reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 880 - LICENSING OF MORTGAGE LOAN ORIGINATORS › Section 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

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Stat. Auth.: ORS
				  86A.242
Stat. Implemented: ORS
				  86A.203
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 880 - LICENSING OF MORTGAGE LOAN ORIGINATORS › Section 441-880-0006 - Application of ORS 86A.200 to 86A.239 to Employees of Bona Fide Nonprofit Organizations

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 880 - LICENSING OF MORTGAGE LOAN ORIGINATORS › Section 441-880-0007 - Process for Determining if Nonprofit Organization is Bona Fide

Current through Register Vol. 63, No. 7, July 1, 2024
As required by 12 C.F.R. §
									1008.103(e)(7)(ii), the process for determining whether a nonprofit organization is a bona fide nonprofit organization is as follows:
(1) A nonprofit organization may request in writing that the director determine whether the nonprofit organization is a bona fide nonprofit organization with respect to the licensing of employees as mortgage loan originators under ORS 86A.200 to 86A.239. The nonprofit organization shall supply all information and documentation necessary for the director to make a determination that the nonprofit organization meets the criteria established in 441-880-0008  in a timely manner. If the nonprofit organization registers a member-managed limited liability company for the purpose of loan origination activities, the determination request and supporting documentation must be provided by and address the limited liability company. The request will be denied if the nonprofit organization fails to provide documents requested by the director within 30 days following the request.
(2) A nonprofit organization shall submit, at a minimum, all the following information:
(a) The determination letter or other indicia from the Internal Revenue Service recognizing the nonprofit organization as exempt from taxation under section  501(c)(3) of the Internal Revenue Code of 1986, 26 U.S.C. §
										501 (c)(3).
(b) The nonprofit organization's organizing documents, including articles of incorporation filed under ORS 65.047 and bylaws filed under ORS 65.061.
(c) The nonprofit organization's evidence of registration as a charitable organization with the Attorney General under ORS 128.650.
(d) The most recent report filed with the Attorney General under ORS 128.670 detailing the nature of the assets held by the nonprofit organization and the administration of those assets by the organization.
(e) The nonprofit organization's most recent Form 990, Return of Organization Exempt from Income Tax, filed by the nonprofit organization.
(f) If not included within the nonprofit organization's Form 990 tax return, a description of the compensation and incentive structure for employees subject to any determination under these rules.
(g) A description of each loan program provided by the nonprofit organization, including a description of eligibility, purpose, loan terms, key features and servicing or securitization plans, if any.
(h) A copy of the nonprofit organization's complaint process, as required by 441-880-0008.
(i) Other information as requested by the director.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 880 - LICENSING OF MORTGAGE LOAN ORIGINATORS › Section 441-880-0008 - Criteria for Determining if Nonprofit Organization is Bona Fide

Current through Register Vol. 63, No. 7, July 1, 2024
As required by 12 C.F.R. §
									1008.103(e)(7)(ii), a bona fide nonprofit organization is an organization that meets all of the following criteria:
(1) The nonprofit organization has been granted a tax-exempt status under section  501(c)(3) of the Internal Revenue Code of 1986, 26 U.S.C. §
									501 (c)(3).
(2) The nonprofit organization promotes affordable housing, provides homeownership education, or provides similar services.
(3) The nonprofit organization conducts its activities in a manner that serves public or charitable purposes.
(a) The director may consider the following activities conclusive when making a determination under this section:
(A) Making loans for the purpose of providing assistance for downpayments, closing costs, or other home purchase subsidies;
(B) Making loans for the purpose of funding housing rehabilitation projects;
(C) Making loans for the purpose of providing energy efficiency assistance; or
(D) Making loans for the purpose of avoiding or preventing foreclosure.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 880 - LICENSING OF MORTGAGE LOAN ORIGINATORS › Section 441-880-0200 - Application Process; Correcting Deficiencies in Application; Abandonment

Current through Register Vol. 63, No. 7, July 1, 2024
(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) If an applicant
			 fails to correct deficiencies as described in section (2) of this rule, 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.
Stat. Auth.: ORS
				  86A.242
Stats. Implemented: ORS
				  86A.209
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 880 - LICENSING OF MORTGAGE LOAN ORIGINATORS › Section 441-880-0205 - Interim Licenses

Current through Register Vol. 63, No. 7, July 1, 2024
Reserved.
Stat. Auth.: ORS
				  86A.242
Stats. Implemented: ORS
				  86A.209
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 880 - LICENSING OF MORTGAGE LOAN ORIGINATORS › Section 441-880-0210 - Financial Responsibility Criteria

Current through Register Vol. 63, No. 7, July 1, 2024
(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;
(d) Pending or
			 completed bankruptcy proceedings, and the nature of the proceedings, occurring
			 within the past five years; or
(e)
			 A pattern of seriously delinquent accounts within the past three
			 years.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 880 - LICENSING OF MORTGAGE LOAN ORIGINATORS › Section 441-880-0215 - Oregon Examination For Mortgage Loan Originators

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Each applicant for a mortgage loan
			 originator license must pass an entry-level examination approved by the
			 National Mortgage Licensing System and Registry and an examination on Oregon
			 statutes and rules approved by the director and the National Mortgage Licensing
			 System and Registry prior to engaging in activities as an Oregon mortgage loan
			 originator.
(a) A passing score on either
			 examination described in section (1) of this rule is 75 percent or
			 greater.
(b) A passing score on
			 either examination described in section (1) of this rule is valid for 2 years
			 from the date of passing the examination.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 880 - LICENSING OF MORTGAGE LOAN ORIGINATORS › Section 441-880-0300 - License Renewal; Reinstatement Process

Current through Register Vol. 63, No. 7, July 1, 2024
(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 submitted a
			 complete Form MU4 and all required application materials and information to the
			 Nationwide Mortgage Licensing System and Registry;
(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 ten hours of
			 continuing education approved by the Nationwide Mortgage Licensing System and
			 Registry as reported for the current calendar year.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 880 - LICENSING OF MORTGAGE LOAN ORIGINATORS › Section 441-880-0310 - Mortgage Loan Originator Continuing Education Requirements; Curing Deficiencies; License Sanctions for Failure to Maintain Continuing Education

Current through Register Vol. 63, No. 7, July 1, 2024
A mortgage loan originator shall take and maintain continuing
				education courses in order to take an application for a residential mortgage
				loan or negotiate the terms of a residential mortgage loan, consistent with the
				requirements of this rule.
(1)
(a) An applicant for a mortgage loan
			 originator shall complete a minimum of 20 hours of pre-licensing education
			 courses approved by the Nationwide Mortgage Licensing System and Registry
			 before submitting an application to obtain a mortgage loan originator's license
			 in this state. The twenty hours must include a minimum of three hours of
			 instruction on federal law and regulations, three hours of instruction on
			 ethics, two hours of instruction related to lending standards for the
			 nontraditional mortgage product market, and four hours of instruction on Oregon
			 laws and rules.
(b) Pre-licensing
			 education will expire if three (3) years pass without receiving licensure or
			 registration as a mortgage loan originator in any jurisdiction, or if licensure
			 or registration is surrendered, not renewed, allowed to lapse, or through other
			 action or inaction which results in an applicant lacking a valid license or
			 registration in any jurisdiction for three years or longer.
(c) If pre-licensing education expires, an
			 applicant must retake the pre-licensing education course prior to submitting an
			 application for a mortgage loan originator license.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 880 - LICENSING OF MORTGAGE LOAN ORIGINATORS › Section 441-880-0315 - Notice of Employment Status by Employer of Mortgage Loan Originator; Prohibition on Origination Activities Before Sponsorship

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Stat. Auth.: ORS
				  86A.136
Stats. Implemented: ORS
				  86A.179
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 880 - LICENSING OF MORTGAGE LOAN ORIGINATORS › Section 441-880-0320 - Notice of Significant Events by Mortgage Loan Originator

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Stat. Auth.: ORS
				  86A.188
Stats. Implemented: ORS
				  86A.188
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 880 - LICENSING OF MORTGAGE LOAN ORIGINATORS › Section 441-880-0400 - Fees Payable to the Director

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In addition to any fees required to
			 participate in the National Mortgage Licensing System and Registry, a person
			 applying for a mortgage loan originator license shall pay to the director a
			 nonrefundable fee of $80 for the issuance of a mortgage loan originator
			 license.
(2) In addition to any
			 fees required to participate in the National Mortgage Licensing System and
			 Registry, a person renewing a mortgage loan originator license shall pay to the
			 director a nonrefundable fee of $65 for the renewal of a mortgage loan
			 originator license.
Stat. Auth.: ORS
				  86A.136
Stats. Implemented: ORS
				  86A.106, 2011 OL Ch. 618
				  |1
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 885 - CANCELLATION OF LICENSE › Section 441-885-0010 - Cancellation of Mortgage Banker Or Mortgage Broker License for Failure to Maintain Corporate Surety Bond or Irrevocable Letter of Credit

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The director may cancel the license of a
			 mortgage banker or mortgage broker for failing to maintain a corporate surety
			 bond or irrevocable letter of credit as required by ORS
			 86A.106 and OAR 441-860-0090  or
			 ORS 86A.227 and OAR 441-860-0085.
			 The procedure for canceling a mortgage banker or mortgage broker license under
			 this rule is as follows:
(a) Upon
			 notification from the surety of notice of intent to cancel the corporate surety
			 bond, or upon notification from the financial institution of notice of intent
			 to cancel the irrevocable letter of credit, the director shall notify the
			 mortgage banker or mortgage broker. This notice may be sent by setting a
			 deficiency on the company's license in the Nationwide Mortgage Licensing System
			 and Registry
(b) If an effective
			 corporate surety bond is not submitted through the Nationwide Mortgage
			 Licensing System and Registry or an irrevocable letter of credit filed with the
			 director by 5 p.m. Pacific Time within thirty (30) calendar days after
			 receiving the notice in subsection (a) of this rule the director shall cancel
			 the license of the mortgage banker or mortgage broker. The cancellation of the
			 mortgage banker or mortgage broker license shall be effective as of the
			 corporate surety bond or irrevocable letter of credit cancellation date. For
			 purposes of this rule, an effective corporate surety bond or irrevocable letter
			 of credit is one that commences no later than the cancellation date of the
			 previous corporate surety bond or irrevocable letter of credit.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 890 - LICENSING OF MORTGAGE SERVICERS › Section 441-890-0005 - Application Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
Each person applying for a mortgage servicer license shall
				submit to the director all the following required application materials and
				information:
(1) A completed Form MU1
			 submitted through the NMLS and approved by the director.
(2) A completed Form MU2 submitted through
			 the NMLS and approved by the director for any individual identified in OAR
			 441-890-0010.
(3) Fingerprints and
			 an authorization to conduct a criminal records check and obtain a credit report
			 submitted through the NMLS from any individual that acts as a controller or
			 manager for the mortgage servicer. Notwithstanding section 4(2)(A) of 2017 Or
			 Laws ch 636, fingerprints need not be submitted for registered
			 agents.
(4)
(a) A corporate surety bond submitted through
			 the NMLS that meets specified terms calculated using the appropriate loan
			 servicing volume amounts under OAR 441-890-0035; or
(b) An irrevocable letter of credit filed
			 with the director through the NMLS that meets specified terms calculated using
			 the appropriate loan servicing volume amounts under OAR 441-890-0035.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 890 - LICENSING OF MORTGAGE SERVICERS › Section 441-890-0010 - Biographical Information Required for Mortgage Servicer License Application

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Each of the
			 following persons listed in section (2) of this rule shall submit a Form MU2 to
			 the director of the Department of Consumer and Business Services through the
			 NMLS.
(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) Each manager of a branch
			 office.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 890 - LICENSING OF MORTGAGE SERVICERS › Section 441-890-0015 - Deficiencies in Mortgage Servicer License Application

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If an applicant or licensee submits an
			 application, filing, or amendment, which is incomplete in any respect, the
			 director shall notify the applicant or licensee of the deficiencies through the
			 NMLS. The applicant or licensee shall correct a deficiency associated with an
			 application, filing, or amendment within 30 days of being notified through the
			 NMLS that the director placed a deficiency on the person's application, filing,
			 or amendment. A challenge submitted to the NMLS 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 441-890-0040  will not be refunded due to abandonment. An applicant whose application is
			 abandoned under this rule may reapply to obtain a mortgage servicer
			 license.
Statutory/Other Authority: ORS 86A.309
Statutes/Other Implemented: ORS
				  86A.309
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 890 - LICENSING OF MORTGAGE SERVICERS › Section 441-890-0020 - Branch Office Licensing

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If a
			 licensee intends to operate a branch office from which it will service Oregon
			 loans or that will be located in Oregon, the licensee shall obtain a license
			 for the branch office prior to servicing loans from the branch office by
			 submitting the licensing fee specified in OAR 441-890-0040  and submitting a
			 Form MU3 to the NMLS.
(2) Upon
			 satisfaction of the requirements listed in section (1), if the company's
			 license is in good standing and the director is satisfied that the branch
			 application is complete, the director shall issue a separate branch office
			 license.
Statutory/Other Authority: ORS 86A.309
Statutes/Other Implemented: ORS
				  86A.309
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 890 - LICENSING OF MORTGAGE SERVICERS › Section 441-890-0025 - Renewal of Mortgage Servicer License

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A mortgage servicer license shall expire
			 on December 31 of each calendar year. At least 30 days prior to the expiration
			 of a mortgage servicer license, the mortgage servicer shall submit a renewal
			 request for the license to the director through the NMLS 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 441-890-0040.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 890 - LICENSING OF MORTGAGE SERVICERS › Section 441-890-0030 - Liquidity, Operating Reserves, and Tangible Net Worth Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An applicant or
			 licensee operating as an approved servicer by one or more government sponsored
			 enterprise (GSE) must maintain liquidity, operating reserves, and tangible net
			 worth that meet the standards set by the GSE. If approved by more than one GSE,
			 the applicant or licensee must meet the highest standard of the GSEs for which
			 it is approved.
(2)
(a) An applicant or licensee with a portfolio
			 of only non-GSE loans must maintain a minimum tangible net worth of $1 million
			 or maintain a $1 million surety bond.
(b) An applicant or licensee with a portfolio
			 of non-GSE loans must maintain liquidity, including operating reserves, of
			 .00035 times the unpaid principal balance of the portfolio.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 890 - LICENSING OF MORTGAGE SERVICERS › Section 441-890-0040 - Fees Payable to the Director

Current through Register Vol. 63, No. 7, July 1, 2024
In addition to any fees required to participate in the NMLS, a
				mortgage servicer shall pay to the director the following fees at the time of
				application or renewal:
(1) A
			 nonrefundable application fee for a mortgage servicer license of $960 plus a
			 $330 nonrefundable application fee for each branch the mortgage servicer
			 establishes in Oregon.
(2) A
			 nonrefundable renewal application fee for a mortgage servicer license of $480
			 plus a $165 nonrefundable renewal application fee for each branch the mortgage
			 servicer maintains in Oregon.
Statutory/Other Authority: ORS 86A.309
Statutes/Other Implemented: ORS
				  86A.309
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 890 - LICENSING OF MORTGAGE SERVICERS › Section 441-890-0045 - Examination Charges

Current through Register Vol. 63, No. 7, July 1, 2024
(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 2017 Or Laws ch 636 §
			 4 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.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 890 - LICENSING OF MORTGAGE SERVICERS › Section 441-890-0050 - Rules for Use of an Assumed Business Name

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In addition to any requirements for
			 registering an assumed business name with the Secretary of State, a mortgage
			 servicer who intends to use an assumed business name to identify the person's
			 mortgage servicer 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 servicer must obtain specific written approval from the director
			 under ORS
			 705.635 and OAR 441-005-0010.
(b) The
			 mortgage servicer must list the name as an other trade name on the company's
			 MU1 in NMLS.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 890 - LICENSING OF MORTGAGE SERVICERS › Section 441-890-0055 - Financial Responsibility Criteria for Individuals

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For purposes of this rule, an individual
			 is not financially responsible if the individual has shown a disregard of his
			 or her own financial circumstances, taking into consideration the totality of
			 the individual's financial circumstances.
(2) Factors that the director may consider in
			 determining whether an individual 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;
(d) Pending or
			 completed bankruptcy proceedings, and the length of time between two or more
			 bankruptcy filings; or
(e) A
			 pattern of seriously delinquent accounts within the past three years.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 890 - LICENSING OF MORTGAGE SERVICERS › Section 441-890-0060 - Preexisting Duty to Service a Mortgage Loan

Current through Register Vol. 63, No. 7, July 1, 2024
The revocation, suspension, or failure to obtain and maintain a
				license does not impair or affect the servicer's obligations under a
				preexisting lawful contract with a lender or borrower.
Statutory/Other Authority: 2017 Or Laws ch 636 § 16
Statutes/Other Implemented: 2017 Or Laws ch 636
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 890 - LICENSING OF MORTGAGE SERVICERS › Section 441-890-0065 - Exempt Entities

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A person need not obtain a mortgage servicer license under section (3)(1) of 2017 Or Laws ch 636 if the person:
(a) Is an employee of a licensed mortgage servicer or an exempt entity acting within the scope of the person's employment;
(b) Owns the rights to service a mortgage loan but does not otherwise service a residential mortgage loan as defined under section 2(12) of 2017 Or Laws ch 636, including having an ongoing contractual obligation to provide financial support to a subservicer;
(c) Is an escrow agent licensed by the Oregon Real Estate Agency operating a collection escrow but does not otherwise service a residential mortgage loan as defined under section 2(12) of 2017 Or Laws ch 636;
(d) Is a licensed money transmitter under ORS 717, conducting a money transmission at the borrower's request, and does not otherwise service a residential mortgage loan as defined under section 2(12) of 2017 Or Laws ch 636; or
(e) Is a nonprofit organization that:
(A) Has been granted a tax-exempt status under section  501(c)(3) of the Internal Revenue Code of 1986, 26 U.S.C. §
											501(c)(3);
(B) Promotes affordable housing, affordable housing financing, or other similar services approved by the director; and
(C) Has not violated a state or federal law and has not engaged in a course of dealing that is fraudulent, deceptive, or dishonest.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 890 - LICENSING OF MORTGAGE SERVICERS › Section 441-890-0070 - Disclosure of Consumer Complaint Submissions to Department of Consumer and Business Services

Current through Register Vol. 63, No. 7, July 1, 2024
(1) After March
			 31, 2021, each periodic mortgage statement and each notice sent to a borrower
			 by a licensee or a person required to have a license under ORS
			 86A.303 to
			 86A.339,
			 must include the following text:
"Borrowers: The Oregon Division of Financial Regulation (DFR)
				oversees residential mortgage loan servicers who are responsible for servicing
				residential mortgage loans in connection with real property located in Oregon
				and persons required to have a license to service residential mortgage loans in
				this state. If you have questions regarding your residential mortgage loan,
				contact your servicer at (
servicer's toll-free phone number and email,
				if applicable).
To file a complaint about unlawful conduct by an
				Oregon licensee or a person required to have an Oregon license, call DFR at
				888-877-4894 or visit dfr.oregon.gov."
(2) For purposes of this rule, a person
			 "engages in residential mortgage servicing in this state" when any act
			 constituting the business of a mortgage servicer and involving a residential
			 mortgage loan 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 servicer is located in Oregon.
(3) The contact information for the
			 residential mortgage loan servicer and the contact information for the Oregon
			 Division of Financial Regulation must be printed in at least the same point
			 type and be printed in at least 10-point font.
Statutory/Other Authority: ORS
				  86A.324
Statutes/Other Implemented: ORS
				  86A.321(1)
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 895 - STUDENT LOAN SERVICERS › Section 441-895-0005 - Application Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
Except as provided in OAR
				441-895-0010, each person
				applying for a student loan servicer license shall submit to the director all
				the following required application materials and information:
(1) A completed Form MU1 submitted through
			 the NMLS and approved by the director.
(2) A completed Form MU2 submitted through
			 the NMLS and approved by the director for any individual identified in OAR
			 441-895-0010.
(3) Fingerprints and an authorization to
			 conduct a criminal records check and authorize a credit report submitted
			 through the NMLS from any individual that acts as a controller or manager for
			 the student loan servicer.
(4)
(a) A corporate surety bond submitted through
			 the NMLS; or
(b) An irrevocable
			 letter of credit filed with the director through the NMLS.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 895 - STUDENT LOAN SERVICERS › Section 441-895-0010 - Automatic Licensure

Current through Register Vol. 63, No. 7, July 1, 2024
An applicant that services a student loan under a contract with
				the United States Secretary of Education under
				20
				U.S.C. 1087f shall be granted a license
				automatically upon payment of the fee proscribed in OAR 441-895-0045 if
				they:
(1) Identify a registered agent
			 in this state or appoint the director as the applicant's registered agent;
			 and
(2) Notify the director in
			 writing within seven days after the date on which the contract with the United
			 States Secretary of Education under
			 20
			 U.S.C. 1087f expires or terminates. At the
			 expiration or termination of the contract, the licensee becomes subject to OAR
			 441-895-0005 and, to continue to service a student loan in this state, must
			 meet the criteria within 30 days after the date on which the contract expires
			 or terminates.
Statutory/Other Authority: Or Laws 2021, ch 651, secs
				  1-10
Statutes/Other Implemented: Or Laws 2021, ch 651, secs
				  2-10
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 895 - STUDENT LOAN SERVICERS › Section 441-895-0015 - Biographical Information Required for Student Loan Servicer License Application

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Each of
			 the following persons listed in section (2) of this rule shall submit a Form
			 MU2 to the director of the Department of Consumer and Business Services through
			 the NMLS.
(2) This rule applies to:
(a) Any director, officer or general partner
			 of a business entity;
(b) A
			 managing member of a limited liability company;
(c) A person that has a direct or indirect
			 right to vote 10 percent or more of the securities of a business entity that
			 have voting rights or the power to sell or cause the sale of 10 percent or more
			 of any class of a business entity's securities;
(d) A person that has contributed 10 percent
			 or more to a partnership's capital or has the right to receive a distribution
			 of 10 percent or more of a partnership's capital or assets upon dissolution;
			 or
(e) A person that, under the
			 terms of a contract or because the person has an ownership interest in another
			 person, has the power to manage or set policies for the other person or
			 otherwise direct the other person's operations or affairs.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 895 - STUDENT LOAN SERVICERS › Section 441-895-0020 - Deficiencies in Student Loan Servicer License Application, Renewal, Filing or Amendment

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If an
			 applicant or licensee submits an application, renewal, filing, or amendment,
			 which is incomplete in any respect, the director shall notify the applicant or
			 licensee of the deficiencies through the NMLS. The applicant or licensee shall
			 correct a deficiency associated with an application, renewal, filing, or
			 amendment within 30 days of being notified through the NMLS that the director
			 placed a deficiency on the person's application, renewal, filing, or amendment.
			 A challenge submitted to the NMLS 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 441-895-0045  will not be refunded due to abandonment. An applicant whose application is
			 abandoned under this rule may reapply to obtain a student loan servicer
			 license.
Statutory/Other Authority: Or Laws 2021, ch 651, secs
				  1-10
Statutes/Other Implemented: Or Laws 2021, ch 651, secs
				  2-10
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 895 - STUDENT LOAN SERVICERS › Section 441-895-0025 - Branch Office Licensing

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If a
			 licensee intends to operate a branch office from which it will service Oregon
			 loans or that will be located in Oregon, the licensee shall obtain a license
			 for the branch office prior to servicing loans from the branch office by
			 submitting the licensing fee specified in OAR 441-895-0045  and submitting a
			 Form MU3 to the NMLS.
(2) Upon
			 satisfaction of the requirements listed in section (1) if the company's license
			 is in good standing and the director is satisfied that the branch application
			 is complete, the director shall issue a separate branch office
			 license.
Statutory/Other Authority: Or Laws 2021, ch 651, secs
				  1-10
Statutes/Other Implemented: Or Laws 2021, ch 651, secs
				  2-10
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 895 - STUDENT LOAN SERVICERS › Section 441-895-0030 - Renewal of Student Loan Servicer License

Current through Register Vol. 63, No. 7, July 1, 2024
(1)  A student loan servicer license shall expire on December 31
				of each calendar year. At least 30 days prior to the expiration of a student
				loan servicer license, the student loan servicer shall submit a renewal request
				for the license to the director through the NMLS 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
				441-895-0040.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 895 - STUDENT LOAN SERVICERS › Section 441-895-0035 - Liquidity, Operating Reserves, and Tangible Net Worth Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An applicant or
			 licensee operating an approved servicer must maintain liquidity, operating
			 reserves, and tangible net worth of at least $250,000.
(2) The director may waive or adjust the
			 requirements in this section if it finds that doing so will be in the public
			 interest. The director shall consider the servicer's loan portfolio,
			 operational risks, net worth, operating reserves, and degree of supervision by
			 other regulatory entities.
Statutory/Other Authority: Or Laws 2021, ch 651, secs
				  1-10
Statutes/Other Implemented: Or Laws 2021, ch 651, secs
				  2-10
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 895 - STUDENT LOAN SERVICERS › Section 441-895-0040 - Corporate Surety Bond or Irrevocable Letter of Credit for Student Loan Servicers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Every
			 applicant for a license as a student loan servicer must file a corporate surety
			 bond or irrevocable letter of credit with the director as specified in this
			 rule in a form and on terms approved by the director. The corporate surety bond
			 shall be renewed or replaced each calendar year. The corporate surety bond or
			 irrevocable letter of credit shall be delivered to the director by filing in
			 the NMLS by December 1 of each calendar year but may be made effective as of
			 December 31 of each calendar year. In no case shall any applicant or student
			 loan servicer subject to this rule reduce the amount of a corporate surety bond
			 or irrevocable letter of credit before October 1 of each calendar
			 year.
(2) The corporate surety bond
			 or irrevocable letter of credit must remain in effect for at least five years
			 after the person ceases to be licensed as a student loan servicer. A consumer
			 must file a claim against the corporate surety bond or irrevocable letter of
			 credit before the corporate surety bond or irrevocable letter of credit expires
			 as described in this section.
(3)
			 At least five years after a person ceases to be licensed as a student loan
			 servicer, the person or the writer of the corporate surety bond or irrevocable
			 letter of credit may apply to the director for release of the corporate surety
			 bond or irrevocable letter of credit. Unless the director determines that
			 claims are pending against the person for violation of Oregon Laws 2021,
			 chapter 651, the director will release the corporate surety bond or irrevocable
			 letter of credit.
(4) The corporate
			 surety bond or irrevocable letter of credit shall be in the amount of $30,000
			 made payable to the State of Oregon.
Statutory/Other Authority: Or Laws 2021, ch 651, secs
				  1-10
Statutes/Other Implemented: Or Laws 2021, ch 651, secs
				  2-10
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 895 - STUDENT LOAN SERVICERS › Section 441-895-0045 - Fees Payable to the Director

Current through Register Vol. 63, No. 7, July 1, 2024
In addition to any fees required to participate in the NMLS, a
				student loan servicer shall pay to the director the following fees at the time
				of application or renewal:
(1) A
			 nonrefundable application fee for a student loan servicer license of $1,000
			 plus a $500 nonrefundable application fee for each branch the student loan
			 servicer establishes in Oregon.
(2)
			 The fee for late renewals is $500. The director may waive this if there is good
			 cause and the late renewal was outside the licensee's control.
(3) Application and renewal fees are in
			 addition to annual assessments under OAR 441-895-0050.
Statutory/Other Authority: Or Laws 2021, ch 651, secs
				  1-10
Statutes/Other Implemented: Or Laws 2021, ch 651, secs
				  2-10
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 895 - STUDENT LOAN SERVICERS › Section 441-895-0050 - Annual Reporting

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In order
			 to assist with the administration of the assessment in OAR 441-895-0055,
			 licensees must submit annually a report containing a detailed breakdown of the
			 licensee's portfolio of student loan servicing rights for Oregon, by borrower.
			 The information should reflect the composition of the portfolio based on
			 student loan servicing rights owned and aggregate number of loans and unpaid
			 principal balance of all student loans segregated by subservicer. The
			 information provided in the report should be current as of June 30.
(2) Annual reports will be due August
			 1.
(3) Any information or
			 documentation required to be submitted in connection with an application that
			 cannot be filed through NMLS shall be transmitted to the department in a form
			 and manner approved by the director.
Statutory/Other Authority: Or Laws 2021, ch 651, secs
				  1-10
Statutes/Other Implemented: Or Laws 2021, ch 651, secs
				  2-10
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 895 - STUDENT LOAN SERVICERS › Section 441-895-0055 - Assessments

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Each licensee
			 must pay an annual assessment, representing the licensee's pro rata share of
			 all costs and expenses incurred by the department to run the Student Loan
			 Servicing Program. A licensee's pro rata share is the proportion that a
			 licensee's servicing activities in Oregon bears to total costs and expenses,
			 after deducting the licensing fee for each licensed location. A licensee's
			 servicing activities in Oregon is the percentage which the number of borrowers
			 serviced in Oregon by the licensee bears to the total number of borrowers
			 serviced by all licensees in Oregon.
(2) Assessment payments will be due October
			 31 and will be based upon information contained in the annual report outlined
			 in OAR 441-895-0050, except that the first assessment due for businesses
			 licensed in 2022 shall be based on information submitted during initial
			 licensure.
(3) Assessments will be
			 paid through NMLS.
Statutory/Other Authority: Or Laws 2021, ch 651, secs
				  1-10
Statutes/Other Implemented: Or Laws 2021, ch 651, secs
				  2-10