645.020 Transactions exempt from prohibition

240 words·~1 min read·/or/ors-chapter-645/commodity-transactions/645-020

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

645.020 Transactions exempt from prohibition. The prohibitions in ORS 645.010 shall not apply to the following:

(1)An account, agreement or transaction within the exclusive jurisdiction of the federal Commodity Futures Trading Commission;

(2)A commodity contract for silver, gold, platinum, palladium, copper or other precious metal as defined by rule of the director whether in coin, bullion or other form if within seven days from the payment of any portion of the purchase price:

(a)The precious metals purchased are delivered to and held on the purchaser’s behalf at a depository not affiliated with the seller which is:

(A)A financial institution;

(B)A depository the warehouse receipts of which are recognized for delivery purposes for any commodity on a contract market designated by the federal Commodity Futures Trading Commission;

(C)A storage facility licensed or regulated by the United States or any agency thereof; or

(D)A depository designated by rule of the director; and

(b)Unless otherwise provided by rule of the director, the depository issues and the purchaser receives an instrument evidencing that such quantity of precious metals has been delivered to the depository on the purchaser’s behalf; and

(3)A commodity contract under which the offeree or the purchaser is a person referred to in ORS 645.015, an insurance company or an investment company as defined in the federal Investment Company Act of 1940, as amended. [1987 c.148 §6; 1989 c.179 §3; 1997 c.249 §195]