The court may fine the person against whom the order is entered not more than $20,000 for each violation, which shall be entered as a judgment and paid to the General Fund of the State Treasury. Each violation is a separate offense. In the case of a continuing violation, each day’s continuance is a separate violation, but the maximum penalty for any continuing violation shall not exceed $100,000. If the court finds that the defendant has violated any provision of the Oregon Securities Law or any such rule or order, the court may appoint a receiver, who may be the director, for the defendant or the defendant’s assets. The court may not require the director to post a bond.
(3)The court may award reasonable attorney fees to the director if the director prevails in an action under this section. The court may award reasonable attorney fees to a defendant who prevails in an action under this section if the court determines that the director had no objectively reasonable basis for asserting the claim or no reasonable basis for appealing an adverse decision of the trial court.
(4)The director may include in any action authorized by this section:
(a)A claim for restitution or damages under ORS 59.115, 59.127 or 59.137, on behalf of the persons injured by the act or practice constituting the subject matter of the action. The court shall have jurisdiction to award appropriate relief to such persons, if the court finds that enforcement of the rights of such persons by private civil action, whether by class action or otherwise, would be so burdensome or expensive as to be impractical; or
(b)A claim for disgorgement of illegal gains or profits derived. Any recovery under this paragraph shall be turned over to the General Fund of the State Treasury unless the court requires other disposition.
(5)The provisions of this section do not apply to:
(a)A failure to file a notice and pay a fee pursuant to ORS 59.049 (1),
(2)or (3);
(b)A failure to file a notice and pay a fee pursuant to ORS 59.165 (7);
(c)A failure to pay a fee pursuant to ORS 59.175 (9); or
(d)A violation of any rule adopted by the director pursuant to ORS 59.049 (1),
(2)or
(3)or 59.165 (7). [1967 c.537 §23; 1971 c.394 §1; 1975 c.300 §4; 1981 c.897 §10; 1985 c.349 §26; 1995 c.696 §11; 1997 c.772 §23; 1999 c.53 §4; 1999 c.315 §3; 2003 c.631 §5; 2017 c.313 §3]