2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 725A - Short-Term Loans and Student Loan Servicing › Section 725A.024 - License application approval; license issuance; applicant qualifications; license denial; term of license; rules.

(1)(a) Within 90 days after receiving an application under ORS 725A.022, the Director of the Department of Consumer and Business Services shall issue and deliver to the applicant a license to conduct business in accordance with ORS 725A.010 to 725A.092 at the location identified in the application if the director finds that:
(A) The applicant and the applicant’s members, if the applicant is a partnership, limited liability company or other association, or the applicant’s officers and directors, if the applicant is a corporation, have the financial responsibility, experience, character and general fitness necessary to command the confidence of the community and to warrant the belief that the applicant will operate the business honestly, fairly and efficiently and in compliance with the provisions of ORS 725A.010 to 725A.092.
(B) The applicant has paid the fee required under ORS 725A.022.
(C) Grounds do not exist under ORS 725A.026 to disapprove the application.
(D) Other reasons or conditions that would warrant the director’s refusal to issue a license do not exist.
(b) The director, consistent with the requirements of ORS 725A.010 to 725A.092, may issue a license under this section by means of an agreement with the Nationwide Multistate Licensing System and may, by rule, conform the practices, procedures and information that the Department of Consumer and Business Services uses to issue a license to the requirements of the Nationwide Multistate Licensing System.
(2) An applicant may not become a licensee under this section unless the applicant is legally qualified to conduct business in this state.
(3)(a) The director shall disapprove an application and deny the applicant a license if the director finds that the applicant does not meet the standard set forth in subsection (1)(a)(A) of this section or has not paid the required application fee or that grounds, reasons or conditions described in subsection (1)(a)(B), (C) or (D) of this section exist and warrant the director’s disapproval and denial.
(b) If the director disapproves an application or denies the applicant a license under paragraph (a) of this subsection, the director shall notify the applicant immediately and shall state the director’s reasons for the disapproval or denial.
(4)(a) The director by rule shall prescribe the form of the license the director issues under this section. At a minimum, the director shall require the license to display the licensee’s full name and the address at which the licensee conducts business.
(b) A license the director issues under this section:
(A) Is not transferable or assignable; and
(B) Remains in full force and effect until:
(i) The director revokes or suspends the license in accordance with ORS 725A.034; or
(ii) The licensee surrenders the license in accordance with ORS 725A.038.
(5) The director may issue more than one license to the same licensee if the director finds that for each additional license the licensee meets the qualifications set forth in this section. Each license the director issues must be for a separate and distinct place in which the licensee conducts business in accordance with ORS 725A.010 to 725A.092. [2010 c.23 §5; 2019 c.106 §8]