Oregon Statutes 744.346 – Examination of business and practices of licensee or applicant; records
(1) The Director of the Department of Consumer and Business Services may examine the business and practices of any licensee or applicant for a license when the director determines an examination to be necessary. The director may order a licensee or applicant to produce any records, books, files or other information reasonably necessary to ascertain whether or not the licensee or applicant is acting or has acted in violation of the law or otherwise contrary to the interests of the public. The expenses incurred in conducting any examination shall be paid by the licensee or applicant.
Terms Used In Oregon Statutes 744.346
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(2)(a) A person required to be licensed under ORS § 744.321 and 744.323 shall for five years retain copies of all:
(A) Proposed, offered or executed contracts, purchase agreements, underwriting documents, policy forms and applications from the date of the proposal, offer or execution of the contract or purchase agreement, whichever is later;
(B) Checks, drafts or other evidence and documentation related to the payment, transfer, deposit or release of funds from the date of the transaction; and
(C) Other records and documents related to the requirements under ORS § 744.318 to 744.384, 744.991 and 744.992.
(b) This section does not relieve a person of the obligation to produce these documents for the director after the retention period has expired if the person has retained the documents.
(c) Records required to be retained by this section must be legible and complete and may be retained in paper, photograph, microprocess, magnetic, mechanical or electronic media, or by any process that accurately reproduces or forms a durable medium for the reproduction of a record.
(3) The director at any time may require a licensee to fully disclose the identity of all stockholders, partners, officers and employees.
(4) Names of, and individual identification data for, all policyholders and certificate holders who have entered life settlement contracts with life settlement providers are confidential as provided in ORS § 705.137. [1995 c.342 § 13; 2001 c.377 § 15; 2009 c.711 § 10]
[1995 c.342 § 14; repealed by 2009 c.711 § 23]
[Repealed by 1967 c.359 § 704]
[1995 c.342 § 15; repealed by 2009 c.711 § 23]
[1995 c.342 § 16; 2007 c.100 § 31; renumbered 744.382 in 2009]