reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 895 - STUDENT LOAN SERVICERS › Section 441-895-0060 - 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 Oregon Laws 2021, chapter
			 651, section (3) 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 895 - STUDENT LOAN SERVICERS › Section 441-895-0065 - 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 student
			 loan servicer who intends to use an assumed business name to identify the
			 person's student loan 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 student loan servicer must obtain specific written approval from the
			 director under ORS
			 705.635 and OAR
			 441-005-0010.
(b) The student loan servicer must list the
			 name as an other trade name on the company's MU1 in NMLS and MU3 if the name
			 will be used in connection with a branch location.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 895 - STUDENT LOAN SERVICERS › Section 441-895-0070 - 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 895 - STUDENT LOAN SERVICERS › Section 441-895-0075 - Annual Financial Statements

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 Licensees shall submit 90 days after the end of their fiscal year, a copy of
			 the licensee's most recent consolidated annual financial statement annual
			 financial statements must include a balance sheet, statement of income or loss,
			 statement of changes in shareholder equity and statement of changes in
			 financial position.
(2) In the
			 case of a licensee that is a wholly owned subsidiary of another corporation,
			 the consolidated audited annual financial statement of the parent corporation
			 may be filed in lieu of the licensee's audited annual financial
			 statement.
(3) The financial
			 statements may be prepared by the licensee, except that if the director finds
			 in the public interest, the director may require that a licensee submit
			 financial statements prepared by an independent accountant.
(4) Financial statements shall be submitted
			 through the NMLS.
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 441-895-0080 - Duties of a Servicer of a Student Loan

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Except as otherwise required under
			 federal law, in a federal student loan agreement or in a contract between the
			 federal government and a person that services a student loan, a person that
			 services a student loan shall:
(a) Assess any
			 fee that the person may assess against a borrower within 45 days after the
			 borrower incurs the fee.
(b) Accept
			 and credit, or treat as credited, to the borrower's account all amounts the
			 person receives at the address to which the borrower has been instructed to
			 send payments or notifications of payment on the borrower's student loan. The
			 person must credit the payment, or treat the payment as credited, within one
			 business day after receiving the payment or notification of payment if the
			 borrower has provided sufficient information to credit the account. If the
			 person uses the scheduled method of accounting and the person receives a
			 regularly scheduled payment before the scheduled due date, the person shall
			 credit the payment to the borrower's account not later than the scheduled due
			 date.
(c) Correct promptly any
			 errors the person makes and refund promptly any fees the person assesses
			 against the borrower in error.
(d)
			 Maintain adequate records for not less than two years after a final payment on
			 a student loan or after the person assigns the student loan, whichever occurs
			 first, of:
(A) Each student loan
			 transaction;
(B) Communications
			 with borrowers other than transactions, such as complaints, complaint
			 resolutions, counseling; or
(C)
			 Business records, including but not limited to board meeting minutes and policy
			 documents related to servicing student loans.
(e) At the request of the director of the
			 Department of Consumer and Business Services and within five days after the
			 request or the within the time the director specifies in the request, the
			 person shall make the records available to the director or send the records to
			 the director in the manner the director specifies by rule.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 895 - STUDENT LOAN SERVICERS › Section 441-895-0085 - Exempt Entities

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A person
			 need not obtain a student loan servicer license under section (2)(1) of Oregon
			 Laws 2021, chapter 651 if the person:
(a) Is
			 a financial institution, as defined in ORS
			 706.008.
(b) A financial holding company or bank
			 holding company, both as defined in ORS
			 706.008,
			 if the financial holding company or bank holding company does no more than
			 control an affiliate or subsidiary, as defined in
			 12
			 U.S.C. 1841(d), and does not
			 engage in business as a student loan servicer.
(c) An attorney who is licensed or otherwise
			 authorized to practice law in this state if the attorney services a student
			 loan only incidentally in the course of practicing law.
(d) A public body, as defined in ORS
			 174.109.
(e) A public university listed in ORS
			 352.002.
(f) A community college, as defined in ORS
			 341.005.
(g) The Oregon Health and Science
			 University.
(h) A nonprofit,
			 private, post-secondary institution that the Higher Education Coordinating
			 Commission has authorized to confer academic degrees under ORS
			 348.594 to
			 348.615.
(i) A state agency or a private nonprofit
			 institution or organization that has an agreement with the United States
			 Secretary of Education under section 428(b) of the Higher Education Act of 1965
			 (20 U.S.C.
			 1078(b)), solely to the
			 extent of the agency's, institution's or organization's actions as a guarantor
			 that engages in averting defaults. The exemption set forth in this paragraph
			 does not extend to the agency's, institution's or organization's actions in
			 servicing a student loan.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 895 - STUDENT LOAN SERVICERS › Section 441-895-0090 - Director Supervision

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 director has general supervision and control over licensees in Oregon, whether
			 or not the person has obtained a license, had a license withdrawn, canceled,
			 suspended, conditioned or revoked.
(2)
(a) At
			 any time, the director may examine the books, accounts, papers, records, files,
			 correspondence, contracts and agreements, memoranda, disclosures, documents and
			 other information of a servicer servicing Oregon loans or servicing in Oregon,
			 whether or not the person has obtained a license, had a license withdrawn,
			 canceled, suspended, conditioned or revoked.
(b) Materials received by the director as a
			 part of an examination or enforcement action are subject to ORS
			 705.137.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 895 - STUDENT LOAN SERVICERS › Section 441-895-0095 - Disclosure of Significant Developments

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A licensee must notify the director
			 within 10 days following the occurrence of any of the following significant
			 developments:
(a) Filing for bankruptcy or
			 reorganization;
(b) The licensee or
			 a director, member, officer, manager, partner, control person or registered
			 agent becomes subject to an indictment related in any manner to the licensee's
			 activities;
(c) The licensee
			 receives notice of a final order issued in this or another state that:
(A) Demands that the licensee cease and
			 desist from any act;
(B) Suspends
			 or revokes a license or registration; or
(C) Constitutes any other formal or informal
			 regulatory action against the licensee;
(d) The licensee ceases doing business or
			 ceases servicing student loans; or
(e) Any change in assumed business name
			 registered with Secretary of State.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 895 - STUDENT LOAN SERVICERS › Section 441-895-0110 - Displaying Student Loan Servicer Licensing Information

Current through Register Vol. 63, No. 7, July 1, 2024
Licensees can meet the requirements of Oregon Laws 2021,
				chapter 651, section (3)(6) by posting a form provided by the Department of
				Consumer and Business Services completed with current and valid NMLS licensing
				information. The licensee must also prominently display their NMLS number on
				their website.
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 910 - DEBT MANAGEMENT › Section 441-910-0000 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
The definitions of terms used in ORS
				697.602 and the rules of OAR
				chapter 441, division 910 are:
(1)
			 "Act as a broker" or "brokering" includes any of the following activities
			 undertaken for the payment of money or other valuable consideration:
(a) Soliciting or receiving an application
			 from a consumer for a debt management service;
(b) Providing a consumer's name, address or
			 other information that identifies the consumer to a debt management service
			 provider for the purpose of arranging the provision of a debt management
			 service;
(c) Referring a consumer
			 to another debt management service provider, if the person is a debt management
			 service provider; or
(d)
			 Forwarding or providing a completed application for a debt management service
			 to a debt management service provider.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 910 - DEBT MANAGEMENT › Section 441-910-0005 - Exemptions from Debt Management Service Provider Registration

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An attorney
			 provides debt management services only incidentally to the practice of law if:
(a) The attorney only provides the services
			 to a client of the attorney and only while acting as an attorney on behalf of
			 the client;
(b) The attorney does
			 not act as a broker for debt management services;
(c) If the attorney refers a consumer who is
			 a client of the attorney to a third party debt management services provider,
			 the attorney does not receive compensation, directly or indirectly, for the
			 referral and in the attorney's professional judgment the attorney believes the
			 referral will be beneficial to the client;
(d) The attorney does not provide debt
			 management services to a third party on behalf of a consumer who is a client of
			 the attorney; and
(e) Any
			 advertisement used by the attorney concerning debt management services complies
			 with the Oregon Rules of Professional Conduct and formal ethics opinions
			 published by the Oregon State Bar applicable to advertising.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 910 - DEBT MANAGEMENT › Section 441-910-0010 - Registration Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) All
			 persons performing debt management services shall apply for registration
			 through the Nationwide Mortgage Licensing System. The application form shall
			 require the person to supply the information required by ORS
			 697.632 and the following:
(a) The identification
			 number of the applicant's Oregon issued certified public accountant or law
			 license, if the applicant holds a certified public accountant or law
			 license;
(b) The name and
			 identifying number, if any, of an applicant's license, registration, or similar
			 indicia of permission as a debt management service provider or similar form of
			 license or registration in any other state;
(c) A description of any other business
			 activities not constituting debt management services and a description or
			 depiction of the debt management service provider's organizational
			 structure;
(d) Any assumed business
			 name registered with the Secretary of State under which the applicant will
			 conduct business as a debt management service provider; and
(e) The name and the location of the insured
			 institution the applicant establishes to keep the consumer funds that the debt
			 management service provider holds.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 910 - DEBT MANAGEMENT › Section 441-910-0030 - Renewal

Current through Register Vol. 63, No. 7, July 1, 2024
A debt management service provider shall renew a registration
				by completing the following on or before December 1 of the year the debt
				management service provider's registration expires:
(1) Submitting a renewal request through the
			 Nationwide Mortgage Licensing System; and
(2) Paying any required fee for renewal under
			 OAR 441-910-0600.
Stat. Auth.: 2009 OL Ch 604, § 21
Stats. Implemented: ORS
				  697.632
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 910 - DEBT MANAGEMENT › Section 441-910-0050 - Update Filings

Current through Register Vol. 63, No. 7, July 1, 2024
(1) At least ten
			 days prior to a change in ownership, address, bonding company, or information
			 relating to the trust or operating account, the debt management service
			 provider shall notify the director in writing through the Nationwide Mortgage
			 Licensing System of the changes.
(2) Within ten days after learning of an
			 arrest of any debt management service provider owner, supervisor, or employee
			 on a charge an essential element of which is fraud, the debt management service
			 provider shall notify the director in writing through the Nationwide Mortgage
			 Licensing System of the known allegations.
Stat. Auth.: 2009 OL Ch 604, § 21
Stats. Implemented: ORS
				  697.632
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 910 - DEBT MANAGEMENT › Section 441-910-0055 - Fees Payable to the Director

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A debt management service provider shall
			 pay to the director the following fees:
(a)
			 At the initial application for a registration, a nonrefundable application fee
			 of $350.
(b) On or before the date
			 in which a debt management service provider's registration expires, a
			 nonrefundable renewal fee of $175.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 910 - DEBT MANAGEMENT › Section 441-910-0080 - Joint Trust Accounts

Current through Register Vol. 63, No. 7, July 1, 2024
An account at an insured institution may not be used jointly as
				a trust account and an operating account.
Stat. Auth.: 2009 OL Ch 604, § 21
Stats. Implemented: ORS
				  697.682
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 910 - DEBT MANAGEMENT › Section 441-910-0091 - Initial Counseling Fees

Current through Register Vol. 63, No. 7, July 1, 2024
If a debt management service provider charges an initial fee
				for debt management services as allowed under ORS
				697.692(1)(a),
				the debt management service provider shall charge the fee within 120 days of
				signing a contract with the consumer for debt management services.
Stat. Auth.: 2009 OL Ch 604, § 21
Stats. Implemented: ORS
				  697.692
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 910 - DEBT MANAGEMENT › Section 441-910-0094 - Contracts for Debt Management Services

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A debt management service provider may
			 not enter into separate contracts for each debt or obligation due by a
			 consumer. A debt management service provider may enter into a single contract
			 with a consumer for debt management services that specifies the provision of
			 different debt management services for each debt or obligation. If a debt
			 management service provider enters into an agreement with more than one
			 consumer for debt management services, each consumer party to the agreement
			 shall be considered one consumer.
(2) For purposes of this rule, "consumer"
			 means an individual that has entered into a contract for debt management
			 services.
(a) However, when a contract covers
			 jointly-held debt and the services will be provided to the co-debtors, such as
			 husband and wife or domestic partners, then "consumer" shall be both of the
			 co-debtors and they shall only be charged a single set of fees.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 910 - DEBT MANAGEMENT › Section 441-910-0096 - Business Activities

Current through Register Vol. 63, No. 7, July 1, 2024
Fees for services shall be construed as all fees charged in
				connection with the debt management service provider transaction or activity,
				including but not limited to "escrow" fees.
Stat. Auth.: ORS
				  697.840
Implemented: ORS
				  697.692
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 910 - DEBT MANAGEMENT › Section 441-910-0099 - Fee Schedules

Current through Register Vol. 63, No. 7, July 1, 2024
Appendix A is incorporated by reference for the purpose of
				illustrating the fee structure in ORS
				697.692.
Appendices referenced are not included in rule text.
Click
				  here for PDF copy of
				  appendicies
.
Stat. Auth.: 2009 OL Ch 604, § 21
Stats. Implemented: ORS
				  697.692
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 910 - DEBT MANAGEMENT › Section 441-910-0135 - Loan Modifications

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A person
			 registered as a debt management service provider may modify or offer to modify
			 the terms and conditions of a consumer's existing loan or obligation as
			 described in ORS 697.602 if the modification
			 meets all the following conditions:
(a) The
			 existing loan or obligation is in default, is in imminent danger of default, or
			 there is an objectively reasonable basis to believe that the loan or obligation
			 will default;
(b) The borrower is
			 not required to pay fees normally assessed for a new loan or obligation to
			 receive the modification; and
(c)
			 The contract or agreement makes or is anticipated to make permanent or
			 long-term changes to the principal, interest, length of the loan or obligation,
			 or other key terms of the existing loan or obligation.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 910 - DEBT MANAGEMENT › Section 441-910-0145 - Budget Analysis

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A debt
			 management service provider shall not enter into an agreement for debt
			 management services with a consumer until the debt management service provider
			 completes a budget analysis that conforms to the requirements of this rule and
			 determines that debt management services will be feasible and advantageous to
			 the consumer. The budget analysis shall be in writing or be in a form easily
			 reducible to written form. The budget analysis shall be include, but not be
			 limited to, the following information:
(a)
			 The name and address of the consumer;
(b) The consumer's number of dependents;
(c) All wages, salary, and other
			 income;
(d) The number of
			 exemptions claimed for federal income tax withholding;
(e) Any payroll deductions and net take-home
			 pay;
(f)
(A) Housing costs, including rents, leases or
			 other consideration paid for the use of property; or
(B) If the consumer is the owner of a home,
			 any liens, mortgages or other claims or liabilities attached to the consumer's
			 property other than taxes and monthly payment on the residence;
(g) The type and amount of other
			 fixed periodic payments;
(h) A
			 complete list of reasonable and necessary living expenses for food, clothing,
			 utilities, transportation, insurance, and other items;
(i) A complete list of creditors, showing
			 accounts subject to debt management services and accounts not subject to debt
			 management services;
(j)
			 Information on any existing garnishments and judgments;
(k) Periodic amount available for payment
			 toward the plan; and
(L)
			 Anticipated near-term changes in the consumer's economic circumstances.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 910 - DEBT MANAGEMENT › Section 441-910-0150 - Disclosure of Pass-Through Charges by Debt Management Service Providers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) When a debt
			 management service provider is required to disclose information under ORS
			 697.707(3)(b),
			 the debt management service provider must disclose
(a) Any credit report costs that they will
			 pass on to the consumer.
(b) Any
			 actual insufficient funds fees the debt management service provider is charged
			 and that they will pass on to the consumer, but in no case may a debt
			 management service provider pass on to a consumer more than $25 in insufficient
			 fund fees.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 910 - DEBT MANAGEMENT › Section 441-910-0151 - Advertisements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A debt
			 management service provider shall disclose the debt management service
			 provider's registration number on an advertisement, presentation or other
			 communication or promotional material designed or made to promote the debt
			 management provider's services.
(2) Failure to meet the requirements of
			 section (1) of this rule constitutes a misrepresentation of the debt management
			 service provider's qualifications under ORS
			 697.662 and a dishonest,
			 fraudulent or illegal practices or conduct in a business or profession, or
			 unfair or unethical practices or conduct in connection with a debt management
			 service under ORS 697.752.
Stat. Auth.: 2009 OL Ch 604 § 21
Stats. Implemented: ORS
				  697.662
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 910 - DEBT MANAGEMENT › Section 441-910-0200 - Records Retained by Registrants

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In addition to any records required to be
			 kept and maintained under applicable law, a debt management service provider
			 shall retain records on consumers that paid fees and signed a contract for debt
			 management services. Documents that a debt management services must keep under
			 this rule include, but is not limited to, the following:
(a) Copies of disclosure documents signed by
			 the consumer prior to entering into a contract for debt management services.
(b) Copies of all written
			 agreements for debt management services with a consumer.
(c) Copies of written authorizations by a
			 consumer to withdraw fees for debt management services.
(d) Copies of contract cancellation notices
			 by either a consumer or the debt management service provider.
(e) Copies of budget analyses performed for a
			 consumer and kept in the consumer's file.
(f) Copies of all correspondence or notes of
			 conversations between the debt management service provider and a consumer's
			 creditor.
(g) Copies of all
			 correspondence between the debt management service provider and the consumer.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 930 - PREARRANGEMENT AND PRECONSTRUCTION PLANS › Section 441-930-0010 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
In addition to the definitions in ORS
				97.010 and
				97.923, the following
				definitions apply to OAR 441-930-0010  to 441-930-0360:
(1) "Applicant" means an entity applying to
			 the director for a certification concerning prearrangement plans or for a
			 registration to serve as a master trustee.
(2) "Director" means the Director of the
			 Department of Consumer and Business Services.
(3) "Limited Operations Certified Provider"
			 means a certified provider responsible for administering 10 or fewer
			 prearrangement or preconstruction sales contracts which have a cumulative value
			 of less than $20,000.
(4)
			 "Registrant" means an entity holding a registration for a master trustee,
			 issued by the director.
(5) "Trust
			 Agreement" means any agreement governing a trust fund established to receive
			 the proceeds of a prearrangement or preconstruction plan and administered by a
			 registered master trustee.
(6)
			 "Trust fund balance" means the total of all prearrangement or preconstruction
			 contract payments provided through certified providers, installment payments,
			 plus the earnings of the trust fund through investments. Both deposits and
			 accumulated earnings become part of the principal of the trust fund for the
			 subsequent year.
(7)
			 "Unconscionable tactics" include, but are not limited to, actions by which a
			 person:
(a) Knowingly takes advantage of a
			 customer's physical infirmity, ignorance, illiteracy or inability to understand
			 the language of the agreement; or
(b) Knowingly permits a customer to enter
			 into a transaction from which the customer will derive no material
			 benefit.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 930 - PREARRANGEMENT AND PRECONSTRUCTION PLANS › Section 441-930-0030 - Applications for Registration of Master Trustees

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Each entity desiring to register as
			 master trustee shall apply by submitting a written application with the
			 director.
(2) The application must
			 contain the following on a form prescribed by the director:
(a) Information concerning the applicant's
			 identity and business address(es);
(b) A list of all officers, directors, and
			 owners of the business;
(c)
			 Personal background and business, professional, or work history of all persons
			 identified in subsection (2)(b) of this rule;
(d) Proof that the entity is legally
			 qualified to conduct business in this state, having made the appropriate
			 filings with the Secretary of State;
(e) The depositories the applicant will use
			 for funds received under the appointment from the certified provider;
(f) Financial statements including:
(A) A copy of the applicant's most recent
			 audited financial statement, including balance sheet, statement of income or
			 loss, statement of changes in shareholder equity, and statement of changes in
			 financial position. All financial statements must be prepared by an independent
			 certified public accountant in accordance with generally accepted accounting
			 principles;
(B) If the audited
			 financial statement is more than six months old, an internally prepared
			 statement for the most recent month end; and
(g) A registration fee as set in OAR
			 441-930-0270.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 930 - PREARRANGEMENT AND PRECONSTRUCTION PLANS › Section 441-930-0035 - Renewal Procedure

Current through Register Vol. 63, No. 7, July 1, 2024
Submission of the annual report pursuant to OAR 441-930-0068 and the fees pursuant to 441-930-0270  shall constitute renewal of the
				application for registration.
Stat. Auth.: ORS
				  97.926 &
				  97.935
Stats. Implemented: ORS
				  97.935
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 930 - PREARRANGEMENT AND PRECONSTRUCTION PLANS › Section 441-930-0045 - Material Changes, Notice of Civil and Criminal Actions

Current through Register Vol. 63, No. 7, July 1, 2024
A master trustee must provide information to the director
				within 30 days of a material change to any information contained in the
				original application or any documents submitted with or as part of the
				application, including:
(1)
			 Bankruptcy;
(2) Civil or criminal
			 actions described on the application;
(3) Disciplinary disclosure
			 answers;
(4) Change in additional
			 affiliated business entity name;
(5) Change in control or ownership;
(6) Change in form of organization;
(7) Change of address;
(8) Change in scope of business; or
(9) Change in the depository used by a master
			 trustee.
Stat. Auth.: ORS
				  97.926 &
				  97.935
Stats. Implemented: ORS
				  97.935
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 930 - PREARRANGEMENT AND PRECONSTRUCTION PLANS › Section 441-930-0065 - When Application Deemed Abandoned

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For purposes of this rule, the term
			 "application" includes all documents, information and fees prescribed for the
			 registration of a master trustee.
(2) An application shall be deemed deficient
			 when:
(a) The applicant has paid insufficient
			 fees and the director has notified the applicant that fees are
			 insufficient;
(b) Documents
			 required to be submitted to the director by OAR 441-930-0030  and 441-930-0035  have not been submitted by the applicant; or
(c) The applicant has not submitted
			 information requested by the director.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 930 - PREARRANGEMENT AND PRECONSTRUCTION PLANS › Section 441-930-0068 - Annual Report

Current through Register Vol. 63, No. 7, July 1, 2024
Each master trustee is responsible for and shall file an annual
				report with the director by April 1 of each year on forms provided by the
				director. The report shall cover the preceding calendar year and shall include
				information on trusted funds:
(1) The
			 actual value at the beginning and end of the calendar year;
(2) Deposits and withdrawals;
(3) Income earned and fees paid;
(4) Taxes paid for beneficiaries;
(5) Gains and losses; and
(6) The balance of all trust accounts as of
			 December 31.
Stat. Auth.: ORS
				  97.926 &
				  97.935
Stats. Implemented: ORS
				  97.935
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 930 - PREARRANGEMENT AND PRECONSTRUCTION PLANS › Section 441-930-0070 - Examination of Master Trustee

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 Each master trustee that is or should be registered may be subject to an annual
			 examination by the director. The director may, conduct an examination at the
			 office of the master trustee or at the office of the director. The examination
			 will be of the condition and resources of the master trustee, including:
(a) A review of the minutes of the annual
			 meeting of owners and any special meeting;
(b) A review of all board or management
			 meetings;
(c) Operating policies
			 and procedures;
(d) Security of
			 funds, including documentation demonstrating that all trust funds are received
			 from each certified provider;
(e)
			 Investment vehicles;
(f) Receipt
			 and dispersal of funds;
(g)
			 Investment and banking accounts;
(h) Audit reports; and
(i) Regulatory audit reports.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 930 - PREARRANGEMENT AND PRECONSTRUCTION PLANS › Section 441-930-0080 - Master Trustee Rules of Conduct

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A master trustee is a fiduciary and has a
			 duty to act solely for the benefit of purchasers of prearrangement sales
			 contracts.
(2) The fees to be
			 charged shall be described in a written agreement between the master trustee
			 and each certified provider that has appointed the master trustee.
(3) A master trustee may delegate
			 administration, record keeping, custody, investment or management functions
			 that a prudent trustee of comparable skills could properly delegate under the
			 circumstances. The master trustee may not delegate, and shall exercise
			 reasonable care, skill and caution in:
(a)
			 Selecting an agent;
(b)
			 Establishing the scope and terms of the delegation, consistent with the
			 purposes and terms of the trust;
(c) Periodically reviewing the agent's
			 actions to monitor and ensure the agent's performance and compliance with the
			 terms of the delegation; and
(d)
			 Ensuring that all trust funds received are from a certified provider by a sales
			 contract, including, but not limited to ensuring that all contracts are
			 accounted for and ensuring certification of providers from whom they accept
			 trust funds.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 930 - PREARRANGEMENT AND PRECONSTRUCTION PLANS › Section 441-930-0085 - Calculation of Trust Fund Deposit Earnings

Current through Register Vol. 63, No. 7, July 1, 2024
If a master trustee elects to pay administrative fees and
				expenses, as described in ORS
				97.943(9), from
				earnings on trust fund deposits for administrative fees, the master trustee or
				the certified provider shall calculate the principal amount of the trust fund
				in accordance with this rule.
(1) A
			 master trustee or certified provider must calculate the allowable amount of
			 earnings available by determining the principal amount of the trust fund on
			 January 1 and on July 1 of the calendar year in which the earnings are
			 appropriated for administrative expenses.
(2) By January 1 of each calendar year, a
			 master trustee must submit, in a form and format fixed by the director, notice
			 that the master trustee elects to pay administrative fees and expenses from the
			 trust fund balance.
(3) By July 31
			 each calendar year, a master trustee must submit, in a form and format fixed by
			 the director, the following calculations:
(a)
			 The principal amount of the trust fund as of January 1;
(b) Two percent of the principal amount of
			 the trust fund as of January 1;
(c)
			 The principal amount of the trust fund as of July 1;
(d) Two percent of the principal amount of
			 the trust fund as of July 1;
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 930 - PREARRANGEMENT AND PRECONSTRUCTION PLANS › Section 441-930-0210 - Application for Certification

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 Each entity desiring to obtain a certification shall apply by submitting a
			 written application with the director.
(2) An application must contain the following
			 on or with a form prescribed by the director:
(a) A list of all officers, directors, and
			 owners of the business;
(b)
			 Information concerning the applicant's identity and business
			 address(es);
(c) If the applicant
			 is an individual or sole proprietorship, the applicant's social security
			 number. Provision of this number is mandatory and failure to provide the
			 applicant's social security number shall be considered grounds for denying
			 certification to the applicant.
(d)
			 The business, professional or work history of all persons identified in
			 subsection (2)(a) of this rule;
(e)
			 Proof that the entity is legally qualified to conduct business in this state,
			 having made the appropriate filings with the Secretary of State;
(f) The master trustee and depository(ies)
			 the applicant intends to use for funds received from the sale of the
			 prearrangement plans;
(g) For
			 certified providers who place trust funds in a depository and will not be using
			 a master trustee for long-term trust investment, financial statements
			 including:
(A) A copy of the applicant's most
			 recent audited financial statement, including balance sheet, statement of
			 income or loss, statement of changes in shareholder equity and statement of
			 changes in financial position. All financial statements must be prepared by an
			 independent certified public accountant in accordance with generally accepted
			 accounting principles; and
(B) If
			 the audited financial statement is more than six months old, an internally
			 prepared statement for the most recent month;
(h) A list of prearrangement plans to which
			 the applicant was a party at the date of application; and
(i) A certification fee as set in OAR
			 441-930-0270.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 930 - PREARRANGEMENT AND PRECONSTRUCTION PLANS › Section 441-930-0220 - Renewal Procedure

Current through Register Vol. 63, No. 7, July 1, 2024
Submission of the annual report pursuant to OAR 441-930-0250 and the fees pursuant to 441-930-0270  shall constitute renewal of the
				application for certification.
Stat. Auth.: ORS
				  97.926 &
				  97.933
Stats. Implemented: ORS
				  97.933
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 930 - PREARRANGEMENT AND PRECONSTRUCTION PLANS › Section 441-930-0230 - Material Changes, Notice of Civil and Criminal Actions

Current through Register Vol. 63, No. 7, July 1, 2024
A certified provider must provide information to the director
				within 30 days of a material change to any information contained in the
				original application or any documents submitted with or as a part of the
				application, including:
(1)
			 Bankruptcy;
(2) Civil or criminal
			 actions described on the application;
(3) Disciplinary disclosure answers on the
			 application;
(4) Change in
			 additional affiliated business entity name;
(5) Change in control or ownership;
(6) Change in form of organization;
(7) Change of address for a master
			 trustee;
(8) Change in scope of
			 business;
(9) Change in any
			 depository used by the certified provider; or
(10) Change in the master trustee being used
			 by the certified provider.
Stat. Auth.: ORS
				  97.926 &
				  97.933
Stats. Implemented: ORS
				  97.933
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 930 - PREARRANGEMENT AND PRECONSTRUCTION PLANS › Section 441-930-0240 - When Application Deemed Abandoned

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For purposes of this rule, the term
			 "application" includes all documents, information and fees prescribed for a
			 certified provider as set forth in ORS
			 97.923 to
			 97.949, OAR 441-930-0030,
			 441-930-0210  and 441-930-0270.
(2)
			 An application shall be deemed deficient when:
(a) Insufficient fees have been paid and the
			 director has notified the applicant that fees are insufficient;
(b) Documents required to be submitted to the
			 director by OAR 441-930-0210  or 441-930-0020 have not been submitted by the
			 applicant; or
(c) Information
			 requested by the director has not been submitted by the applicant.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 930 - PREARRANGEMENT AND PRECONSTRUCTION PLANS › Section 441-930-0250 - Annual Report

Current through Register Vol. 63, No. 7, July 1, 2024
Each certified provider is responsible for and shall file an
				annual report with the director by April 1 of each year on forms provided by
				the director. The report shall cover the preceding calendar year and shall
				include:
(1) The actual value at of
			 all trusted funds at the beginning and end of the calendar year;
(2) Deposits and withdrawals from trusted
			 funds;
(3) Income earned and fees
			 paid on trust accounts;
(4)
			 Withdrawals from principal of the trust account;
(5) Expenses withdrawn from trust account
			 income for master trustee, accounting, record keeping and administration,
			 depository and investment fees;
(6)
			 Taxes paid for the benefit of beneficiaries;
(7) Gains and losses of trusted
			 funds;
(8) For certified providers
			 who have placed trust funds with a depository, a copy of their most recent
			 audited annual financial statement, including a balance sheet, statement of
			 income or loss, statement of changes in shareholder equity and statement of
			 changes in financial position. All financial statements must be prepared by an
			 independent certified public accountant in accordance with generally accepted
			 accounting principles; and
(9) An
			 inventory of the details of the merchandise specified in ORS
			 97.933 from a certified provider
			 that has sold and delivered funeral merchandise, cemetery merchandise, or a
			 combination,.
Stat. Auth.: ORS
				  97.926 &
				  97.933
Stats. Implemented: ORS
				  97.933
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 930 - PREARRANGEMENT AND PRECONSTRUCTION PLANS › Section 441-930-0255 - Reporting by Limited Operations Certified Provider

Current through Register Vol. 63, No. 7, July 1, 2024
A limited operations certified provider must report the
				following activities to the director within 15 days of the occurrence:
(1) Transfer of any contract to another
			 certified provider; or
(2) Sale of
			 any new prearrangement or preconstruction contract.
Stat. Auth.: ORS
				  97.926
Stats. Implemented: ORS
				  97.933
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 930 - PREARRANGEMENT AND PRECONSTRUCTION PLANS › Section 441-930-0260 - Examination of Certified Providers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Each provider that is or should be
			 certified is subject to an examination by the director. The director may
			 conduct an examination of the condition and resources, including a review of
			 the sales contracts used by the certified provider, to determine whether the
			 provider is complying with requirements of ORS
			 97.923 to
			 97.949, the laws of this state
			 and the rules of the director.
(2)
			 A provider shall pay to the director all fees and costs of an examination
			 pursuant to the provisions of OAR 441-930-0270.
(3) Upon the motion of the director or upon
			 receipt of a complaint by a customer of the provider, the director may examine
			 the provider with respect to any violation. In lieu of an annual on-site
			 examination, the director may accept a report prepared by an independent
			 accounting firm. Reports so accepted are considered for all purposes as an
			 official report of the director.
(4) The director may examine a record
			 relating to a prearrangement plan at any place and in any manner the director
			 considers necessary to protect the interests of the purchasers or
			 beneficiaries.
(5) Certified
			 providers who maintain books and records outside the state of Oregon may, at
			 the discretion of the director, produce the records in Oregon for
			 examination.
(6) Upon completion of
			 an examination conducted by the director shall issue a written report to the
			 certified provider indicating the examination procedures applied and the
			 examination findings.
Stat. Auth.: ORS
				  97.926,
				  97.933, &
				  97.947
Stats. Implemented: ORS
				  97.947
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 930 - PREARRANGEMENT AND PRECONSTRUCTION PLANS › Section 441-930-0267 - Irrevocable Prearrangement Sales Contracts

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Certified providers may only issue an
			 irrevocable prearrangement sales contract in limited circumstances. The
			 certified provider must receive proof from the purchaser or beneficiary that
			 the beneficiary of the trust is:
(a)
			 Currently receiving public assistance; or
(b) Has filed the necessary papers and
			 started the formal process to receive benefits.