Oregon Administrative Code

441-890-0040 Fees Payable to the Director In addition to any fees required to participate in the NMLS, a mortgage servicer shall pay to the director the following fees at the time of application or renewal: (1) A nonrefundable application fee for a mortgage servicer license of $9…

441-890-0045 Examination Charges (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 2017 Or Laws ch 636 § 4 and these rules, licensees shall pay an examination charge in…

441-890-0050 Rules for Use of an Assumed Business Name (1) In addition to any requirements for registering an assumed business name with the Secretary of State, a mortgage servicer who intends to use an assumed business name to identify the person’s mortgage servicer business sha…

441-890-0055 Financial Responsibility Criteria for Individuals (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…

441-890-0060 Preexisting Duty to Service a Mortgage Loan The revocation, suspension, or failure to obtain and maintain a license does not impair or affect the servicer’s obligations under a preexisting lawful contract with a lender or borrower. Statutory/Other Authority: 2017 Or …

441-890-0065 Exempt Entities (1) A person need not obtain a mortgage servicer license under section (3)(1) of 2017 Or Laws ch 636 if the person: (a) Is an employee of a licensed mortgage servicer or an exempt entity acting within the scope of the person’s employment; (b) Owns the…

441-890-0070 Disclosure of Consumer Complaint Submissions to Department of Consumer and Business Services (1) After March 31, 2021, each periodic mortgage statement and each notice sent to a borrower by a licensee or a person required to have a license under ORS 86A.303 to 86A.33…

441-890-0075 Displaying mortgage servicer licensing information For licenses issued or renewed through Nationwide Multistate Licensing System (NMLS) for periods on or after January 1, 2020, licensees can meet the requirements of ORS 86A.309 by posting a form provided by the Depar…

441-895-0005 Application Requirements Except as provided in OAR 441-895-0010, each person applying for a student loan servicer license shall submit to the director all the following required application materials and information: (1) A completed Form MU1 submitted through the NML…

441-895-0010 Automatic Licensure An applicant that services a student loan under a contract with the United States Secretary of Education under 20 U.S.C. 1087f shall be granted a license automatically upon payment of the fee proscribed in OAR 441-895-0045 if they: (1) Identify a …

441-895-0015 Biographical Information Required for Student Loan Servicer License Application (1) Each of the following persons listed in section (2) of this rule shall submit a Form MU2 to the director of the Department of Consumer and Business Services through the NMLS. (2) This…

441-895-0020 Deficiencies in Student Loan Servicer License Application, Renewal, Filing or Amendment (1) If an applicant or licensee submits an application, renewal, filing, or amendment, which is incomplete in any respect, the director shall notify the applicant or licensee of t…

441-895-0025 Branch Office Licensing (1) If a licensee intends to operate a branch office from which it will service Oregon loans or that will be located in Oregon, the licensee shall obtain a license for the branch office prior to servicing loans from the branch office by submit…

441-895-0030 Renewal of Student Loan Servicer License (1) A student loan servicer license shall expire on December 31 of each calendar year. At least 30 days prior to the expiration of a student loan servicer license, the student loan servicer shall submit a renewal request for t…

441-895-0035 Liquidity, Operating Reserves, and Tangible Net Worth Requirements (1) An applicant or licensee operating an approved servicer must maintain liquidity, operating reserves, and tangible net worth of at least $250,000. (2) The director may waive or adjust the requireme…

441-895-0040 Corporate Surety Bond or Irrevocable Letter of Credit for Student Loan Servicers (1) Every applicant for a license as a student loan servicer must file a corporate surety bond or irrevocable letter of credit with the director as specified in this rule in a form and o…

441-895-0045 Fees Payable to the Director In addition to any fees required to participate in the NMLS, a student loan servicer shall pay to the director the following fees at the time of application or renewal: (1) A nonrefundable application fee for a student loan servicer licen…

441-895-0050 Annual Reporting (1) In order to assist with the administration of the assessment in OAR 441-895-0055, licensees must submit annually a report containing a detailed breakdown of the licensee’s portfolio of student loan servicing rights for Oregon, by borrower. The in…

441-895-0055 Assessments (1) Each licensee must pay an annual assessment, representing the licensee's pro rata share of all costs and expenses incurred by the department to run the Student Loan Servicing Program. A licensee's pro rata share is the proportion that a licensee's ser…

441-895-0060 Examination Charges (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 ex…

441-895-0065 Rules for Use of an Assumed Business Name (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 busi…

441-895-0070 Financial Responsibility Criteria for Individuals (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…

441-895-0075 Annual Financial Statements (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, stat…

441-895-0080 Duties of a Servicer of a Student Loan (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) …

441-895-0085 Exempt Entities (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 …

441-895-0090 Director Supervision (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 th…

441-895-0095 Disclosure of Significant Developments (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, mana…

441-895-0110 Displaying Student Loan Servicer Licensing Information 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 …

441-910-0000 Definitions 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) Solicit…

441-910-0005 Exemptions from Debt Management Service Provider Registration (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 o…

441-910-0010 Registration Requirements (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 follow…

441-910-0030 Renewal 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 Licensi…

441-910-0050 Update Filings (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 Licensi…

441-910-0055 Fees Payable to the Director (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 …

441-910-0080 Joint Trust Accounts An account at an insured institution may not be used jointly as a trust account and an operating account. Statutory/Other Authority: 2009 OL Ch 604 & § 21 Statutes/Other Implemented: ORS 697.682 History: FCS 13-2009, f. 12-18-09, cert. ef. 1-1-10…

441-910-0091 Initial Counseling Fees 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…

441-910-0094 Contracts for Debt Management Services (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 …

441-910-0096 Business Activities 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. Statutory/Other Authority: ORS 697.840Implemented: ORS 697.692 Hi…

441-910-0099 Fee Schedules Appendix A is incorporated by reference for the purpose of illustrating the fee structure in ORS 697.692. [ED. NOTE: Appendices referenced are available from the agency.] [ED. NOTE: To view attachments referenced in rule text, click here for PDF copy.] …

441-910-0135 Loan Modifications (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)…

441-910-0145 Budget Analysis (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 …

441-910-0150 Disclosure of Pass-Through Charges by Debt Management Service Providers (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 w…

441-910-0151 Advertisements (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…

441-910-0200 Records Retained by Registrants (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 t…

441-930-0010 Definitions 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 registratio…

441-930-0030 Applications for Registration of Master Trustees (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) Informa…

441-930-0035 Renewal Procedure 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. Statutory/Other Authority: ORS 97.926 & 97.935 Statutes/Other Implemented: ORS 97.935 Hi…

441-930-0045 Material Changes, Notice of Civil and Criminal Actions 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…

441-930-0065 When Application Deemed Abandoned (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 ins…

441-930-0068 Annual Report 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) Th…