Source: http://arcweb.sos.state.or.us/pages/rules/oars_400/oar_441/441_880.html
Timestamp: 2017-01-20 22:08:26
Document Index: 22377035

Matched Legal Cases: ['§ 1008', '§ 1008', '§ 1008', '§ 501', '§ 1008', '§ 501', '§ 1601', 'art 1002', '§ 1601', 'art 1026', '§ 1681', 'art 1022', '§ 1639', '§ 2801', 'art 1003', '§ 2601', 'art 1024', '§ 1692', 'art 1006', '§ 6801', '§ 6821', 'art 1016', '§ 5101', 'art 1008', '§ 1026']

441-880-0005 Application of ORS 86A.200 to 86A.239 to Employees of Agencies of the United States, State Agencies, Local Governments and Housing Authorities
As permitted by 12 C.F.R. § 1008.103(e)(6), the licensing provisions of ORS 86A.200 to 86A.239 do not apply to an employee of an agency of the United States, the executive department, a local government, a special government body, or a housing authority. The application of this rule is self-executing. For purposes of this rule: (1) “Executive department” has the same meaning as the term is defined in ORS 174.112. (2) “Local government” has the same meaning as the term is defined in ORS 174.116. (3) “Special government body” has the same meaning as the term is defined in ORS 174.117. (4) “Housing authority” has the same meaning as that term is used in ORS chapter 456.
Stat. Auth.: ORS 86A.242 Stats. Implemented: ORS 86A.203 Hist.: FCS 11-2011, f. & cert. ef. 11-23-11; FCS 4-2012, f. & cert. ef. 8-1-12
441-880-0006
Application of ORS 86A.200 to 86A.239 to Employees of Bona Fide Nonprofit Organizations
(1) As permitted by 12 C.F.R. § 1008.103(e)(7), the licensing provisions of ORS 86A.200 to 86A.239 do not apply to an employee of a bona fide nonprofit organization as that term is described by criteria established in OAR 441-880-0008, including a limited liability company of which the nonprofit corporation is the sole member, and subject to the following conditions: (a) The employee may not originate residential mortgage loans outside the scope of the employee’s duties and employment at the bona fide nonprofit organization without obtaining a mortgage loan originator license. (b) The employee shall act as a mortgage loan originator only with respect to residential mortgage loans with terms that are in the best interest of the borrower, as that term is described by criteria established in OAR 441-880-0008. (2) For purposes of OAR 441-880-0006 through 441-880-0008, “employee” has the same meaning as the criteria listed in OAR 441-850-0005, as applied to the nonprofit organization.
441-880-0007
Process for Determining if Nonprofit Organization is Bona Fide
As required by 12 C.F.R. § 1008.103(e)(7)(ii), the process for determining whether a nonprofit organization is a bona fide nonprofit organization is as follows: (1) A nonprofit organization may request in writing that the director determine whether the nonprofit organization is a bona fide nonprofit organization with respect to the licensing of employees as mortgage loan originators under ORS 86A.200 to 86A.239. The nonprofit organization shall supply all information and documentation necessary for the director to make a determination that the nonprofit organization meets the criteria established in 441-880-0008 in a timely manner. If the nonprofit organization registers a member-managed limited liability company for the purpose of loan origination activities, the determination request and supporting documentation must be provided by and address the limited liability company. The request will be denied if the nonprofit organization fails to provide documents requested by the director within 30 days following the request. (2) A nonprofit organization shall submit, at a minimum, all the following information: (a) The determination letter or other indicia from the Internal Revenue Service recognizing the nonprofit organization as exempt from taxation under section 501(c)(3) of the Internal Revenue Code of 1986, 26 U.S.C. § 501(c)(3). (b) The nonprofit organization’s organizing documents, including articles of incorporation filed under ORS 65.047 and bylaws filed under ORS 65.061. (c) The nonprofit organization’s evidence of registration as a charitable organization with the Attorney General under ORS 128.650. (d) The most recent report filed with the Attorney General under ORS 128.670 detailing the nature of the assets held by the nonprofit organization and the administration of those assets by the organization. (e) The nonprofit organization’s most recent Form 990, Return of Organization Exempt from Income Tax, filed by the nonprofit organization. (f) If not included within the nonprofit organization’s Form 990 tax return, a description of the compensation and incentive structure for employees subject to any determination under these rules. (g) A description of each loan program provided by the nonprofit organization, including a description of eligibility, purpose, loan terms, key features and servicing or securitization plans, if any. (h) A copy of the nonprofit organization’s complaint process, as required by 441-880-0008. (i) Other information as requested by the director. (3)(a) An employee of a nonprofit organization that has requested that the director make a determination that the organization is a bona fide nonprofit organization, and where the statements in such application are true and correct at the time made, is not subject to the licensing requirements of ORS 86A.200 to 86A.239 during the time that the director is making the determination. (b) An employee of a nonprofit organization entity that has not requested that the director determine if the organization is a bona fide nonprofit organization is subject to the licensing requirements of ORS 86A.200 to 86A.239. (4) A determination by the director on the application of ORS 86A.200 to 86A.239 to employees of bona fide nonprofit organizations, or during the period of time when the director is making a determination under (2)(a) of this rule, does not relieve the nonprofit organization from meeting any applicable requirements of laws other than ORS 86A.200 to 86A.239, including but not limited to federal and state laws related to lending, charitable activities or consumer protection. (5)(a) A nonprofit organization determined by the director to be a bona fide nonprofit organization with respect to the licensing of employees as mortgage loan originators under ORS 86A.200 to 86A.239 shall submit to the director at least annually a certification that the nonprofit organization continues to meet the criteria under which the nonprofit organization requested a determination under this rule. (b) The nonprofit organization shall attach with the certification the most recent financial audit performed by an independent third-party auditor including, but not limited to, audits performed on nonprofit organizations receiving federal funds according to OMB Circular A-133, published by the Office of Management and Budget and in effect as of the adoption of this rule. (c) A nonprofit organization determined by the director to be a bona fide nonprofit organization with respect to the licensing of employees as mortgage loan originators under ORS 86A.200 to 86A.239 shall disclose to the director any significant changes to the materials submitted under this rule or to the nonprofit organization’s operations affecting a determination under ORS 441-880-0008 as soon as is practicable. (6)(a) In addition to the certifications required under this section, the director shall be authorized to periodically examine the books and activities of an organization determined to be a bona fide nonprofit organization by the director for compliance with OAR 441-880-0008. (b) If the director determines that a nonprofit organization no longer satisfies the criteria established in OAR 441-880-0008, the director shall, subject to ORS chapter 183, rescind the director’s determination that the organization’s is a bona fide nonprofit organization with respect to the licensing of employees as mortgage loan originators under ORS 86A.200 to 86A.239. (c) An examination under this section is an audit or examination for purposes of OAR 441-860-0110.
441-880-0008
Criteria for Determining if Nonprofit Organization is Bona Fide
As required by 12 C.F.R. § 1008.103(e)(7)(ii), a bona fide nonprofit organization is an organization that meets all of the following criteria: (1) The nonprofit organization has been granted a tax-exempt status under section 501(c)(3) of the Internal Revenue Code of 1986, 26 U.S.C. § 501(c)(3). (2) The nonprofit organization promotes affordable housing, provides homeownership education, or provides similar services. (3) The nonprofit organization conducts its activities in a manner that serves public or charitable purposes. (a) The director may consider the following activities conclusive when making a determination under this section:(A) Making loans for the purpose of providing assistance for downpayments, closing costs, or other home purchase subsidies; (B) Making loans for the purpose of funding housing rehabilitation projects; (C) Making loans for the purpose of providing energy efficiency assistance; or (D) Making loans for the purpose of avoiding or preventing foreclosure. (b) For purposes of this section, organizations that engage in the brokering of mortgage loans in a manner that would require a license under ORS 86A.100(5) will not be considered to have conclusively met the presumption in subsection (a). (4) The nonprofit organization charges no more in fees than is necessary to support the organization’s loan origination program activities. The director may consider recordation fees, application fees and housing counseling fees that together do not exceed one percent of the principal of loan as conclusive when making a determination under this section. (5) The nonprofit organization compensates its employees in a manner that does not incentivize employees to act other than in the best interests of the borrower. For purposes of this section, compensation based on loan volume, loan terms, or other measures of performance will not be considered to have conclusively met the presumption that the nonprofit organization compensates employees in a manner that does not incentivize employees to act other than in the best interests of the borrower.(6) The nonprofit organization provides for the borrower residential mortgage loans that are consistent with loan origination in a public or charitable context, that contain terms in the best interest of the borrower, and that are comparable to mortgage loans and housing assistance provided under government housing assistance programs. The director may consider any one of the following loan terms conclusive when making a determination that a loan is made in the best interest of the borrower: (a) Loan terms that do not charge a recipient for the accrual of interest; (b) Loan terms that charge interest at below market rates; (c) Loan terms that require a borrower to qualify for the loan by the contribution of sweat equity; (d) Loan terms that forgive repayment in whole or in part, whether over a period of time, on a specified date, or subject to ownership or occupancy conditions; or (e) Loan terms that defer repayment for a minimum amount of time, until the residential dwelling is sold, or until the recipient no longer occupies the residential dwelling. This subsection does not apply to home equity conversion mortgages, commonly known as reverse mortgages. (f) A loan whose terms restrict the use of the property by the borrower to the borrower’s principal residence shall not be deemed to be a term that is unfavorable to the borrower so long as the loan otherwise qualifies under subsections (a) through (e) of this rule. (7) The nonprofit organization requires or provides to employees subject to 441-880-0006 training on state and federal fair lending laws and consumer protection laws that are relevant to the loan origination services that the nonprofit organization provides to its borrowers. The director may consider training in one or more of the following laws directly related to the nonprofit organization’s loan origination activities conclusive when making a determination under this section: (a) The Equal Credit Opportunity Act, 15 U.S.C. § 1601 et seq. and Regulation B, 12 C.F.R. Part 1002. (b) The Truth in Lending Act, 15 U.S.C. § 1601 et seq. and Regulation Z, 12 C.F.R. Part 1026. (c) The Fair Credit Reporting Act, 15 U.S.C. §§ 1681 et seq. and Regulation V, 12 C.F.R. Part 1022. (d) The Home Ownership and Equity Protection Act, 15 U.S.C. § 1639 et seq. (e) The Home Mortgage Disclosure Act, 12 U.S.C. § 2801 et seq. and Regulation C, 12 C.F.R. Part 1003. (f) The Real Estate Settlement Procedures Act, 12 U.S.C. § 2601 et seq. and regulations implementing the Act, 12 C.F.R. Part 1024. (g) The Fair Debt Collection Practices Act, 15 U.S.C. § 1692 et seq. and Regulation F, 12 C.F.R. Part 1006. (h) Portions of the Gramm-Leach-Bliley Act, 15 U.S.C. §§ 6801-6809 and §§ 6821-6827, and regulations implementing the Act, 12 C.F.R. Part 1016, that relate to the privacy of consumers' personal financial information. (i) The S.A.F.E. Mortgage Licensing Act of 2008, 12 U.S.C. § 5101 et seq., and regulations implementing the Act, 12 C.F.R. Part 1008. (8) The nonprofit organization requires a state criminal records check of each individual employed by the nonprofit organization to engage, in whole or in part, in loan origination activities. (9) The nonprofit organization requires or provides continuing education on state and federal fair lending laws and consumer protection laws referenced under section (8) of this rule that are relevant to the loan origination services that the nonprofit organization provides to its borrowers. (10) The nonprofit organization implements and administers a complaint process that, at a minimum, provides a process for receiving complaints from borrowers and creates a record of the resolution of the complaint, if any. Stat. Auth.: ORS 86A.242 Stats. Implemented: ORS 86A.203 Hist.: FCS 11-2011, f. & cert. ef. 11-23-11; FCS 4-2012, f. & cert. ef. 8-1-12
441-880-0009
Commercial Construction Lending Exemption
(1) An individual need not obtain a mortgage loan originator license under ORS 86A.200 to 86A.239 to make a residential mortgage loan in which the borrower will use the funds to construct, alter, move, enlarge, replace, repair, or develop land for one to four dwelling units designed or suitable for residential occupancy subject to the following conditions: (a) The borrower does not intend to reside in the completed dwelling; (b) The lender verifies that the borrower is licensed by the Construction Contractors Board as a contractor and holds an endorsement as a: (A) Residential general contractor; (B) Residential specialty contractor; (C) Residential limited contractor; or (D) Residential developer. (c) The lender determines that the loan is not for personal, family, or household purposes. In making this determination, the lender shall consider: (A) The borrower’s relationship between her primary occupation and the acquisition; (B) The degree to which the borrower will personally manage the acquisition; (C) The ratio of income from the acquisition to the total income of borrower; (D) The size of the transaction; (E) The borrower’s stated purpose of the loan; and (F) Other relevant factors that would indicate the loan is for commercial purposes. (d) The lender does not collect a consumer’s financial information that would require the lender to provide a loan estimate under 12 C.F.R. § 1026.19(e); (e) The lender does not advertise that, or otherwise suggest by statements or conduct that, the limited liability company engages in the business of making residential mortgage loans; (f) Neither the borrower nor the lender structures a transaction as to evade licensing requirements for mortgage bankers, mortgage brokers, or mortgage loan originators; (g) The lender does not engage in prohibited conduct or activities under ORS 86A.183; (h) The individual does not engage in prohibited conduct or activities under ORS 86A.236; (i) The lender maintains records documenting its compliance with all conditions under this exemption and makes such records available to the Director upon request. Records must be maintained for a period of five years after each loan is made. A lender may maintain records in any electronic format capable of being reduced to written form; and (j) In addition to the records that the lender is required to maintain under OAR 441-880-0010 (1)(k), the lender maintains records used to make the residential mortgage loan, including, but not limited to, tax returns, bank statements, financial statements, annual operating statements, and business operating statements. Applications for commercial construction loans should be limited to balance sheets and other information customarily collected for commercial real estate lending. (2) Section (1) of this rule is self-executing and does not require filing or a fee. (a) Persons relying on exemptions from licensing have the burden of proof in establishing the availability of the exemption. (b) If the lender fails to document and maintain records of a transaction, the rebuttable presumption is that the transaction required a mortgage banker license and a mortgage loan originator should have taken the loan application.
Stats. Implemented: ORS 86A.203
Hist.: FSR 3-2016, f. & cert. ef. 9-9-16 441-880-0020 [Renumbered to 441-880-0215]
441-880-0050 [Renumbered to 441-860-0045] 441-880-0200 Application Process; Correcting Deficiencies in Application; Abandonment (1) An applicant for a license as a mortgage loan originator shall submit a completed Form MU4 together with all required application materials and information to the Nationwide Mortgage Licensing System and Registry. (2) If an applicant or a mortgage loan originator submits an application, filing or amendment which is incomplete in any respect, the director shall notify the applicant of a deficiency through the National Mortgage Licensing System and Registry. The applicant or mortgage loan originator shall correct any deficiencies associated with the application, filing or amendment within 30 days of being notified that the director placed a deficiency on the person’s application. A challenge submitted to the Nationwide Mortgage Licensing System and Registry as set out in OAR 441-850-0050 shall extend the time allowed for correcting deficiencies for the duration of the challenge. (3)(a) If an applicant fails to correct deficiencies as described in section (2) of this rule or fails to respond to deficiencies within 30 days of being notified of a deficiency the director may take action against the licensee, consistent with ORS 86A.224 and 86A.992, in order to secure compliance with this rule. (b) In addition to any penalties assessed under subsection (a) of this rule, if an applicant does not correct deficiencies after the director takes action under this section the application shall be deemed to be abandoned. Any fees paid by the applicant under OAR 441-880-0400 will not be refunded due to abandonment. An applicant whose application is abandoned under this rule may reapply to obtain a mortgage loan originator license. Stat. Auth.: ORS 86A.242 Stats. Implemented: ORS 86A.215 Hist.: FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10; FCS 4-2012, f. & cert. ef 8-1-12; FCS 5-2014, f. 9-18-14, cert. ef. 1-1-15
441-880-0205
Stat. Auth.: ORS 86A.242 Stats. Implemented: ORS 86A.209 Hist.: FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10; FCS 4-2012, f. & cert. ef. 8-1-12
441-880-0210
Financial Responsibility Criteria (1) For purposes of this rule, an applicant is not financially responsible if the applicant has shown a disregard of his or her own financial circumstances, taking into consideration the totality of the applicant’s financial circumstances. (2) Factors that the director may consider in determining whether an applicant has not demonstrated financial responsibility include, but are not limited to, the following: (a) Current outstanding judgments or material litigation, excluding judgments solely as a result of medical expenses; (b) Current outstanding tax liens or other government liens and filings; (c) A foreclosure within the past three years and the type of property subject to foreclosure, whether residential or commercial; or (d) Pending or completed bankruptcy proceedings, and the length of time between two or more bankruptcy filings. (e) A pattern of seriously delinquent accounts within the past three years. (3) In assessing the financial responsibility of the applicant, the director may consider extenuating or mitigating factors, including but not limited to the following: (a) Involuntary loss of job or income; (b) Involuntary medical expenses; (c) Divorce; (d) Attempting workout arrangements with creditors; or (e) Any other factor the director believes reflects circumstances beyond the control of the applicant. Stat. Auth.: ORS 86A.242 Stats. Implemented: ORS 86A.215 Hist.: FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10; FCS 4-2012, f. & cert. ef. 8-1-12; FCS 5-2014, f. 9-18-14, cert. ef. 1-1-15
441-880-0215 Oregon Examination For Mortgage Loan Originators (1) Each applicant for a new mortgage loan originator license must pass the Uniform State Mortgage Loan Originator examination approved by the National Mortgage Licensing System and Registry, that contains a uniform state test and an examination on federal regulation prior to engaging in activities as an Oregon mortgage loan originator. (a) A passing score on the examination described in section (1) of this rule is 75 percent or greater. (b) A passing score on the examination described in section (1) of this rule is valid for 2 years from the date of passing the examination. (2) An applicant that fails to pass an examination may retake the examination consistent with ORS 86A.215. (3) Notwithstanding section (2), an applicant who violates the rules of conduct governing the Uniform State Mortgage Loan Originator examination or the rules of conduct governing an examination to obtain a loan originator’s license in any state or territory is considered to have engaged in an act, practice or course of business that operates or would operate as a fraud or deceit as used in ORS 86A.236(2). In addition to other remedies available, the director may refuse to issue the person a license as a mortgage loan originator.
Stat. Auth.: ORS 86A.242 Stats. Implemented: ORS 86A.215 Hist.: FCS 10-2001, f. 12-24-01, cert. ef. 1-1-02; FCS 2-2004, f. & cert. ef. 8-5-04; FCS 1-2007, f. & cert. ef. 1-17-07; Renumbered from 441-880-0020 by FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10; FCS 4-2012, f. & cert. ef 8-1-12; FCS 5-2014, f. 9-18-14, cert. ef. 1-1-15
441-880-0300
License Renewal; Reinstatement Process (1) A mortgage loan originator license shall expire on December 31 of each calendar year. At least 30 days prior to the expiration of a mortgage loan originator license, a mortgage loan originator shall submit all information required to the National Mortgage Licensing System and Registry. The renewal application shall include evidence that: (a) The mortgage loan originator attests that all information contained in the renewal request and application is true and accurate; (b) The applicant continues to meet the minimum requirements for a mortgage loan originator license in ORS 86A.212; (c) The applicant paid any required fee, as applicable, under OAR 441-880-0400; and (d) The applicant completed twenty hours of pre-licensure education or ten hours of continuing education that comply with the requirements in OAR 441-880-0310. (2) A person applying to reinstate a mortgage loan originator license that has lapsed for a period of five or more years, whether or not the applicant was employed or continued to engage in business as a mortgage loan originator during the period of the lapse, shall: (a) Complete the continuing education requirements under this section (1) of this rule; and (b) Pass a qualified written test under ORS 86A.215 and OAR 441-880-0215. Stat. Auth.: ORS 86A.242 Stats. Implemented: ORS 86A.215 & 86A.218 Hist.: FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10; FCS 4-2012, f. & cert. ef 8-1-12; FCS 5-2014, f. 9-18-14, cert. ef. 1-1-15
441-880-0310
Mortgage Loan Originator Continuing Education Requirements; Curing Deficiencies; License Sanctions for Failure to Maintain Continuing Education A mortgage loan originator shall take and maintain continuing education courses in order to take an application for a residential mortgage loan or negotiate the terms of a residential mortgage loan, consistent with the requirements of this rule. (1) An applicant for a mortgage loan originator shall complete a minimum of 20 hours of pre-licensing education courses approved by the Nationwide Mortgage Licensing System and Registry before submitting an application to obtain a mortgage loan originator’s license in this state. The twenty hours must include a minimum of three hours of instruction on federal law and regulations, three hours of instruction on ethics, two hours of instruction related to lending standards for the nontraditional mortgage product market, and four hours of instruction on Oregon laws and rules. (2) A mortgage loan originator shall take a continuing education course or courses approved by the Nationwide Mortgage Licensing System and Registry. A mortgage loan originator shall complete at least ten hours of continuing education per calendar year. The ten hours must include a minimum of three hours of instruction on of federal law and regulations, two hours of instruction on ethics, two hours of instruction related to lending standards for nontraditional mortgage products, and two hours of instruction on Oregon laws and rules. (3) A mortgage loan originator who fails to meet the continuing education requirement shall not take an application for a residential mortgage loan or negotiate the terms of a residential mortgage loan until the requirements contained in this rule are satisfied. (4)(a) A mortgage loan originator may submit a written request to make up missing hours in continuing education due to hardship or illness. A written request shall: (A) Describe the hardship or illness; and (B) Describe why the mortgage loan originator was unable to meet requirements for continuing education. (b) In all requests under this rule, the mortgage loan originator has the burden of proving the hardship or illness responsible for the missing hours in continuing education. (c) The director shall consider and may grant a request, but the director shall not grant a request for the following: (A) Failure or inability to pay applicable fees to obtain or maintain a mortgage loan originator license; (B) A suspension of business activities as a mortgage loan originator; or (C) Incapacity due to imprisonment. (5) Nothing in this rule affects the director’s authority to require by order a mortgage loan originator to make up missing hours in continuing education under ORS 86A.218 or to decline to renew the person’s mortgage loan originator license. (6) The director may deny, suspend, make inactive, or refuse to renew the mortgage loan originator’s license until the mortgage loan originator makes up any missing hours of continuing education required this section. Stat. Auth.: ORS 86A.242 Stats. Implemented: ORS 86A.218 Hist.: FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10; FCS 4-2012, f. & cert. ef 8-1-12; FCS 5-2014, f. 9-18-14, cert. ef. 1-1-15
441-880-0315
Notice of Employment Status by Employer of Mortgage Loan Originator; Prohibition on Origination Activities Before Sponsorship (1) All mortgage brokers or mortgage bankers employing mortgage loan originators shall provide notice to the Nationwide Mortgage Licensing System and Registry when it authorizes a mortgage loan originator to originate Oregon residential mortgage loans. Notice must be made by submitting a request to sponsor the mortgage loan originator’s license. (2) No mortgage banker or broker shall allow a mortgage loan originator to originate residential mortgage loans for the mortgage banker or mortgage broker until the Director has accepted the mortgage banker or mortgage broker’s sponsorship request. (3) All mortgage bankers or mortgage brokers shall provide notice within 30 days to the Nationwide Mortgage Licensing System and Registry when a mortgage loan originator ceases to originate loans for the mortgage banker or mortgage broker. Notice must be made by terminating the sponsorship of the mortgage loan originator. (4) The director may request additional information regarding any of the occurrences outlined in this rule.
Stat. Auth.: ORS 86A.136 Stats. Implemented: ORS 86A.151
Hist.: FCS 4-2012, f. & cert. ef 8-1-12; FCS 5-2014, f. 9-18-14, cert. ef. 1-1-15
441-880-0320 Notice of Significant Events by Mortgage Loan Originator A mortgage loan originator shall be required to notify the director within 30 days of the occurrence of any of the following significant developments: (1) Filing for bankruptcy; (2) Notice that a state began license revocation proceedings against the mortgage loan originator; (3) Filing of a felony indictment against the mortgage loan originator; (4) Convictions for any felony or conviction for a misdemeanor involving fraud; (5) Instances of material litigation occurring against the mortgage loan originator; (6) Changes in the information required on the mortgage loan originator’s application form, including, but not limited to address changes, phone number changes, and other information; and (7) Changes in the employment status of a mortgage loan originator. Stat. Auth.: ORS 86A.188 Stats. Implemented: ORS 86A.188 Hist.: FCS 4-2012, f. & cert. ef. 8-1-12 441-880-0400 Fees Payable to the Director
(1) In addition to any fees required to participate in the National Mortgage Licensing System and Registry, a person applying for a mortgage loan originator license shall pay to the director a nonrefundable fee of $80 for the issuance of a mortgage loan originator license. (2) In addition to any fees required to participate in the National Mortgage Licensing System and Registry, a person renewing a mortgage loan originator license shall pay to the director a nonrefundable fee of $65 for the renewal of a mortgage loan originator license.
Stat. Auth.: ORS 86A.242 Stats. Implemented: ORS 86A.136, 86A.206, 2011 OL Ch. 816 ¦ 1 Hist.: FCS 12-2009, f. 12-2-09, cert. ef. 1-1-10; FCS 5-2011(Temp), f. 6-30-11, cert. ef. 7-1-11 thru 12-28-11; FCS 8-2011, f. & cert. ef. 10-3-11; FCS 4-2015(Temp), f. & cert. ef. 5-21-15 thru 11-13-15; FCS 8-2015, f. & cert. ef. 10-2-15