justicedao/ipfs_state_laws huggingface dataset:
441-865-0040 Borrower and Investor Complaints (1) Copies of all written complaints by borrowers and investors shall be maintained in a separate complaint file by the individual's name in alphabetical order and shall contain at a minimum a copy of the original complaint and response. (2) Copies of correspondence related to the complaints and a written disposition of the complaint by an officer, director or control person of the company shall be maintained in the complaint file or in the borrower or investor file of the mortgage banker or mortgage broker. (3) Complaints unrelated to borrower or investor transactions need not be retained. 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 2-2004, f. & cert. ef. 8-5-04 FCS 3-1993, f. & cert. ef. 11-15-93
441-865-0050 Personnel Records (1) Each employer shall maintain a personnel ledger which shall contain the name, date of birth, position or title and responsibilities, unique identifiers, starting date, and date and reason for termination of salaried employees. (2) For purposes of this rule, personnel shall include salaried employees, independent contractors, and consultants who are involved in loan origination, loan servicing, loan negotiations, investor solicitation, or who transact business with borrowers or lenders. Statutory/Other Authority: ORS 86A.112 86A.112 & 86A.151 History: 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 3-1993, f. & cert. ef. 11-15-93
441-865-0080 Investor Files (1) In addition to all other books and records required under the provisions of OAR 441-865-0010 to 441-865-0090, a mortgage banker or a mortgage broker must maintain the following documents and records when borrower loans are funded by investors who are persons other than those exempt under ORS 59.035(4) or (5): (a) A copy of the written disclosure document described in OAR 441-870-0050(1); (b) A written statement, signed and dated by the investor acknowledging receipt of the written disclosure document and an opportunity to review the supporting documentation; (c) The supporting documentation evidencing the summarized information contained in the disclosure document. (d) A copy of the written evidence of obligation and the instrument creating the investor's lien or assignment of the lien as required pursuant to OAR 441-870-0060; (e) A copy of documents evidencing that the instrument creating the lien or assignment has been recorded pursuant to the provisions of OAR 441-870-0060; (f) Copies of guarantees, surety agreements, "with-recourse" agreements or guarantees, and correspondence related to the sale of real estate paper to the investor. (2) The documents required under the provisions of subsections (1)(a) through (f) of this rule may be maintained in separate files designated "Investor Files" or in the borrower file at the option of the mortgage banker or mortgage broker. (3) For those documents which do not contain the original executed signature of the investor, the requirements of this rule shall be deemed to be satisfied if the mortgage banker or mortgage broker maintains computerized records from which hard copies or reports can be generated if the reports contain all the information required under the provisions of this rule. 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 11-1994, f. 11-4-94, cert. ef. 11-15-94 FCS 3-1993, f. & cert. ef. 11-15-93
441-865-0090 Trust Account and Escrow Depository In addition to the books and records required pursuant to the provision of OAR 441-865-0010 to 441-865-0080, a mortgage banker or a mortgage broker is required to maintain the books and records required under the provisions of OAR chapter 441, division 875. Statutory/Other Authority: ORS 86A.112 & 86A.136 Statutes/Other Implemented: ORS 86A.157 History: FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10 FCS 3-1993, f. & cert. ef. 11-15-93
441-870-0010 Dishonest, Fraudulent, Unfair and Unethical Practices As used in ORS 86A.115(2), the terms “dishonest, fraudulent, or illegal practices or conduct” and “unfair or unethical practices or conduct,” separately or in any combination thereof, shall include but not be limited to those acts defined herein as “Manipulative, deceptive, or fraudulent device or contrivance” or “fraudulent, deceptive or manipulative act or practice.” Statutory/Other Authority: ORS 86A.136 Statutes/Other Implemented: ORS 86A.115 History: FCS 3-1993, f. & cert. ef. 11-15-93
441-870-0020 General Definition “Manipulative, Deceptive, or Fraudulent Device or Contrivance” and “Fraudulent, Deceptive, or Manipulative Act or Practice” are defined to include: (1) Any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person; (2) The making of any untrue statement of a material fact and any omission to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; or (3) Any representation by a licensee or a person acting on behalf of a licensee, that the licensing of any person with the Director or the failure of the Director to deny or revoke such license, indicates, in any way, that the Director has passed upon or approved the financial standing, business, or conduct of any person, or the merits of any transaction. Statutory/Other Authority: ORS 86A.136 Statutes/Other Implemented: ORS 86A.115 History: FCS 11-1994, f. 11-4-94, cert. ef. 11-15-94 FCS 3-1993, f. & cert. ef. 11-15-93
441-870-0040 Legend Requirements A dishonest, fraudulent or illegal practice or conduct under ORS 86A.115 includes, but is not limited to, the following conduct a person in connection with a mortgage loan: (1) Negotiating a residential loan agreement that provides for a penalty to be charged for repaying the loan prior to the date provided for repayment in the loan agreement without providing notice in writing of a size equal to at least ten-point bold or underlined type that substantially conforms to the following: NOTICE TO THE BORROWER: Do not sign this loan agreement before you read it. This loan agreement provides for the payment of a penalty if you wish to repay the loan prior to the date provided for repayment in the loan agreement. If a residential loan agreement does not contain a notice as required by this section, a lender shall not collect from the borrower a penalty for payment of the loan prior to the date provided for repayment. (2) Negotiating a residential mortgage loan agreement that authorizes the lender to refuse to accept repayment of the loan prior to the date provided for repayment in the loan agreement without providing notice in writing of a size equal to at least ten-point bold or underlined type that substantially conforms to the following: NOTICE TO THE BORROWER: Do not sign this loan agreement before you read it. This loan agreement authorizes the lender to refuse to accept repayment of this loan prior to the date provided for repayment in this loan agreement. If a residential loan agreement does not contain a notice as required by this section, a lender shall not refuse to accept repayment of the loan by the borrower prior to the date provided for repayment. Statutory/Other Authority: ORS 86A.136 Statutes/Other Implemented: ORS 86A.115 History: 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
441-870-0060 Delivery of Additional Documentation “Manipulative, Deceptive, or Fraudulent Device or Contrivance” and “Fraudulent, Deceptive, or Manipulative Act or Practice” are defined to include: (1) Failure to deliver to the purchaser or licensed escrow agent or title company the written evidence of the obligation, properly endorsed, together with the instrument creating the lien; and (2) Failure to record the instrument creating the lien or assignment of the lien in a timely manner in the county or counties where the property is located and retain a copy of the recorded instrument in the customer file maintained by the licensee. (3) The provisions of section (2) of this rule do not apply when the purchaser is an institutional investor as enumerated in ORS 59.035(4) or an accredited investor as enumerated in 59.035(5) provided the accredited investor has submitted an unsolicited written request that the instrument creating the lien or the assignment of the lien not be filed in the county or counties where the property is located. Statutory/Other Authority: ORS 86A.136 Statutes/Other Implemented: ORS 86A.115 History: FCS 11-1994, f. 11-4-94, cert. ef. 11-15-94 FCS 3-1993, f. & cert. ef. 11-15-93
441-870-0070 Servicing Transactions A dishonest, fraudulent or illegal practice or conduct under ORS 59.865 includes, but is not limited to, the following conduct by a person in connection with a mortgage loan: (1) Failing to disclose that the lender may sell the loan to another party. (2) Failing to provide to borrowers an annual statement of the account of the borrower showing the unpaid principal balance of the mortgage loan at the end of the immediately preceding 12-month period, the interest paid during such period, the amounts deposited into escrow and the amounts disbursed from escrow during the period. Statutory/Other Authority: ORS 86A.136 Statutes/Other Implemented: ORS 86A.115 History: FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10 FCS 3-1993, f. & cert. ef. 11-15-93
441-870-0075 Filing False Reports of Condition A dishonest, fraudulent or illegal practice or conduct under ORS 86A.115 includes reporting false or incorrect information on a report of condition filed under OAR 441-865-0025. A mortgage banker or mortgage broker who corrects an incorrect report of condition to the satisfaction of the director within 30 days of notice from the director that the information is incorrect is not subject to this rule. Statutory/Other Authority: ORS 86A.136 Statutes/Other Implemented: ORS 86A.106 & 86A.239 History: Renumbered from 441-875-0075 by FCS 9-2014, f. 12-23-14, cert. ef. 1-1-15 FCS 5-2014, f. 9-18-14, cert. ef. 1-1-15
441-875-0020 Branch Office Trust Accounts (1) Branch offices shall maintain a separate trust account if: (a) The main office of the mortgage banker or mortgage broker does not maintain a trust account or deposit funds into a neutral escrow depository on behalf of the branch offices' clients; or (b) The main office of the mortgage banker or mortgage broker is not located within the State of Oregon. (2) If the branch office maintains a trust account separate from the main office, the mortgage banker or mortgage broker shall be responsible for supervision of the branch office trust account to ensure compliance with the provisions of OAR 441-875-0030 and ORS 86A.157 and 86A.160. (3) If the branch office places funds into a neutral escrow depository, the mortgage banker or mortgage broker shall be responsible for supervision of the branch office activities to ensure compliance with the provisions of OAR 441-875-0030 and ORS 86A.157(1). (4) Branch offices may maintain a trust account separate from any trust account maintained by the main office provided the branch office complies with all provisions under OAR 441-875-0030 and ORS 86A.157(4). (5) Examination of the branch office books and records relating to the trust accounts may be made at such time as the director may choose. (6) Compliance with the provisions of OAR 441-875-0020 through 441-875-0040 does not relieve any person of any other duties and liabilities under ORS Chapter 86A, applicable administrative rules, or any other provisions of law. Statutory/Other Authority: ORS 86A.136 & 86A.157 Statutes/Other Implemented: ORS 86A.157 History: FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10 FCS 1-2007, f. & cert. ef. 1-17-07 FCS 11-1994, f. 11-4-94, cert. ef. 11-15-94 FCS 3-1993, f. & cert. ef. 11-15-93
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. Statutory/Other Authority: ORS 86A.242 Statutes/Other Implemented: ORS 86A.203 History: FCS 4-2012, f. & cert. ef 8-1-12 FCS 11-2011, f. & cert. ef. 11-23-11
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. Statutory/Other Authority: ORS 86A.242 Statutes/Other Implemented: ORS 86A.203 History: FCS 4-2012, f. & cert. ef 8-1-12 FCS 11-2011, f. & cert. ef. 11-23-11
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. Statutory/Other Authority: ORS 86A.242 Statutes/Other Implemented: ORS 86A.215 History: 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
441-880-0205 Interim Licenses Reserved. Statutory/Other Authority: ORS 86A.242 Statutes/Other Implemented: ORS 86A.209 History: FCS 4-2012, f. & cert. ef 8-1-12 FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10
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. Statutory/Other Authority: ORS 86A.242 Statutes/Other Implemented: ORS 86A.215 History: 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
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. Statutory/Other Authority: ORS 86A.242 Statutes/Other Implemented: ORS 86A.215 History: FCS 5-2014, f. 9-18-14, cert. ef. 1-1-15 FCS 4-2012, f. & cert. ef 8-1-12 Renumbered from 441-880-0020 by FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10 FCS 1-2007, f. & cert. ef. 1-17-07 FCS 2-2004, f. & cert. ef. 8-5-04 FCS 10-2001, f. 12-24-01, cert. ef. 1-1-02
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. Statutory/Other Authority: ORS 86A.242 Statutes/Other Implemented: ORS 86A.215 & 86A.218 History: 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
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. Statutory/Other Authority: ORS 86A.136 Statutes/Other Implemented: ORS 86A.151 History: FCS 5-2014, f. 9-18-14, cert. ef. 1-1-15 FCS 4-2012, f. & cert. ef 8-1-12
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. Statutory/Other Authority: ORS 86A.242 Statutes/Other Implemented: ORS 86A.224 & 86A.236 History: FSR 14-2020, minor correction filed 03/23/2020, effective 03/23/2020 FCS 4-2012, f. & cert. ef 8-1-12