Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 860 - LICENSING OF MORTGAGE BANKERS AND MORTGAGE BROKERS › Section 441-860-0070 - Disclosure of Significant Developments

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A mortgage banker or mortgage broker
			 shall be required to notify the director within 30 days of the occurrence of
			 any of the following significant developments:
(a) Filing for bankruptcy or
			 reorganization.
(b) Notification of
			 the institution of license revocation procedures against the mortgage banker or
			 mortgage broker by any state.
(c)
			 Filing of a felony indictment against a mortgage banker or mortgage broker,
			 officer, director, principal, control person or experienced person.
(d) A mortgage banker or mortgage broker,
			 officer, director, principal, control person or experienced persons being
			 convicted of a felony or misdemeanor involving fraud.
(e) All material litigation occurring against
			 the mortgage banker or mortgage broker.
(f) The director may require other
			 information as deemed necessary to determine whether a new application is
			 required if a change of control or ownership of a mortgage banker or mortgage
			 broker occurs. For purposes of this rule, a change in control or ownership
			 includes:
(A) Acquisition of ten percent or
			 more of the stock in a corporation by a person or a group of persons, or the
			 ability of a person or group acting in concert to elect a majority of the
			 directors or otherwise effect a change in policy of the corporation.
(B) Acquisition of the mortgage banker or
			 mortgage broker business, if the applicant is an unincorporated sole
			 proprietorship;
(C) Acquisition by
			 a managing partner of a limited partnership or a partner in a general
			 partnership of ten percent or more of the partnership interests in the general
			 or limited partnership;
(D)
			 Acquisition by a member or managing member in a limited liability company of a
			 membership interest greater than or equal to ten percent of the total
			 membership interests in the limited liability company; and
(E) In the case of entities other than
			 corporations or those listed in paragraphs (A) through (D) of this subsection,
			 change in control shall mean any change in principals of the organization,
			 whether active or passive.
(g) In addition to the requirements of OAR
			 441-860-0030, a mortgage banker or a mortgage broker shall notify the director
			 when a branch office ceases to operate.
(h) Any changes in the information required
			 on the mortgage banker or mortgage broker's application form, including, but
			 not limited to address changes, phone number changes, etc.
(i) Any changes in the status of a mortgage
			 loan originator employed by the mortgage banker or mortgage broker.
(j) Any dismissal of a mortgage loan
			 originator employed by the mortgage banker or mortgage broker due to a change
			 in the mortgage loan originator's licensing status or an event that would
			 constitute grounds for license revocation under
			 86A.200 through
			 86A.239 and OAR chapter 441,
			 division 880.