The Director of the Department of Consumer and Business Services shall have the power to make such rules as may be necessary for the execution of the functions vested in the director by ORS 732.420 (“Equity security” defined) to 732.455 (Rules), and may for such purpose classify domestic stock insurers, securities, and other persons or matters within the director’s jurisdiction. No provision of ORS 732.430 (Filing statement of security ownership with director), 732.435 (Suit to recover insider profits) and 732.440 (Prohibited sales of securities) imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule of the director, notwithstanding that such rule may, after such act or omission, be amended or rescinded or determined by judicial or other authority to be invalid for any reason. [Formerly 738.780]
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