justicedao/ipfs_state_laws huggingface dataset:
441-850-0050 Process to Challenge Information Entered into the National Mortgage Licensing System and Registry (1) A person applying for a mortgage loan originator license or a person licensed as a mortgage loan originator has standing to challenge information regarding that person submitted to the National Mortgage Licensing System and Registry and transmitted to the director for the approval or denial of a mortgage loan originator license. (2) Information subject to challenge by a person with standing under section (1) of this rule is limited to information that is factually inaccurate or incomplete. (3) A challenge of information shall be made to the director in writing and shall include any documentation that supports the information subject to the challenge is factually inaccurate or incomplete. The director may limit the use of or reject information not relevant to the challenge. (4) If the director determines that information is factually inaccurate or incomplete, the director may exclude the factually inaccurate or incomplete information in determining whether to issue or deny a mortgage loan originator license. The director may also notify the Nationwide Mortgage Licensing System and Registry of the factually inaccurate or incomplete information. (5) Any person adversely affected or aggrieved by a decision may request the division reconsider its determination in accordance with OAR 137-004-0080. Statutory/Other Authority: ORS 86A.242 Statutes/Other Implemented: ORS 86A.230 History: FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10
441-860-0021 Biographical Information Required for Mortgage Banker or Mortgage Broker License Application (1) Each of the following persons listed in section (2) of this rule shall submit a Form MU2 to the director through the Nationwide Mortgage Licensing System and Registry. (2) This rule applies to: (A) Any director, officer, and a shareholder with a direct or indirect ownership of greater than or equal to ten percent of outstanding shares of a corporate applicant; (B) The owner, if the applicant is an unincorporated sole proprietorship; (C) Each managing partner of a limited partnership or a partner in a general partnership with a partnership interest greater than or equal to ten percent of the total partnership interests in the general or limited partnership; (D) A member or managing member in a limited liability company with an ownership interest greater than or equal to ten percent of the total membership interests in the limited liability company; and (E) The person identified in ORS 86A.106(2) as having the requisite experience in the mortgage business, negotiating loans in a related business satisfactory to the director, or lending experience in a related business satisfactory to the director. Statutory/Other Authority: ORS 86A.106, 86A.109 & 86A.212 Statutes/Other Implemented: ORS 86A.103, 86A.106 & 86A.212 History: FCS 4-2012, f. & cert. ef 8-1-12
441-860-0024 Deficiencies in Mortgage Banker or Mortgage Broker License Application (1) If an applicant, a mortgage banker or a mortgage broker submits an application, filing or amendment which is incomplete in any respect, the director shall notify the applicant of the deficiencies through the National Mortgage Licensing System. The applicant, the mortgage banker or the mortgage broker shall correct a deficiency associated with an application, filing or amendment within 30 days of being notified through the Nationwide Mortgage Licensing System and Registry that the director placed a deficiency on the person’s application, filing or amendment. A challenge submitted to the Nationwide Mortgage Licensing System and Registry as set out in OAR 441-850-0050 shall halt the 30-day period of time for correcting deficiencies for the duration of the challenge process. (2) If the applicant fails to complete the application or respond to deficiencies within 30 days, the application will be considered abandoned. Any fees paid by the applicant under OAR 441-860-0101 will not be refunded due to abandonment. An applicant whose application is abandoned under this rule may reapply to obtain a mortgage banker or mortgage broker license. Statutory/Other Authority: ORS 86A.106, 86A.109 & 86A.212 Statutes/Other Implemented: ORS 86A.103, 86A.106 & 86A.212 History: FCS 4-2012, f. & cert. ef 8-1-12
441-860-0025 Rules for Use of Assumed Business Names (1) In addition to any requirements for registering an assumed business name with the Secretary of State, a mortgage banker or mortgage broker who intends to use an assumed business name to identify the person’s mortgage banker or mortgage broker business shall also comply with the following before doing business under the assumed business name: (a) If the assumed business name contains words or phrases described in ORS 56.023, the mortgage banker or mortgage broker must obtain specific written approval from the director under ORS 705.635 and OAR 441-005-0010. (b) The assumed business name must be placed upon any client trust account maintained by the mortgage banker or mortgage broker. (2) Regardless of the lack of any ownership interest in the assumed business name, the mortgage banker or mortgage broker is responsible for all actions of those acting under the assumed business name which relate to mortgage banking loans or mortgage loans. Statutory/Other Authority: ORS 86A.106 & 86A.136 Statutes/Other Implemented: ORS 86A.106 History: FSR 1-2017, f. 1-31-17, cert. ef. 4-1-17 FCS 4-2012, f. & cert. ef 8-1-12 FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10 FCS 4-1999, f. & cert. ef. 12-23-99
441-860-0030 Branch Office Licensing (1) If a mortgage banker or mortgage broker intends to operate a branch office, the mortgage banker or mortgage broker shall obtain a license for the branch office prior to originating loans from the branch office by submitting the licensing fee specified in OAR 441-860-0101 and submitting a Form MU3 to the Nationwide Multistate Licensing System (NMLS). (2) Upon satisfaction of the requirements listed in section (1), the director shall issue a separate branch office license. (3) A licensed mortgage loan originator may originate loans from a location other than from a licensed branch office if the location is the licensed mortgage loan originator’s home; the licensed mortgage loan originator is an employee of a mortgage banker or mortgage broker; and the mortgage banker or the mortgage broker complies with OAR 441-860-0040, as applicable. (4) If a mortgage banker or mortgage broker intends to allow a licensed mortgage loan originator to originate loans from the licensed loan originator’s home, the mortgage banker or mortgage broker shall: (a) Have appropriate policies and procedures in place to supervise the activities of loan originators and employees working from home including, but not limited to, data security measures to protect consumers' personal information and compliance with OAR 441-860-0040. (b) Upload a copy of the policies and procedures required by subsection (a) of this section to the NMLS to Document Uploads under Company Staffing and Internal Policies. (c) Ensure that all underlying origination records can be made available at a licensed location in the United States. (5) Loan originators and employees who work from home are prohibited from keeping any physical business records at any location other than a licensed location. (6) Loan originators and employees who work from home may engage with consumers for loan origination purposes at the home of the loan originator or employee by means of conference telephone or similar communications equipment that allows all persons participating in the visitation to hear each other, provided that participation is controlled and limited to those entitled to attend, and the identity of participants is determinable and reasonably verifiable. (7) Loan originators and employees who work from home are prohibited from engaging in person with consumers for loan origination purposes at the home of the loan originator or employee, unless the home is licensed as a branch. Statutory/Other Authority: ORS 86A.136 & 86A.242 Statutes/Other Implemented: ORS 86A.166(1) History: FSR 3-2022, amend filed 09/21/2022, effective 10/01/2022 FCS 4-2012, f. & cert. ef 8-1-12 FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10 FCS 12-2009, f. 12-2-09, cert. ef. 1-1-10 FCS 1-2007, f. & cert. ef. 1-17-07 FCS 4-1999, f. & cert. ef. 12-23-99 FCS 11-1994, f. 11-4-94, cert. ef. 11-15-94 FCS 3-1993, f. & cert. ef. 11-15-93
441-860-0045 State Criminal Records Check (1) In addition to the criminal records check required for submission to the National Mortgage Licensing System and Registry under ORS 86A.212 and 86A.230, a mortgage banker or mortgage broker must conduct a state criminal records check of each individual employed by the mortgage banker or mortgage broker as a mortgage loan originator prior to hire or, for an existing employee not previously engaging in Oregon residential mortgage transactions, prior to sponsoring the loan originator’s Oregon mortgage loan originator license. (a) The mortgage banker or mortgage broker shall search the state records of all states where the individual has resided in the past seven years using the person's full legal name, date of birth, place of birth and Social Security number. (b) A mortgage banker or mortgage broker conducting a search under subsection (a) of this section shall search all state records going back at least seven years from the date of application or extension of sponsorship. (c) The mortgage banker or mortgage broker must use the services of law enforcement agencies or an independent private company that complies with the federal Fair Credit Reporting Act, 12 U.S.C. § 1681 et seq. and Regulation V, 12 C.F.R. Part 1022, to conduct the state criminal records check. (2) An applicant for a mortgage loan originator license may not be employed and a currently employed mortgage loan originator must be terminated immediately if the state criminal records check discloses a conviction for a felony or a misdemeanor if an essential element of the misdemeanor involved false statements or dishonesty: (a) During a period of seven years before the date the applicant submits an application for a license as a mortgage loan originator; or (b) At any time before the date the applicant submits an application a license as a mortgage loan originator if the conviction or plea involved a felony and an element of the felony was an act of fraud, dishonesty, a breach of trust or laundering a monetary instrument. (3) State criminal records check documents received by the mortgage banker or mortgage broker shall be maintained in a secure location separate from personnel records, and shall be made available to the director for examination at any reasonable time and may require, without subpoena, the production of such records at the office of the director as often as is reasonably necessary. These records shall be preserved for three years after the mortgage banker or mortgage broker terminates the mortgage loan originator’s employment. After the retention period, the records shall be destroyed in a secure manner. Statutory/Other Authority: ORS 86A.183 & 86A.186 Statutes/Other Implemented: ORS 86A.183 & 86A.186 History: FCS 5-2014, f. 9-18-14, cert. ef. 1-1-15 Renumbered from 441-880-0050 by FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10 FCS 2-2004, f. & cert. ef. 8-5-04 FCS 5-2003, f. 12-30-03 cert. ef. 1-1-04
441-860-0050 Renewal of Mortgage Banker and Mortgage Broker License (1) A mortgage banker or a mortgage broker license shall expire on December 31 of each calendar year. At least 30 days prior to the expiration of a mortgage banker or mortgage broker license, the mortgage banker or the mortgage broker shall submit a renewal request for the license to the director through the Nationwide Mortgage Licensing System and Registry and shall: (a) Complete a renewal request with an attestation that the records are true and accurate; and (b) Pay any applicable renewal fees prescribed under OAR 441-860-0101. (2) A mortgage banker or mortgage broker shall each calendar year: (a) Submit, or confirm, through the Nationwide Mortgage Licensing System and Registry a corporate surety bond meeting specified terms and calculated using the appropriate loan volume amounts under OAR 441-860-0085; or (b) File or have on file with the director an irrevocable letter of credit which meets specified terms calculated using the appropriate loan volume amounts under OAR 441-860-0090 (3) The director may refuse to renew a license if a reason exists under ORS 86A.095 through 86A.198 or 86A.200 through 86A.239. (4) If a mortgage banker or mortgage broker submits an application for renewal which is incomplete in any respect, the director shall notify the mortgage banker or broker of the deficiencies on the application. The mortgage banker or mortgage broker shall have 30 days from the date of the notice or the end of the renewal period, whichever occurs first, to complete the application for renewal. If the mortgage banker or mortgage broker fails to complete the application for renewal, and the license shall be terminated on the expiration date by reason of failure to renew. Statutory/Other Authority: ORS 86A.106, 86A.109 & 86A.136 Statutes/Other Implemented: ORS 86A.109 & 86A.151 History: FSR 1-2017, f. 1-31-17, cert. ef. 4-1-17 FCS 5-2014, f. 9-18-14, cert. ef. 1-1-15 FCS 4-2012, f. & cert. ef 8-1-12 FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10 FCS 12-2009, f. 12-2-09, cert. ef. 1-1-10 FCS 6-2004, f. 12-14-04, cert. ef. 1-1-05 FCS 7-2003, f. 12-30-04, 1-1-04 FCS 10-2001, f. 12-24-01, cert. ef. 1-1-02 FCS 10-2000, f. & cert. ef. 9-13-00 FCS 4-1999, f. & cert. ef. 12-23-99 FCS 11-1995, f. 11-4-94, cert. ef. 11-15-94 FCS 3-1993, f. & cert. ef. 11-15-93
441-860-0080 Failure to Continually Satisfy Experience Requirement (1) If a mortgage banker or mortgage broker fails to satisfy the experience requirements under ORS 86A.106 during any licensing period regardless of the reason for that failure, the mortgage banker or mortgage broker shall: (a) Notify the director within three working days that the mortgage banker or mortgage broker no longer satisfies the experience requirement; (b) Submit to the director within seven calendar days of the occurrence, an inventory and status of pending loan application files including an accounting of all Clients' Trust Accounts; (c) Account for all investor funds; (d) Submit to the director within one week of the occurrence a proposed plan to rectify the deficiency or a plan for the orderly transfer of business to a duly licensed mortgage banker or mortgage broker; (e) Immediately cease accepting new applications from borrowers and, in the case of mortgage brokers who fund mortgages from investors other than institutions described in ORS 59.035, solicitation of funds and accepting such investor funds shall immediately cease. (2) If the mortgage banker or mortgage broker fails to comply with the provisions of section (1) of this rule, the director shall take appropriate action, consistent with the authority granted pursuant to ORS 86A.095 through 86A.198 to ensure that the interests of borrowers and investors are protected. (3) If the mortgage banker or mortgage broker is unable to satisfy the director that the experience requirement will be satisfied within 30 days, the director may institute action to suspend or revoke the mortgage banker’s or mortgage banker’s license. (4) The director may require reports on the status of the mortgage banker or mortgage broker's business. A mortgage banker or mortgage broker shall provide a report containing the content specified by the director as often as the director may specify. The reports may be written or oral, or both as the director may specify. (5) If a mortgage banker or mortgage broker renews a license but does not conduct business, the time period that the person does not conduct business does not apply to the experience requirement in ORS 86A.106. Statutory/Other Authority: ORS 86A.106, 86A.115 & 86A.136 Statutes/Other Implemented: ORS 86A.100 History: FCS 4-2012, f. & cert. ef 8-1-12 FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10 FCS 10-2001, f. 12-24-01, cert. ef. 1-1-02 FCS 4-1999, f. & cert. ef. 12-23-99 FCS 11-1994, f. 11-4-94, cert. ef. 11-15-94 FCS 3-1993, f. & cert. ef. 11-15-93
441-860-0101 Fees Payable to the Director In addition to any fees required to participate in the National Mortgage Licensing System and Registry, a mortgage banker or a mortgage broker shall pay to the director the following fees at the time of application or renewal: (1) A nonrefundable application fee for a mortgage banker or mortgage broker license of $960 plus a $330 nonrefundable application fee for each branch the mortgage banker or mortgage broker establishes in Oregon. (2) A nonrefundable renewal application fee for a mortgage banker or mortgage broker license of $480 plus a $165 nonrefundable renewal application fee for each branch the mortgage banker or mortgage broker maintains in Oregon. Statutory/Other Authority: ORS 86A.136 Statutes/Other Implemented: ORS 86A.106 & 2011 OL Ch. 618 § 1 History: FCS 8-2015, f. & cert. ef. 10-2-15 FCS 4-2015(Temp), f. & cert. ef. 5-21-15 thru 11-13-15 FCS 8-2011, f. & cert. ef. 10-3-11 FCS 5-2011(Temp), f. 6-30-11, cert. ef. 7-1-11 thru 12-28-11 FCS 12-2009, f. 12-2-09, cert. ef. 1-1-10
441-860-0110 Examination Charges Mortgage Bankers or Mortgage Brokers Pay to the Director (1) Examination charges shall be paid upon receipt of the invoice of examination fees. (2) In addition to the initial application and renewal fees assessed under ORS 86A.124 and these rules, licensees shall pay an examination charge in the amount of $75 an hour for each person used in performance of the examination. (3) Notwithstanding section (2) of this rule: (a) If an employee of the Department is required to travel out of state to perform the work described by section (2) of this rule, the rate of charge is $75 per hour plus costs for travel and subsistence for each such person; (b) If the work described in section (2) of this rule is performed by a consultant hired by contract for the particular work, the charge payable by the licensee is the actual cost to the director of the contract consultant. Statutory/Other Authority: ORS 86A.124 Statutes/Other Implemented: ORS 86A.124 History: FCS 4-2012, f. & cert. ef 8-1-12 FCS 8-2008, f. & cert. ef. 8-28-08 FCS 10-2001, f. 12-24-01, cert. ef. 1-1-02 FCS 11-1994, f. 11-4-94, cert. ef. 11-15-94 FCS 3-1993, f. & cert. ef. 11-15-93
441-860-0130 Private Money Loans An individual is not engaged in the business of making loans secured by an interest in real estate as used in ORS 86A.100(3)(b)(C) and (5)(b)(F) if the individual is making a loan from their own funds and does not make more than 10 loans secured by an interest in residential real estate during any consecutive twelve month period if they do not advertise or otherwise hold themselves out as being in the business of making mortgage loans. Statutory/Other Authority: ORS 86A.136 Statutes/Other Implemented: ORS 86A.100 History: FSR 13-2020, minor correction filed 03/23/2020, effective 03/23/2020 FCS 5-2014, f. 9-18-14, cert. ef. 1-1-15 FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10 FCS 4-1999, f. & cert. ef. 12-23-99
441-865-0010 General Provisions All mortgage bankers and mortgage brokers shall maintain and preserve financial records concerning business operations, transactions with customers, and trust account transactions. The records shall be sufficient for an independent accountant to prepare a compiled, reviewed or audited financial statement on the business of the mortgage banker or mortgage broker. Statutory/Other Authority: ORS 86A.112 & 86A.136 Statutes/Other Implemented: ORS 86A.112 History: FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10 FCS 3-1993, f. & cert. ef. 11-15-93
441-865-0020 Financial Records At a minimum the financial records shall include: (1) A record, such as a cash receipts journal, of all monies received from borrowers showing at least: (a) Name of payor; (b) Date of receipt; (c) Amount received; (d) Purpose of receipt including identification of the loan to which it relates, if any; (e) The disposition of all monies received including the date and place of deposit or, if not deposited, the date, name of the person who received the monies and the manner in which the monies were transmitted. (2) A sequential listing of all checks written for each bank account relating to the mortgage banker or mortgage broker's business, such as a cash disbursement journal, showing at least: (a) Name of the payee; (b) Date of payment; (c) Amount of the payment; (d) Purpose of the payment including identification of the loan to which it relates, if any. (3) Bank account activity source documents for every account maintained for the mortgage banker’s or mortgage broker’s business including at least: (a) Receipted deposit tickets and if "less cash deposits" are made, an explanation of the use of the cash; (b) Paid checks if available and if these items are truncated, a copy of a document authorizing the director to request and receive copies of processed items from the financial institution; (c) Bank advices, including but not limited to debit and credit notices and overdraft notices; (d) Monthly or periodic statements; (e) Detail on wire transfers into or out of the account(s) including the name of the person who is the payor or payee, date, amount, purpose of receipt or payment, and identification of the loan to which it relates, if any. (4) A record or file of all monies owed by the mortgage banker or mortgage broker, such as an accounts payable journal. (5) Financial statements prepared in accordance with generally accepted accounting principles, including a balance sheet and a statement of income or operations, dated not more than ninety days following the end of the company’s fiscal year. Statutory/Other Authority: ORS 59.860 & 59.900 Statutes/Other Implemented: ORS 59.860 History: FCS 5-2014, f. 9-18-14, cert. ef. 1-1-15 FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10 FCS 11-1994, f. 11-4-94 cert. ef. 11-15-94 FCS 3-1993, f. & cert. ef. 11-15-93
441-865-0025 Residential Mortgage Lending Reports No later than 45 days following the end of each calendar quarter, a mortgage banker or a mortgage broker licensed at any time during the preceding calendar year must file a report of condition with the director through the National Mortgage Licensing System and Registry concerning the banker’s or broker’s business and operations conducted during the preceding calendar year related to residential mortgage transactions. Statutory/Other Authority: ORS 86A.112 Statutes/Other Implemented: ORS 86A.112 & 86A.239 History: FCS 5-2014, f. 9-18-14, cert. ef. 1-1-15 FCS 4-2012, f. & cert. ef 8-1-12 FCS 3-2010, f. 3-18-10, cert. ef. 3-22-10 FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10 FCS 12-2008, f. 12-8-08, cert. ef. 12-10-08
441-865-0030 Advertising All mortgage bankers and mortgage brokers shall maintain copies of: (1) All printed advertising published in newspapers, magazines, newsletters or other media designed for mass distribution; (2) Scripts, or audio and video tapes, for advertising broadcast on radio or television; and (3) Recorded telephone messages or voice mail messages which contain rate information. (4) All published editions of Internet webpages accessible by borrowers; and (5) All versions of software applications designed to be downloaded and run on a mobile device’s operating system by a borrower. Statutory/Other Authority: ORS 86A.112, 86A.136 & 86A.163 Statutes/Other Implemented: ORS 86A.163 History: FCS 5-2014, f. 9-18-14, cert. ef. 1-1-15 FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10 FCS 3-1993, f. & cert. ef. 11-15-93