441-730-0025 License Applications (1) For purposes of ORS 725.120, an applicant for a license must submit an application attested to by an authorized owner or officer of the applicant through the Nationwide Mortgage Licensing System and Registry (NMLS). (2) Applicants and licensees must comply with the registration, application, licensing, and renewal processes set forth in the NMLS. (3)(a) An applicant, including a current licensee, must provide the employment history for a proposed manager of the licensed location for the five years immediately preceding the date of the application. A licensee employing a new manager may be required to submit a resume to meet the requirements of this section. (b) The employment history for a license applicant’s proposed manager must demonstrate verifiable recent experience in traditional lending, including but not limited to, experience obtained in banking, consumer finance, or mortgage lending. For purposes of this rule, “recent” means no less than three years out of the five years immediately preceding the date of application. Short-term lending experience alone is not a sufficient substitute for the required experience. (c) At the request of the applicant and in the sole discretion of the director, education, extensive training, or other business experience may be substituted for the three out of five years of traditional lending experience. Factors that the director may consider include relevance of the education, or the number, complexity and types of transactions handled in the substituted business experience. Short-term lending experience alone is not a sufficient substitute for the required experience. (4) A person not currently licensed with the director to make loans must submit: (a) The employment history for all executive officers, owners, directors, or managing partners. A resume may be required to meet this requirement. At least one-half of the executive officers, owners, directors, or managing partners must have verifiable recent lending experience in banking, consumer finance, or mortgage lending; (b) A business plan, including but not limited to: (A) Financial and operational history of the applicant, if any; (B) Copies of any loan documents that are proposed to be used; (C) A description of the types of loans and the percentage of the different types of loans the applicant proposes to make, the length of the loans the applicant proposes to make, the interest rates or range of rates the applicant proposes to charge, and any other business activities the licensee will engage in at the location; (D) The process by which the applicant will determine that loans to be made comply with requirements in OAR 441-730-0015(1); and (E) Funding sources for the loans, including third-party financial institutions. (5) For purposes of ORS 725.140 and this rule, the filing date of an application is the date the application is complete. An application must be deemed complete on the date: (a) All required fees have been paid; and (b) All fully completed documents that are part of an NMLS registration, NMLS application or that are required to be submitted by this rule have been received. (6) An initial application for licensing is deemed abandoned if: (a) The director has had one or more incomplete documents as part of an application for a minimum of 60 days; and (b) The applicant has not responded within 30 days following a written notice from the director requesting submission of all fees, documents, or information necessary to make the application complete. (7) An applicant whose initial application has been abandoned may reapply by submitting a new application including new fees. (8) A consumer finance lending license shall expire on December 31 of each calendar year. At least 30 days prior to the expiration of the license, the licensee shall submit a complete renewal request, including renewing NMLS registration if applicable, and all prescribed renewal fees at OAR 441-730-0030 through NMLS. A renewal is not deemed effective until approved by the Director. (9) In the event a licensee does not receive renewal approval from the Director by December 31, the license is deemed to have lapsed in NMLS. (a) Reinstatement is available through NMLS through the last day of February of the renewal year. In order to reinstate the license, the licensee must apply for reinstatement using NMLS. (b) If a licensee fails to reinstate by the last day in February of the renewal year they must reapply for a license. (10) Conducting consumer finance activity in the state after an annual license expires and before the license approved for renewal constitutes unlicensed consumer finance activity in violation of ORS 725.045. (11) The Director may refuse to renew a license if a reason exists to suspend or revoke under ORS 725.230. (12) NMLS shall collect any fees required to be paid by applicants and licensees as authorized by ORS 725.185(1) on behalf of the Director. NMLS is required to forward these fees to the Department of Consumer and Business Services, pursuant to the terms of the written agreement between the Department of Consumer and Business Services and the Conference of State Bank Supervisors and its subsidiaries. Statutory/Other Authority: ORS 725.505 Statutes/Other Implemented: ORS 725.120 & 725.140 History: FCS 4-2014, f. & cert. ef. 8-27-14 Reverted to FCS 6-2010, f. & cert. ef. 6-4-10 FCS 7-2013(Temp), f. 12-31-13, cert. ef. 1-1-14 thru 6-30-14 FCS 6-2010, f. & cert. ef. 6-4-10 FCS 3-2009, f. & cert. ef. 6-2-09 FCS 5-2006, f. & cert. ef. 12-21-06