ORS 725A.024
License application approval

  • license issuance
  • applicant qualifications
  • license denial
  • term of license
  • rules

(1)

Intentionally left blank —Ed.

(a)

Within 90 days after receiving an application under ORS 725A.022 (License application), the Director of the Department of Consumer and Business Services shall issue and deliver to the applicant a license to conduct business in accordance with ORS 725A.010 (Definitions) to 725A.092 (Rules) at the location identified in the application if the director finds that:

(A)

The applicant and the applicant’s members, if the applicant is a partnership, limited liability company or other association, or the applicant’s officers and directors, if the applicant is a corporation, have the financial responsibility, experience, character and general fitness necessary to command the confidence of the community and to warrant the belief that the applicant will operate the business honestly, fairly and efficiently and in compliance with the provisions of ORS 725A.010 (Definitions) to 725A.092 (Rules).

(B)

The applicant has paid the fee required under ORS 725A.022 (License application).

(C)

Grounds do not exist under ORS 725A.026 (Grounds for disapproving license application) to disapprove the application.

(D)

Other reasons or conditions that would warrant the director’s refusal to issue a license do not exist.

(b)

The director, consistent with the requirements of ORS 725A.010 (Definitions) to 725A.092 (Rules), may issue a license under this section by means of an agreement with the Nationwide Multistate Licensing System and may, by rule, conform the practices, procedures and information that the Department of Consumer and Business Services uses to issue a license to the requirements of the Nationwide Multistate Licensing System.

(2)

An applicant may not become a licensee under this section unless the applicant is legally qualified to conduct business in this state.

(3)

Intentionally left blank —Ed.

(a)

The director shall disapprove an application and deny the applicant a license if the director finds that the applicant does not meet the standard set forth in subsection (1)(a)(A) of this section or has not paid the required application fee or that grounds, reasons or conditions described in subsection (1)(a)(B), (C) or (D) of this section exist and warrant the director’s disapproval and denial.

(b)

If the director disapproves an application or denies the applicant a license under paragraph (a) of this subsection, the director shall notify the applicant immediately and shall state the director’s reasons for the disapproval or denial.

(4)

Intentionally left blank —Ed.

(a)

The director by rule shall prescribe the form of the license the director issues under this section. At a minimum, the director shall require the license to display the licensee’s full name and the address at which the licensee conducts business.

(b)

A license the director issues under this section:

(A)

Is not transferable or assignable; and

(B)

Remains in full force and effect until:
(i)
The director revokes or suspends the license in accordance with ORS 725A.034 (License revocation and suspension); or
(ii)
The licensee surrenders the license in accordance with ORS 725A.038 (License surrender).

(5)

The director may issue more than one license to the same licensee if the director finds that for each additional license the licensee meets the qualifications set forth in this section. Each license the director issues must be for a separate and distinct place in which the licensee conducts business in accordance with ORS 725A.010 (Definitions) to 725A.092 (Rules). [2010 c.23 §5; 2019 c.106 §8]

Source: Section 725A.024 — License application approval; license issuance; applicant qualifications; license denial; term of license; rules, https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html.

725A.010
Definitions
725A.012
Application
725A.020
Licensing requirement
725A.022
License application
725A.024
License application approval
725A.026
Grounds for disapproving license application
725A.028
License fee
725A.030
Annual report
725A.032
Business name and location
725A.034
License revocation and suspension
725A.036
License reinstatement
725A.038
License surrender
725A.040
Effect of license revocation, suspension or surrender
725A.050
Director’s power to examine or investigate
725A.052
Record keeping requirements
725A.054
Duty to report defalcation
725A.056
Loan disclosure requirements
725A.058
Dissemination of false, misleading or deceptive statement
725A.060
Prohibited conduct generally
725A.062
Prohibited conduct for title loan lender
725A.064
Prohibited conduct for payday loan lender
725A.080
Complaint and administrative remedy
725A.082
Cease and desist order
725A.084
Suspension or removal of officer or director of licensee
725A.086
Limitation of personal liability
725A.090
Loan tracking and counseling system
725A.092
Rules
725A.500
Definitions
725A.503
Prohibition on servicing student loan without license
725A.506
Application for licensing
725A.509
Duties of licensee
725A.512
Requirement to maintain liquidity, operating reserves and tangible net worth
725A.515
Required notifications from licensee to director
725A.518
Supervisory powers of director
725A.521
Required practices under federal student loan agreement
725A.524
Investigation of complaints
725A.527
Violations
725A.530
Ombudsman
725A.990
Penalties
Green check means up to date. Up to date