ORS 725A.026
Grounds for disapproving license application


(1)

The Director of the Department of Consumer and Business Services may disapprove an application submitted under ORS 725A.022 (License application) and deny a license to the applicant if a person named in the application:

(a)

Cannot meet financial obligations as the obligations mature, has liabilities that exceed assets or is in a financial condition that prevents the person from conducting business with safety to consumers;

(b)

Engaged in dishonest, fraudulent or illegal practices or conduct in a business or profession;

(c)

Failed to comply with or knowingly or repeatedly violated a provision of or a rule adopted under the Bank Act, ORS chapter 723, 725 or 726 or ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties);

(d)

Was convicted of a crime, an essential element of which is fraud;

(e)

Is permanently or temporarily enjoined by a court of competent jurisdiction from engaging in or continuing a practice or conduct in connection with making payday loans, title loans or consumer loans; or

(f)

Is subject to an order in which:

(A)

The director imposed a fine or other civil penalty on the person under the Bank Act, ORS chapter 723, 725 or 726 or ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties);

(B)

The director removed the person from an office in an entity regulated under the Bank Act, ORS chapter 723 or 725 or ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties); or

(C)

A state or federal agency with authority over banking institutions, savings associations, credit unions or consumer finance companies, within a five-year period before the applicant submitted an application under ORS 725A.022 (License application):
(i)
Imposed a fine or other civil penalty on the person; or
(ii)
Removed the person from an office in a state banking institution, a national bank, a state or federal savings association, a state or federal credit union or a consumer finance company.

(2)

If the director denies a license to an applicant under this section, the director shall provide the applicant with a reasonable opportunity for a hearing under ORS chapter 183. [2010 c.23 §6]

Source: Section 725A.026 — Grounds for disapproving license application, 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
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