Or. Admin. Code § 441-035-0020 - Transactions Ineligible Under ORS 59.035(7) Exemption

The exemption under ORS 59.035(7) is not available if the transaction includes an investment contract. An investment contract may be found in:

(1) The sale of fractional interests or pooled interests in real paper. Under ORS 59.350(2), a transaction with an entity formed substantially for the purpose of acquiring the real estate paper will be treated as the sale of a fractional interest or pooled investment.

(2) Any of the following activities by the seller or its affiliates:

(a) Selection of the security;

(b) Collection of payments due under the securities;

(c) Advancement of delinquent payments;

(d) Decisions regarding default and foreclosure;

(e) Any other activity by the seller whereby management and control is exercised over the investment for the purchaser; or

(f) The mortgage broker, broker-dealer, or person described in ORS 59.015(1)(b) guarantees the real estate paper or agrees to buy back or otherwise replace the real estate paper in the event of default.

Notes

Or. Admin. Code § 441-035-0020

FCS 4-1987(Temp), f. 9-24-87, ef. 9-28-87; Renumbered from 815-030-0042.1; FCS 7-1988, f. 3-22-88, cert. ef. 3-25-88; FCS 16-1988(Temp), f. & ef. 11-21-88; Renumbered from 815-037-0039; FCS 4-1990, f. & cert. ef. 8-21-90; FCS 1-1992, f. 1-31-92, cert. ef. 2-1-92

Stat. Auth.: ORS 59.045(1) & ORS 59.285

Stats. Implemented: ORS 59.035(7) & ORS 59.045(1)