reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.778 - Discontinuance of foreclosure proceedings after cure of default.

(1) Where a trustee has commenced foreclosure of a trust deed by advertisement and sale, the grantor, the grantor’s successor in interest to all or any part of the trust property, any beneficiary under a subordinate trust deed, or any person having a subordinate lien or encumbrance of record on the property, may cure the default or defaults at any time prior to five days before the date last set for the sale. If the default consists of a failure to pay, when due, sums secured by the trust deed, the default may be cured by paying the entire amount due at the time of cure under the terms of the obligation, other than such portion as would not then be due had no default occurred. Any other default of the trust deed obligation that is capable of being cured may be cured by tendering the performance required under the obligation or trust deed. In any case, and in addition to paying the sums or tendering the performance necessary to cure the default, the person effecting the cure shall pay to the beneficiary all costs and expenses actually incurred in enforcing the obligation and trust deed, together with trustee’s and attorney fees in the amount of:
(a) A total of $1,000 for both trustee’s fees and attorney fees, or the amount actually charged by the trustee and attorney, whichever is less, if the trust deed is a residential trust deed; or
(b) Reasonable attorney fees and trustee’s fees actually charged by the trustee and attorney if the trust deed is not a residential trust deed. Any person entitled to cure the default may, either before or after reinstatement, request any court of competent jurisdiction to determine the reasonableness of the fee demanded or paid as a condition of reinstatement. The court may award attorney fees to the prevailing party. An action to determine reasonable attorney fees or trustee’s fees under this section shall not forestall any sale or affect its validity.
(2) After cure of the default under subsection (1) of this section, all proceedings under ORS 86.764 to 86.782 shall be dismissed by the trustee, and the obligation and trust deed shall be reinstated and shall remain in force the same as if no acceleration had occurred. [Formerly 86.753]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.786 - Request for information from trustee.

(1) Not later than 15 days before the date of a sale of property set forth in the notice of sale under ORS 86.771, the grantor, an occupant, a holder of a junior lien or any other person interested in bidding at the sale may send a written request to the trustee requesting that the trustee provide a written statement of information as described in ORS 86.789.
(2) The written request under subsection (1) of this section shall be sent to the trustee at the address given in the notice of sale by:
(a) Certified mail, return receipt requested; or
(b) Personal delivery.
(3) The written request under subsection (1) of this section shall include a mailing address, a facsimile number or an electronic mail address to which the trustee shall send the written statement of information.
(4) The trustee is not required to respond to a written request that does not include an address, facsimile number or electronic mail address described in subsection (3) of this section.
(5) Upon receiving a written request under subsection (1) of this section, the trustee shall send the written statement of information to the address, facsimile number or electronic mail address provided in the written request at least seven days prior to the date of the sale. If the person requesting the written statement of information provided a mailing address, the trustee shall send the written statement of information by certified mail, return receipt requested and by first class mail. [Formerly 86.757]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.789 - Information provided by trustee.

(1) The written statement of information provided by a trustee under ORS 86.786 shall include:
(a) A statement of the exact amount required, as of a specified date, to cure the default or satisfy the obligation, including the costs of foreclosure, trustee fees, attorney fees and per diem interest; and
(b) A description of any other performance necessary to cure the default or satisfy the obligation.
(2) If the amount required to cure the default or satisfy the obligation is not calculable to an exact amount, the trustee may estimate the maximum amount required to cure the default or satisfy the obligation.
(3) If the trustee does not provide the written statement of information within the time specified in ORS 86.786, the trustee may postpone the sale of the property to provide the person requesting the written statement of information at least seven days between receipt of the statement and the date of the sale.
(4) A person requesting a written statement of information under ORS 86.786 has the rights of an omitted person under ORS 86.767 if:
(a) The person requesting the statement proves that the person sent a written request under ORS 86.786 at least 15 days before the date of sale; and
(b) The trustee cannot prove that the trustee sent the written statement of information at least seven days before the date of the sale.
(5) The provisions of this section and ORS 86.786 do not affect the duty of beneficiaries to provide information to grantors. [Formerly 86.759]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.790

[1959 c.625 §3; 1967 c.359 §680; 1975 c.618 §2a; 1979 c.879 §5; 1981 c.192 §1; 1983 c.719 §9; 1989 c.190 §7; 1997 c.70 §1; 1997 c.631 §388; 2003 c.364 §50; 2013 c.125 §2; 2013 c.465 §6; renumbered 86.713 in 2013]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.794 - Disposition of proceeds of sale.

The trustee shall apply the proceeds of the trustee’s sale as follows:
(1) To the expenses of the sale, including the compensation of the trustee, and a reasonable charge by the attorney.
(2) To the obligation secured by the trust deed.
(3) To all persons having recorded liens subsequent to the interest of the trustee in the trust deed as their interests may appear in the order of their priority.
(4) The surplus, if any, to the grantor of the trust deed or to the successor in interest of the grantor entitled to such surplus. [Formerly 86.765]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.800 - Contents of trustee’s deed to purchaser.

The trustee’s deed to the purchaser at the trustee’s sale shall contain, in addition to a description of the property conveyed, a recital of the facts concerning the default, the notice given, the conduct of the sale and the receipt of the purchase money from the purchaser. [Formerly 86.775]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.803 - Recitals in trustee’s deed and certain affidavits as prima facie or conclusive evidence.

When the trustee’s deed is recorded in the deed records of the county or counties where the property described in the deed is situated, the recitals contained in the deed and in the affidavits required under ORS 86.774 (3) and (4) shall be prima facie evidence in any court of the truth of the matters set forth therein, but the recitals shall be conclusive in favor of a purchaser for value in good faith relying upon them. [Formerly 86.780]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.806 - Requests for copies of notice of default or notice of sale.

At any time subsequent to the recordation of a trust deed and prior to a recording of notice of default under the deed, any person desiring a copy of any notice of default or any notice of sale under a trust deed as provided in ORS 86.764 (1) may cause to be filed for record in the county clerk’s office of the county or counties in which any part or parcel of the real property is situated, a duly acknowledged request for a copy of any notice of sale or default where service is made upon the trustee. The request shall contain the name and address of the person requesting copies of the notice or notices and shall identify the trust deed by stating the names of the parties to the deed, the date of recordation of the deed and the book and page where the deed is recorded. The county clerk shall immediately make a cross-reference of the request to the trust deed, either on the margin of the page where the trust deed is recorded or in some other suitable place. No request, statement or notation placed on the record pursuant to this section shall affect title to the property or be deemed notice to any person that any person so recording the request has any right, title, interest in, lien or charge upon the property referred to in the trust deed. [Formerly 86.785]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.809 - Compensation of trustee.

The charge of a trustee for the performance of powers and duties of foreclosure by advertisement and sale imposed under ORS 86.705 to 86.815 shall not exceed 50 percent of the compensation allowable to a personal representative under ORS 116.173 (3) or a minimum charge of $100. Such compensation shall be based upon the amount due on the obligation, both principal and interest, at the time of the trustee’s sale. [Formerly 86.795; 2017 c.169 §43]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.812 - Impermissible conditions for approving short sale or sale of note; exceptions.

(1) As used in this section, "nonprofit entity" means a nonprofit corporation that is organized in this state and that is exempt from taxation under section 501(c)(3) of the Internal Revenue Code, or a subsidiary or agent of the nonprofit corporation.
(2) Except as provided in subsection (3) of this section, a beneficiary may not, as a condition of offering or approving a short sale as an alternative to foreclosing a residential trust deed, require a nonprofit entity that purchases property that is subject to the residential trust deed from a grantor in a short sale, or that purchases a note from the beneficiary that secures the grantor’s obligation to the beneficiary by means of the residential trust deed, to enter into an agreement with the beneficiary or the grantor that limits or bars the grantor, after the short sale or the sale of the note, from owning or occupying the property that is subject to the residential trust deed.
(3) Subsection (2) of this section does not apply if:
(a) The beneficiary does not receive notice before the short sale that the nonprofit entity or the grantor intends for the grantor to continue after the short sale to own or occupy the property that is the subject of the short sale;
(b) The grantor does not allow the beneficiary reasonable access to the property that is the subject of the short sale for the purpose of inspecting or appraising the property;
(c) Offering or approving the short sale would require the beneficiary to breach a contractual obligation to another person with respect to a residential trust deed that was recorded before July 19, 2013; or
(d) Offering or approving the short sale would require the beneficiary to breach a legal obligation that is not based on a contract. [2013 c.625 §2]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086 - Mortgages; Trust Deeds › Section 86.815 - Time within which foreclosure must be commenced.

The foreclosure of a trust deed by advertisement and sale or the foreclosure of a trust deed by judicial procedure shall be commenced within the time, including extensions, provided by ORS 88.110 and 88.120 for the foreclosure of a mortgage on real property. [Formerly 86.725]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.103 - License required to engage in residential mortgage transactions as mortgage banker or mortgage broker.

(1) It is unlawful for any person to engage in residential mortgage transactions in this state as a mortgage banker or mortgage broker unless the person is licensed under ORS 86A.095 to 86A.198. A person who is a mortgage banker or mortgage broker under ORS 86A.100, but who does not engage in residential mortgage transactions in this state, is not required to obtain a license under ORS 86A.095 to 86A.198.
(2) For purposes of this section, a person "engages in residential mortgage transactions in this state" when any act constituting the business of a mortgage banker or mortgage broker and involving a residential mortgage transaction originates from this state or is directed to and received in this state or when the real estate that is the subject of the activities of the mortgage banker or mortgage broker is located in this state. [Formerly 59.845]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.109 - Expiration of initial license; renewal; duration of renewed license; change in personnel; rules.

(1) An initial license expires one year after the date of issuance unless the Director of the Department of Consumer and Business Services establishes a different expiration date to coordinate with the Nationwide Mortgage Licensing System and Registry.
(2) The director by rule shall establish procedures to renew a license. The rule shall specify the duration of a renewed license.
(3) If there is a change in the partners, directors, officers or persons that occupy similar positions or perform similar functions, or persons that directly or indirectly control a mortgage banker or mortgage broker, written notification of the change must be filed promptly with the director. No fee is required for the notification. [Formerly 59.855]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.112 - Licensees to keep records; inspection; filing financial reports; rules.

(1) A mortgage banker or mortgage broker shall make and keep accounts, correspondence, memoranda, papers, books and other records that the Director of the Department of Consumer and Business Services by rule or order prescribes. The mortgage banker or mortgage broker shall preserve the records for five years unless the director by rule prescribes otherwise. The director may examine the records within or outside this state at any reasonable time or times and may require without subpoena the production of the records at the office of the director as often as is reasonably necessary.
(2) A mortgage banker or mortgage broker shall file financial reports or other information that the director by rule or order requires and shall promptly correct a document filed with the director that is or becomes incomplete or inaccurate in any material respect.
(3) On or before May 1 of each year or on a date the director establishes by rule, a mortgage banker or mortgage broker shall file a report with the director in a form prescribed by the director. The report shall contain information the director requires concerning the mortgage banker’s or mortgage broker’s business and operations related to residential mortgage lending during the preceding calendar year. The information shall include the number and nature of loans originated by mortgage loan originators that the mortgage banker or mortgage broker employed.
(4) The report and any records submitted to the director under this section are exempt from disclosure or production and are confidential as provided under ORS 705.137.
(5) Notwithstanding the exemption and confidentiality provisions of subsection (4) of this section, the director may abstract information contained in reports submitted under subsection (3) of this section and may make the abstracted information available for public inspection provided that the abstracted information does not identify a particular mortgage banker or mortgage broker as a source of the information. [Formerly 59.860]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.118 - Action against applicant or licensee for act or omission of associate; exception.

The Director of the Department of Consumer and Business Services may enter an order against the applicant or licensee under ORS 86A.115 if any partner, officer or director of a mortgage banker or mortgage broker, any person occupying a similar status or performing similar functions, or any person directly or indirectly controlling the mortgage banker or mortgage broker has been guilty of any act or omission which would be cause for denying, suspending or revoking the license of an individual mortgage banker or mortgage broker. This section shall not apply to ORS 86A.115 (1). [Formerly 59.870]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.121 - Cancellation of license or application; application to surrender license.

(1) The Director of the Department of Consumer and Business Services may cancel an application or license if the director finds that the applicant or licensee:
(a) Has ceased to do business as a mortgage banker or mortgage broker;
(b) Has failed to maintain a corporate surety bond or irrevocable letter of credit required under ORS 86A.106 or 86A.227; or
(c) Cannot be located after a reasonable search.
(2) A mortgage banker or mortgage broker may surrender a license by filing an application to surrender the license. Unless the director determines that the license should be suspended or revoked, the director shall allow the surrender subject to any conditions, limitations and restrictions the director may impose. [Formerly 59.875]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.124 - Supervisory authority of director over mortgage bankers, mortgage brokers and mortgage loan originators; documents exempt from disclosure.

(1) The Director of the Department of Consumer and Business Services has general supervision and control over mortgage loan originators, mortgage bankers and mortgage brokers that reside or do business in this state and that engage in an activity that is subject to the provisions of ORS 86A.095 to 86A.198. The director may examine at any time mortgage bankers and mortgage brokers and the records and activities connected with mortgage bankers, mortgage brokers and mortgage loan originators. The provisions of this section and of any other section of ORS 86A.095 to 86A.198 relating to examinations extend to a person that is or should have been licensed as a mortgage loan originator under ORS 86A.200 to 86A.239 or licensed as a mortgage banker or mortgage broker, a person exempted by rule from the definitions of mortgage banker, mortgage broker or mortgage loan originator or a person whose license has expired or has been withdrawn, canceled, suspended, conditioned or revoked. The director may collect from the person the actual expenses incurred in the examination.
(2)(a) A mortgage loan document the director obtains as part of an examination under this section is exempt from disclosure and is confidential for the purposes of ORS 705.137.
(b) This subsection does not prohibit an individual from inspecting and requesting the director to disclose any of the individual’s mortgage loan documents that the director obtained during the course of an examination. The director shall authenticate the individual’s identity before disclosing the mortgage loan documents to the individual. [Formerly 59.880; 2011 c.350 §1]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.127 - Investigations; publicity with respect to violations; cease and desist order.

The Director of the Department of Consumer and Business Services:
(1) May make such public or private investigations within or outside this state as the director deems necessary to determine whether a person has violated any provision of ORS 86A.095 to 86A.198 or any rule or order of the director, or to aid in the enforcement of ORS 86A.095 to 86A.198 or in the formulation of rules and forms thereunder;
(2) May require or permit a person to file a statement in writing, under oath or otherwise as the director determines, as to all the facts and circumstances concerning the matter to be investigated;
(3) May publish information concerning any violation under this section or ORS 86A.130, 86A.990 or 86A.992 or any rule or order of the director after an action taken under this section or ORS 86A.130, 86A.990 or 86A.992; and
(4) If the director has reasonable cause to believe that any person has been engaged, is engaging or is about to engage in any violation of any provision of ORS 86A.095 to 86A.198, may issue an order, subject to ORS 86A.139, directed to the person, and to any other person directly or indirectly controlling the person, to cease and desist from the violation or threatened violation. [Formerly 59.885]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.130 - Enjoining violations; fine; appointment of receiver; attorney fees; damages to private parties.

(1) Whenever the Director of the Department of Consumer and Business Services has reasonable cause to believe that a person has been engaged or is engaging in any violation of any provision of ORS 86A.095 to 86A.198 or any rule or order of the director, the director may bring suit in the name and on behalf of the State of Oregon in the circuit court of any county of this state to enjoin the violation and to enforce compliance with any provision of ORS 86A.095 to 86A.198 or such rule or order. Upon a proper showing, a permanent or temporary injunction, restraining order or writ of mandamus shall be granted. The court may fine the person against whom the order is entered not more than $5,000 for each violation, which shall be entered as a judgment and paid to the General Fund of the State Treasury. Each violation is a separate offense. In the case of a continuing violation, each day’s continuance is a separate violation, but the maximum penalty for any continuing violation shall not exceed $20,000 for each offense. If the court finds that the defendant has violated any provision of ORS 86A.095 to 86A.198 or any such rule or order, the court may appoint a receiver, who may be the director, for the defendant or the defendant’s assets. The court may not require the director to post a bond. The court may award reasonable attorney fees to the director if the director prevails in an action under this section. The court may award reasonable attorney fees to a defendant who prevails in an action under this section if the court determines that the director had no objectively reasonable basis for asserting the claim or no reasonable basis for appealing an adverse decision of the trial court.
(2) The director may include in any action authorized by subsection (1) of this section:
(a) A claim for restitution or damages under ORS 86A.151 on behalf of the persons injured by the act or practice constituting the subject matter of the action. The court shall have jurisdiction to award appropriate relief to such persons, if the court finds that enforcement of the rights of such persons by private civil action, whether by class action or otherwise, would be so burdensome or expensive as to be impractical; or
(b) A claim for disgorgement of illegal gains or profits derived. Any recovery under this paragraph shall be turned over to the General Fund of the State Treasury unless the court requires other disposition. [Formerly 59.890]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.133 - Procedures where assets or capital of mortgage banker or mortgage broker found impaired; involuntary liquidation.

(1) When the Director of the Department of Consumer and Business Services ascertains that the assets or capital of any mortgage banker or mortgage broker is impaired, or that the mortgage banker’s or mortgage broker’s affairs are in an unsound condition, the director may take possession of all the property, business and assets of the mortgage banker or mortgage broker located in this state and retain possession of them pending the further proceedings specified in this section. The director shall inventory the assets and liabilities of the mortgage banker or mortgage broker. The director shall file one copy of the inventory in the office of the director and one copy in the office of the clerk of the circuit court of the county in which the principal place of business of the mortgage banker or mortgage broker is located, and shall mail one copy to each shareholder or partner of the mortgage banker or mortgage broker at the last-known address of the shareholder or partner. The clerk of the court shall file the inventory as a pending proceeding and give it a case number.
(2) If any mortgage banker or mortgage broker refuses to permit the director to take possession under this section, the director may apply to the circuit court of the county in which the principal place of business of the mortgage banker or mortgage broker is located for an order appointing a receiver, who may be the director, to take possession.
(3) If the deficiency in assets or capital has not been made good or the unsound condition remedied within 60 days from the date when the director or receiver took possession, the property, business and assets of the mortgage banker or mortgage broker located in this state shall be liquidated. If a receiver has not been appointed, the director shall apply for such appointment by the court in which the inventory was filed. The liquidation shall proceed as provided by law for liquidation of a private corporation in receivership.
(4) The expenses of the receiver and compensation of counsel, as well as all expenditures required in the liquidation proceedings, shall be fixed by the director, subject to the approval of the court, and, upon certification by the director, shall be paid out of the funds in the hands of the director as such receiver. [Formerly 59.895]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.136 - Rules; financial statements.

(1) In accordance with this section and ORS chapter 183, the Director of the Department of Consumer and Business Services may from time to time make, amend and rescind such rules as are necessary to carry out the provisions of ORS 86A.095 to 86A.198, including but not limited to rules governing the activities of mortgage loan originators, mortgage bankers and mortgage brokers and rules governing the purchase or sale of mortgage banking loans, mortgage loans or real estate paper in coordination with applicable provisions of ORS 59.005 to 59.505, 59.710 to 59.830, 59.991 and 59.995 and rules adopted under the applicable provisions.
(2) A financial statement required under ORS 86A.095 to 86A.198 must be prepared in accordance with generally accepted accounting principles. The director may by rule prescribe:
(a) The form and content of financial statements required under ORS 86A.095 to 86A.198;
(b) The circumstances under which consolidated financial statements must be filed; and
(c) Whether any required financial statements must be certified by independent or certified public accountants. [Formerly 59.900]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.139 - Notice of orders; hearings on orders.

(1) Except as provided in ORS 183.745, upon the entry of an order under ORS 86A.095 to 86A.198, the Director of the Department of Consumer and Business Services shall promptly give appropriate notice of the order as provided in this subsection. The notice shall state that a hearing will be held on the order if a written demand for hearing is filed with the director within 20 days after the date of service of the order. The notice shall be given to:
(a) The applicant or licensee, with respect to orders entered pursuant to ORS 86A.115; or
(b) An interested person, with respect to orders entered pursuant to any other provision of ORS 86A.095 to 86A.198.
(2) If a person entitled to notice of the order files a timely demand for a hearing, the director shall hold a hearing on the order as provided by ORS chapter 183. In the absence of a timely demand for a hearing, a person is not entitled to judicial review of the order.
(3) After the hearing, the director shall enter a final order vacating, modifying or affirming the order.
(4) The director may enter a final order revoking a license notwithstanding the fact that the license has expired, if the initial order of revocation was issued before the license or registration expired. [Formerly 59.905]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.142 - Judicial review of orders.

(1) A person aggrieved by an order of the Director of the Department of Consumer and Business Services which has been the subject of a timely application for hearing before the director shall be entitled to judicial review of the order under ORS chapter 183.
(2) A judgment of a reviewing court under ORS chapter 183 may not bar the director from thereafter vacating or modifying an order involved in the proceeding for review, or entering any new order, for a proper cause that was not decided by the reviewing court. [Formerly 59.910]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.145 - Oaths and subpoenas in proceedings before director.

(1) For the purpose of an investigation or proceeding under ORS 86A.095 to 86A.198, the Director of the Department of Consumer and Business Services may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence and require the production of books, papers, correspondence, memoranda, agreements or other documents or records that the director deems relevant or material to the inquiry. Each witness who appears before the director under a subpoena shall receive the fees and mileage provided for witnesses in ORS 44.415 (2).
(2) If a person fails to comply with a subpoena so issued or a party or witness refuses to testify on any matters, the judge of the circuit court or of any county, on the application of the director, shall compel obedience by proceedings for contempt as in the case of disobedience of the requirements of a subpoena issued from such court or a refusal to testify therein. [Formerly 59.915]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.148 - Copies of documents; fees; rules; effect of certification.

(1) The Director of the Department of Consumer and Business Services shall furnish to any person, upon payment of a fee established by rule, copies of any document which is a matter of public record. Certified copies shall be furnished upon request. In a proceeding or prosecution under ORS 86A.095 to 86A.198, a copy so certified shall be prima facie evidence of the contents of the entry or document certified.
(2) A certificate of the director as to compliance or noncompliance with licensing provisions of ORS 86A.095 to 86A.198 shall be taken and received in a civil or criminal proceeding in this state as prima facie evidence of the facts stated in the certificate. [Formerly 59.920]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.154 - Fraud and deceit with respect to mortgage banker or mortgage broker business.

It is unlawful for any person, directly or indirectly, in connection with the conduct of a mortgage banker or mortgage broker business:
(1) To employ any device, scheme or artifice to defraud;
(2) Knowingly to make any untrue statement of a material fact or to omit 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;
(3) To engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person; or
(4) To make or file, or cause to be made or filed, to or with the Director of the Department of Consumer and Business Services any statement, report or document which is known to be false in any material respect or matter. [Formerly 59.930]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.160 - Notice to bank regarding Clients’ Trust Account.

(1) Each mortgage banker or mortgage broker, at the time a Clients’ Trust Account is opened under ORS 86A.157, shall provide the bank in which the account is opened with a notice in substantially the following form:
______________________________________________________________________________
NOTICE OF CLIENTS’ TRUST ACCOUNT
To: (name of bank) ________
I, ____________, am the (owner, president, managing general partner or other position description) ____________ of (name of mortgage banker or mortgage broker) ____________ and am authorized to act on behalf of (name of mortgage banker or mortgage broker) ____________.
Under the provisions of ORS 86A.157, I am required to maintain in Oregon a Clients’ Trust Account for the purpose of holding funds belonging to others.
With regard to the account(s) numbered _________ which is/are designated as a Clients’ Trust Account, the account(s) is/are maintained with you as a depository for money belonging to persons other than myself and in my fiduciary capacity as a mortgage banker or mortgage broker established by client agreements in separate documents.
Dated: (insert date)
__________________
(signature of person authorized to act
on behalf of mortgage banker
or mortgage broker)
ACKNOWLEDGMENT OF RECEIPT
I, _______________, a duly authorized representative of (bank) ______, do hereby acknowledge receipt of the above NOTICE OF CLIENTS’ TRUST ACCOUNT on (date) ______. &$CONT
__________________
__________________
______________________________________________________________________________
(2) The acknowledged copy of the notice described in subsection (1) of this section shall be retained by the mortgage banker or mortgage broker as provided in ORS 86A.157 for the retention of trust account records, subject to inspection by the Director of the Department of Consumer and Business Services or the director’s authorized representative. [Formerly 59.940]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.163 - Prohibited advertisements.

A mortgage banker or mortgage broker shall not use or cause to be published any advertisement that:
(1) Contains any false, misleading or deceptive statement or representation; or
(2) Identifies the mortgage banker or mortgage broker by any name other than the name listed on the license issued by the Director of the Department of Consumer and Business Services or an assumed business name registered under ORS chapter 648. [Formerly 59.945]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.166 - Designation of principal place of business; other offices; change of personnel; registered agent.

(1) Every licensed mortgage banker and mortgage broker shall designate and maintain a principal place of business for the transaction of business.
(2) If a licensed mortgage banker or mortgage broker intends to transact business at any place other than the principal place of business, the licensee shall notify the Director of the Department of Consumer and Business Services, in writing, not later than 30 days prior to opening another office. The notice shall contain the address of any other office. A copy of the license issued to the mortgage banker or mortgage broker shall be displayed in each place of business of the licensee.
(3) If there is any change among the members, officers, partners or directors of any licensee, the licensee shall notify the director within 30 days of the name, address and occupation of each new member, officer, partner or director and provide any other information the director may require.
(4) A mortgage banker or mortgage broker whose principal place of business is not in this state shall continuously maintain a registered agent in this state. The name and address of the agent shall be included in the application for a license. A mortgage banker or mortgage broker shall notify the director immediately of any change in the name or address of the registered agent.
(5) The registered agent of a mortgage banker or mortgage broker shall be an agent upon whom any process, notice or demand required or permitted by law to be served upon the mortgage banker or mortgage broker may be served. The director shall be an agent of a mortgage banker or mortgage broker if the mortgage banker or mortgage broker fails to appoint or maintain a registered agent in this state or the registered agent cannot with reasonable diligence be found. [Formerly 59.950]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.169 - Disclosure required before closing mortgage loan or mortgage banking loan.

Prior to the closing of any mortgage loan or any mortgage banking loan, the mortgage banker or mortgage broker shall supply the borrower with a disclosure as required by the real estate lending provisions of 15 U.S.C. 1601 et seq. and Regulation Z, 12 C.F.R. Part 226. [Formerly 59.955]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.172 - Advisory committee.

Before adopting rules under ORS 86A.095 to 86A.198, the Director of the Department of Consumer and Business Services may appoint and shall consider the suggestions of an advisory committee that represents the interests of persons that the rules will likely affect. The director may also use other means to obtain public views to assist the director in adopting the rules. [Formerly 59.960; 2011 c.351 §1]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.175 - Servicing or collecting mortgage banking loan or mortgage loan by mortgage banker or mortgage broker.

(1) With the permission of the lender, note owner, note holder or other holder of an interest in a note, a mortgage banker or mortgage broker may service or collect a mortgage banking loan or mortgage loan in the name of the mortgage banker or mortgage broker or in the name of the lender, note owner, note holder or other holder of an interest in the note.
(2) Except as provided in ORS 86A.095 to 86A.198, nothing in subsection (1) of this section grants the Director of the Department of Consumer and Business Services the authority to regulate the servicing or collection of a mortgage banking loan or mortgage loan by a mortgage banker or mortgage broker.
(3) As used in this section:
(a) "Mortgage banker" has the meaning given that term in ORS 86A.100 (3)(a) but also includes a person exempted from the definition of mortgage banker in ORS 86A.100 (3)(b).
(b) "Mortgage banking loan" has the meaning given that term in ORS 86A.100.
(c) "Mortgage broker" has the meaning given that term in ORS 86A.100.
(d) "Mortgage loan" has the meaning given that term in ORS 86A.100.
(e) "Service or collect any mortgage banking loan or mortgage loan" includes but is not limited to:
(A) Holding documents or written instruments and receiving and disbursing payments according to the instructions of the parties to the documents or written instruments;
(B) Collecting or remitting, or having the right or obligation to collect or remit, for a lender, note owner, note holder or other holder of an interest in a note or for a mortgage banker’s or mortgage broker’s own account, payments, interest, principal and trust items, including but not limited to hazard insurance and taxes, on a mortgage banking loan or mortgage loan in accordance with the terms of the loan, and includes loan payment follow-up, delinquency loan follow-up, loan analysis and notifications to the borrower that are necessary to enable the borrower to keep the loan current and in good standing; and
(C) Bringing and maintaining a suit or action to collect amounts owed on a mortgage banking loan or mortgage loan, including but not limited to exercising contractual, statutory or common law remedies such as injunction, specific performance, judicial or nonjudicial foreclosure or receivership. [Formerly 59.962]
Note:
86A.175 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 86A or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.178 - Legislative findings regarding mortgage loan originators; prohibited practice.

(1) The Legislative Assembly finds and declares that:
(a) The public interest is served by identifying a mortgage loan originator with a specific mortgage banker or mortgage broker; and
(b) The public must be protected from the conflicts of interest created when a mortgage loan originator is employed by more than one mortgage lender.
(2) A mortgage loan originator may not originate loans for more than one mortgage banker, mortgage broker or other mortgage lender or independent mortgage agency at the same time. [Formerly 59.967]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.183 - Prohibited conduct for mortgage bankers, mortgage brokers and mortgage loan originators; conditions affecting employment of mortgage loan originators.

(1) A mortgage banker, mortgage broker or mortgage loan originator may not:
(a) Engage in dishonest, fraudulent or illegal practices or conduct in a business or profession or engage in unfair or unethical practices or conduct in connection with the mortgage business.
(b) Willfully or repeatedly violate or fail to comply with a provision of ORS 86A.095 to 86A.198 or 86A.200 to 86A.239 or a rule or order of the Director of the Department of Consumer and Business Services.
(c) Fail to account to persons interested for money or property received in connection with a mortgage loan.
(d) Fail to meet the training, education or continuing education requirements for mortgage loan originators set forth in ORS 86A.215 or 86A.221.
(e) Perform an act as a mortgage loan originator in a negligent or incompetent manner.
(2) An individual may not be employed by a mortgage banker or mortgage broker as a mortgage loan originator if:
(a) The individual was convicted of a crime or category of crime specified by the director by rule;
(b) The individual is suspended or has been prohibited from employment as a mortgage loan originator under ORS 86A.224;
(c) The employment violates any conditions imposed under ORS 86A.224; or
(d) The employment violates an order issued by the director, a state or federal agency or a court of competent jurisdiction. [Formerly 59.971]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.186 - Mortgage loan originator criminal records checks; rules.

(1) A person that employs or intends to employ an individual as a mortgage loan originator shall conduct a state criminal records check of the individual.
(2) A person that employs or intends to employ an individual as a mortgage loan originator shall report to the Director of the Department of Consumer and Business Services the results of each state criminal records check conducted under subsection (1) of this section.
(3) The director shall adopt rules to:
(a) Implement and administer state criminal records checks required under this section; and
(b) Specify crimes and categories of crimes for which a conviction will prevent a person from acting as a mortgage loan originator under ORS 86A.183. [Formerly 59.972]
2023 Oregon Revised Statutes › Volume : 02 - Business Organizations, Commercial Code › Chapter 086A - Mortgage Lending › Section 86A.198 - Materials in languages other than English; requirements.

(1) A mortgage banker, a mortgage broker or a mortgage loan originator shall provide in writing the materials identified in subsection (2) of this section to a borrower if the mortgage banker, mortgage broker or mortgage loan originator:
(a) Communicates or causes to be communicated an advertisement in a language other than English or otherwise solicits business in a language other than English; and
(b) Offers to negotiate or make, or negotiates or makes, a residential mortgage transaction in the course of which a substantial portion of the communication with the borrower that is related to the transaction takes place in the language other than English that was used to communicate the advertisement or make the solicitation.
(2) A mortgage banker, mortgage broker or mortgage loan originator that takes an action described in subsection (1) of this section shall provide the following materials to the borrower in English and in the language other than English in which a substantial portion of the communication that is related to the transaction takes place:
(a) A good faith estimate required under the Real Estate Settlement Procedures Act, 12 U.S.C. 2601 et seq., and under Regulation X, 24 C.F.R. part 3500, as enacted or promulgated on January 1, 2010;
(b) The disclosures related to the transaction that are required under the Truth in Lending Act, 15 U.S.C. 1601 et seq., and under Regulation Z, 12 C.F.R. part 226, as enacted or promulgated on January 1, 2010; and
(c) A statement notifying the borrower that loan documents associated with the transaction will be in English and advising the borrower to obtain appropriate assistance with any necessary translations.
(3) The Director of the Department of Consumer and Business Services shall develop and distribute translated versions of the materials identified in subsection (2) of this section in the three languages other than English that are most commonly spoken in this state. [2009 c.603 §3; 2009 c.863 §39]