Oregon Statutes 744.321 – Life settlement providers
(1) A person shall not act as a life settlement provider unless the person holds a license of life settlement provider issued by the Director of the Department of Consumer and Business Services.
Terms Used In Oregon Statutes 744.321
- Contract: A legal written agreement that becomes binding when signed.
- 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 life settlement provider may use the term ‘viatical settlement provider’ to describe the business transacted under the license and may use the term ‘viatical settlement contract‘ instead of ‘life settlement contract.’
(3) A related provider trust must have a written agreement with a licensed life settlement provider under which the licensed life settlement provider is responsible for ensuring compliance with all statutory and regulatory requirements and under which the trust agrees to make all records and files related to life settlement transactions available to the director as if those records and files were maintained directly by the licensed life settlement provider. [1995 c.342 § 3; 2009 c.711 § 3]