OAR 441-065-0180: Licensing of Salespersons

(1) General License Requirements. Only persons that are licensed as a broker-dealer or salesperson may sell securities that are registered as a SOAR or SCOR Offering, unless that person is excluded from the definition of broker-dealer or salesperson under ORS 59.015(1), ORS 59.15(18)(b), OAR 441-175-0020 or OAR 441-175-0040. (2) Licensing Conditions for Issuer Salespersons. The following special licensing conditions are applicable to salespersons that are employees of the issuer (an “Issuer Salesperson.”): (a) An issuer may license up to five persons as Issuer Salespersons; (b) Issuer Salespersons must be bona fide officers, directors or employees of the issuer; (c) Issuer Salespersons are exempt from examination requirements and are not required to file a surety bond or an irrevocable letter of credit; and (d) An issuer salesperson shall not be simultaneously licensed to two or more issuers. (3) Licensing Procedures for Issuer Salespersons. As required by OAR 441-175-0120, an issuer shall submit to the Director a complete application to license each salesperson, including: (a) A completed FINRA Form U-4 (salesperson application); and (b) A salesperson licensing fee as set in OAR 441-175-0002.