ORS 86A.309
Application for license

  • requirements
  • waiver
  • fee
  • conditions for issuance and renewal and for denial, revocation or refusal
  • license term
  • rules

(1)

Intentionally left blank —Ed.

(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)

Intentionally left blank —Ed.

(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)

Intentionally left blank —Ed.

(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)

Intentionally left blank —Ed.

(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)

Intentionally left blank —Ed.

(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]

Source: Section 86A.309 — Application for license; requirements; waiver; fee; conditions for issuance and renewal and for denial, revocation or refusal; license term; rules, https://www.­oregonlegislature.­gov/bills_laws/ors/ors86A.­html.

86A.095
Short title
86A.100
Definitions
86A.103
License required to engage in residential mortgage transactions as mortgage banker or mortgage broker
86A.106
Procedures for licensing
86A.109
Expiration of initial license
86A.112
Licensees to keep records
86A.115
Grounds for denying, suspending, conditioning or revoking license
86A.118
Action against applicant or licensee for act or omission of associate
86A.121
Cancellation of license or application
86A.124
Supervisory authority of director over mortgage bankers, mortgage brokers and mortgage loan originators
86A.127
Investigations
86A.130
Enjoining violations
86A.133
Procedures where assets or capital of mortgage banker or mortgage broker found impaired
86A.136
Rules
86A.139
Notice of orders
86A.142
Judicial review of orders
86A.145
Oaths and subpoenas in proceedings before director
86A.148
Copies of documents
86A.151
Liability of person that employs mortgage loan originator
86A.154
Fraud and deceit with respect to mortgage banker or mortgage broker business
86A.157
Clients’ Trust Account
86A.160
Notice to bank regarding Clients’ Trust Account
86A.163
Prohibited advertisements
86A.166
Designation of principal place of business
86A.169
Disclosure required before closing mortgage loan or mortgage banking loan
86A.172
Advisory committee
86A.175
Servicing or collecting mortgage banking loan or mortgage loan by mortgage banker or mortgage broker
86A.178
Legislative findings regarding mortgage loan originators
86A.183
Prohibited conduct for mortgage bankers, mortgage brokers and mortgage loan originators
86A.186
Mortgage loan originator criminal records checks
86A.195
Restrictions on negative amortization loans
86A.196
Notice of reverse mortgage prohibition in homestead property tax deferral program
86A.198
Materials in languages other than English
86A.200
Definitions
86A.203
License and unique identifier for mortgage loan originator
86A.206
Application for license
86A.209
Interim license
86A.212
Findings required for issuing license
86A.215
Education and testing requirements for license
86A.218
License renewal
86A.221
Continuing education requirements for mortgage loan originator
86A.224
Denying, suspending, conditioning, revoking or declining to renew license
86A.227
Corporate surety bond required
86A.230
Contracts or agreements with Nationwide Mortgage Licensing System and Registry and other agencies
86A.233
Production of records
86A.236
Prohibited activities
86A.239
Display of license and unique identifier
86A.242
Rules
86A.300
Short title
86A.303
Definitions
86A.306
License requirement
86A.309
Application for license
86A.312
Licensee’s principal place of business
86A.315
Required liquidity, operating reserves and tangible net worth
86A.318
Required notices to director
86A.321
Director’s supervisory authority
86A.324
Duties of mortgage loan servicer
86A.327
Complaints
86A.330
Violations
86A.333
Additional duties of licensee
86A.336
Suspension or removal of licensee’s director or officer
86A.339
Additional duties of mortgage loan servicer
86A.990
Criminal penalties for violations of ORS 86A.095 to 86A.198
86A.992
Civil penalties for violations of ORS 86A.095 to 86A.198
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