Application for license
- • requirements
- • waiver
- • fee
- • conditions for issuance and renewal and for denial, revocation or refusal
- • license term
- • rules
(1)(a) A person that is subject to the requirement to obtain or renew a license under ORS 86A.306 (License requirement) (1) or (3) shall submit an application to the Director of the Department of Consumer and Business Services in the manner, on a form and with the contents the director specifies by rule.
(b) The director by rule may require an applicant to submit the application described in paragraph (a) of this subsection to the Nationwide Mortgage Licensing System and Registry instead of, or in addition to, submitting the application to the director.
(2)(a) An applicant shall submit with or as part of an application under subsection (1) of this section:
(A) Fingerprints from all of the applicant’s controllers, registered agents and managers;
(B) A unique identifier that the applicant applies for and receives from the Nationwide Mortgage Licensing System and Registry;
(C) The name and address of the applicant’s registered agent in this state;
(D) The street address of the applicant’s principal place of business and of each branch office in this state at or from which the applicant will service a residential mortgage loan;
(E) The name of the manager of any branch office the applicant maintains in this state;
(F) The assumed business name, if any, that the applicant intends to use or under which the applicant intends to operate; and
(G) Other information the director requires to conduct a background check and evaluate the application.
(b) The director by rule may modify or waive, for an application to renew a license, any requirement under paragraph (a) of this subsection that the director determines is not necessary for evaluating or approving the application for renewal.
(3) At the time an applicant submits an application under subsection (1) of this section, the applicant shall also:
(a) Pay to the director a fee in an amount that the director specifies by rule. The director shall specify the fee in an amount that is sufficient, when aggregated with fees from other applicants, to meet the director’s cost of administering ORS 86A.303 (Definitions) to 86A.339 (Additional duties of mortgage loan servicer).
(b) Submit to the director a corporate surety bond or irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008 (Additional definitions for Bank Act), that runs to the State of Oregon in an amount the director specifies by rule. If the applicant seeks to renew a license and submitted a corporate surety bond or irrevocable letter of credit previously, the applicant shall show that the corporate surety bond or irrevocable letter of credit remains effective in the amount the director specifies.
(4)(a) The director may not issue or renew a license under this section unless the director finds that:
(A) The applicant submitted a complete application that does not contain a material misstatement;
(B) The application identifies a registered agent in this state;
(C) The application names a manager for each of the applicant’s branch offices in this state;
(D) The applicant and the applicant’s controllers, registered agents and managers have not pleaded guilty or no contest in, or been convicted by, a state, federal, foreign or military court:
(i) In the seven years before the date of the application, if the plea or conviction was for a felony, or for a misdemeanor an essential element of which involved a false statement or dishonesty; or
(ii) At any time before the date of the application if the plea or conviction was for a felony an element of which was fraud, dishonesty, a breach of trust or laundering a monetary instrument;
(E) The applicant and the applicant’s controllers, registered agents and managers have demonstrated adequate financial responsibility, character and general fitness to command the confidence of the community and warrant a determination that the applicant will operate honestly, fairly and efficiently under the provisions of ORS 86A.303 (Definitions) to 86A.339 (Additional duties of mortgage loan servicer);
(F) The applicant has paid the fee and submitted the corporate surety bond or irrevocable letter of credit required under subsection (3) of this section; and
(G) The applicant has satisfied any other criteria for evaluating the applicant’s financial responsibility and fitness the director specifies by rule.
(b) An applicant need not report a conviction on an application under this section if the conviction was later pardoned.
(5)(a) The director may deny, revoke or decline to renew a license if an applicant, a licensee or a person that services a residential mortgage loan:
(A) Does not meet criteria set forth in subsection (4) of this section that the director has not waived under subsection (2)(b) of this section;
(B) Engages in a course of conduct that violates state or federal law or that constitutes fraudulent, deceptive or dishonest dealing;
(C) Fails or refuses to comply with the director’s written request under ORS 86A.327 (Complaints) to respond to a complaint against the applicant or licensee; or
(D) Fails or refuses to comply with a final order the director issued.
(b) The director shall provide a licensee with notice and an opportunity for a hearing under ORS chapter 183 before revoking or declining to renew a license.
(6)(a) A license that the director issues or renews under this section expires on December 31 of the calendar year in which the director issued or renewed the license. A licensee shall display a copy of the license at the licensee’s principal place of business and at each branch office in this state at or from which the licensee services a residential mortgage loan.
(b) An applicant that intends to renew a license shall apply for the renewal before the license expires.
(c) A licensee may reinstate a license that has expired only if the licensee applies to renew the license under this section within the time permitted by the Nationwide Mortgage Licensing System and Registry.
(d) A licensee may not service a residential mortgage loan during a period in which the licensee has applied to reinstate a license unless the director has given conditional approval to the licensee. The conditional approval may specify which accounts the licensee may service and which services the licensee may provide during the period in which the licensee’s application for reinstatement is pending. [2017 c.636 §4]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.