Chapter 86A — Chapter 86A
69 sections in this chapter.
ORS 86A.095 Short title. ORS 86A.095 to 86A.198 may be cited as the “Oregon Mortgage Lender Law.” [Formerly 59.980]
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[Repealed or reserved.]
ORS 86A.100 Definitions. As used in ORS 86A.095 to 86A.198
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(1) “Fraud,” “deceit” and “defraud” are not limited to common-law deceit. (2) “License” means a license issued to a mortgage banker or mortgage broker under ORS 86A.095 to 86A.198. (3)(a) “Mortgage banker” means a person that for compensation or in the expectation of compensation…
ORS 86A.103 License required to engage in residential mortgage transactions as mortgage banker or mortgage broker. (1) It is unlawful for any person to engage in residential mortgage transactions in this state as a mortgage banker or mortgage broker unless the person is licensed under ORS 86A.095 to 86A.198. A person who is a mortgage banker or mortgage broker under ORS 86A.100, but who does not engage in residential mortgage transactions in this state, is not required to obtain a license under ORS 86A.095 to 86A.198
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(2) For purposes of this section, a person “engages in residential mortgage transactions in this state” when any act constituting the business of a mortgage banker or mortgage broker and involving a residential mortgage transaction originates from this state or is directed to and…
ORS 86A.106 Procedures for licensing; experience required; certification; surety bond or letter of credit; fees; rules. (1) The Director of the Department of Consumer and Business Services by rule shall establish procedures for licensing mortgage bankers or mortgage brokers. The director may coordinate licensing with the Nationwide Mortgage Licensing System and Registry
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(2) An applicant for a license, or a managing partner, director, executive officer or other individual that occupies a similar position or performs similar functions for the applicant, shall have, during the five years immediately preceding the time of application, not less than …
ORS 86A.109 Expiration of initial license; renewal; duration of renewed license; change in personnel; rules. (1) An initial license expires one year after the date of issuance unless the Director of the Department of Consumer and Business Services establishes a different expiration date to coordinate with the Nationwide Mortgage Licensing System and Registry
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(2) The director by rule shall establish procedures to renew a license. The rule shall specify the duration of a renewed license. (3) If there is a change in the partners, directors, officers or persons that occupy similar positions or perform similar functions, or persons that d…
ORS 86A.112 Licensees to keep records; inspection; filing financial reports; rules. (1) A mortgage banker or mortgage broker shall make and keep accounts, correspondence, memoranda, papers, books and other records that the Director of the Department of Consumer and Business Services by rule or order prescribes. The mortgage banker or mortgage broker shall preserve the records for five years unless the director by rule prescribes otherwise. The director may examine the records within or outside this state at any reasonable time or times and may require without subpoena the production of the records at the office of the director as often as is reasonably necessary
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(2) A mortgage banker or mortgage broker shall file financial reports or other information that the director by rule or order requires and shall promptly correct a document filed with the director that is or becomes incomplete or inaccurate in any material respect. (3) On or befo…
ORS 86A.115 Grounds for denying, suspending, conditioning or revoking license. Except as provided in ORS 86A.118, the Director of the Department of Consumer and Business Services may by order deny, suspend, condition or revoke a license if the director finds that the applicant or licensee
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(1) Is insolvent, either in the sense that the liabilities of the applicant or licensee exceed the assets of the applicant or licensee or that the applicant or licensee cannot meet the obligations of the applicant or licensee as the obligations mature, or that the applicant or li…
ORS 86A.118 Action against applicant or licensee for act or omission of associate; exception. The Director of the Department of Consumer and Business Services may enter an order against the applicant or licensee under ORS 86A.115 if any partner, officer or director of a mortgage banker or mortgage broker, any person occupying a similar status or performing similar functions, or any person directly or indirectly controlling the mortgage banker or mortgage broker has been guilty of any act or omission which would be cause for denying, suspending or revoking the license of an individual mortgage banker or mortgage broker. This section shall not apply to ORS 86A.115 (1). [Formerly 59.870]
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[Repealed or reserved.]
ORS 86A.121 Cancellation of license or application; application to surrender license. (1) The Director of the Department of Consumer and Business Services may cancel an application or license if the director finds that the applicant or licensee
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(a) Has ceased to do business as a mortgage banker or mortgage broker; (b) Has failed to maintain a corporate surety bond or irrevocable letter of credit required under ORS 86A.106 or 86A.227; or (c) Cannot be located after a reasonable search. (2) A mortgage banker or mortgage b…
ORS 86A.124 Supervisory authority of director over mortgage bankers, mortgage brokers and mortgage loan originators; documents exempt from disclosure. (1) The Director of the Department of Consumer and Business Services has general supervision and control over mortgage loan originators, mortgage bankers and mortgage brokers that reside or do business in this state and that engage in an activity that is subject to the provisions of ORS 86A.095 to 86A.198. The director may examine at any time mortgage bankers and mortgage brokers and the records and activities connected with mortgage bankers, mortgage brokers and mortgage loan originators. The provisions of this section and of any other section of ORS 86A.095 to 86A.198 relating to examinations extend to a person that is or should have been licensed as a mortgage loan originator under ORS 86A.200 to 86A.239 or licensed as a mortgage banker or mortgage broker, a person exempted by rule from the definitions of mortgage banker, mortgage broker or mortgage loan originator or a person whose license has expired or has been withdrawn, canceled, suspended, conditioned or revoked. The director may collect from the person the actual expenses incurred in the examination
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(2)(a) A mortgage loan document the director obtains as part of an examination under this section is exempt from disclosure and is confidential for the purposes of ORS 705.137. (b) This subsection does not prohibit an individual from inspecting and requesting the director to disc…
ORS 86A.127 Investigations; publicity with respect to violations; cease and desist order. The Director of the Department of Consumer and Business Services
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(1) May make such public or private investigations within or outside this state as the director deems necessary to determine whether a person has violated any provision of ORS 86A.095 to 86A.198 or any rule or order of the director, or to aid in the enforcement of ORS 86A.095 to …
ORS 86A.130 Enjoining violations; fine; appointment of receiver; attorney fees; damages to private parties. (1) Whenever the Director of the Department of Consumer and Business Services has reasonable cause to believe that a person has been engaged or is engaging in any violation of any provision of ORS 86A.095 to 86A.198 or any rule or order of the director, the director may bring suit in the name and on behalf of the State of Oregon in the circuit court of any county of this state to enjoin the violation and to enforce compliance with any provision of ORS 86A.095 to 86A.198 or such rule or order. Upon a proper showing, a permanent or temporary injunction, restraining order or writ of mandamus shall be granted. The court may fine the person against whom the order is entered not more than $5,000 for each violation, which shall be entered as a judgment and paid to the General Fund of the State Treasury. Each violation is a separate offense. In the case of a continuing violation, each day’s continuance is a separate violation, but the maximum penalty for any continuing violation shall not exceed $20,000 for each offense. If the court finds that the defendant has violated any provision of ORS 86A.095 to 86A.198 or any such rule or order, the court may appoint a receiver, who may be the director, for the defendant or the defendant’s assets. The court may not require the director to post a bond. The court may award reasonable attorney fees to the director if the director prevails in an action under this section. The court may award reasonable attorney fees to a defendant who prevails in an action under this section if the court determines that the director had no objectively reasonable basis for asserting the claim or no reasonable basis for appealing an adverse decision of the trial court
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(2) The director may include in any action authorized by subsection (1) of this section: (a) A claim for restitution or damages under ORS 86A.151 on behalf of the persons injured by the act or practice constituting the subject matter of the action. The court shall have jurisdicti…
ORS 86A.133 Procedures where assets or capital of mortgage banker or mortgage broker found impaired; involuntary liquidation. (1) When the Director of the Department of Consumer and Business Services ascertains that the assets or capital of any mortgage banker or mortgage broker is impaired, or that the mortgage banker’s or mortgage broker’s affairs are in an unsound condition, the director may take possession of all the property, business and assets of the mortgage banker or mortgage broker located in this state and retain possession of them pending the further proceedings specified in this section. The director shall inventory the assets and liabilities of the mortgage banker or mortgage broker. The director shall file one copy of the inventory in the office of the director and one copy in the office of the clerk of the circuit court of the county in which the principal place of business of the mortgage banker or mortgage broker is located, and shall mail one copy to each shareholder or partner of the mortgage banker or mortgage broker at the last-known address of the shareholder or partner. The clerk of the court shall file the inventory as a pending proceeding and give it a case number
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(2) If any mortgage banker or mortgage broker refuses to permit the director to take possession under this section, the director may apply to the circuit court of the county in which the principal place of business of the mortgage banker or mortgage broker is located for an order…
ORS 86A.136 Rules; financial statements. (1) In accordance with this section and ORS chapter 183, the Director of the Department of Consumer and Business Services may from time to time make, amend and rescind such rules as are necessary to carry out the provisions of ORS 86A.095 to 86A.198, including but not limited to rules governing the activities of mortgage loan originators, mortgage bankers and mortgage brokers and rules governing the purchase or sale of mortgage banking loans, mortgage loans or real estate paper in coordination with applicable provisions of ORS 59.005 to 59.505, 59.710 to 59.830, 59.991 and 59.995 and rules adopted under the applicable provisions
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(2) A financial statement required under ORS 86A.095 to 86A.198 must be prepared in accordance with generally accepted accounting principles. The director may by rule prescribe: (a) The form and content of financial statements required under ORS 86A.095 to 86A.198; (b) The circum…
ORS 86A.139 Notice of orders; hearings on orders. (1) Except as provided in ORS 183.745, upon the entry of an order under ORS 86A.095 to 86A.198, the Director of the Department of Consumer and Business Services shall promptly give appropriate notice of the order as provided in this subsection. The notice shall state that a hearing will be held on the order if a written demand for hearing is filed with the director within 20 days after the date of service of the order. The notice shall be given to
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(a) The applicant or licensee, with respect to orders entered pursuant to ORS 86A.115; or (b) An interested person, with respect to orders entered pursuant to any other provision of ORS 86A.095 to 86A.198. (2) If a person entitled to notice of the order files a timely demand for …
ORS 86A.142 Judicial review of orders. (1) A person aggrieved by an order of the Director of the Department of Consumer and Business Services which has been the subject of a timely application for hearing before the director shall be entitled to judicial review of the order under ORS chapter 183
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(2) A judgment of a reviewing court under ORS chapter 183 may not bar the director from thereafter vacating or modifying an order involved in the proceeding for review, or entering any new order, for a proper cause that was not decided by the reviewing court. [Formerly 59.910]
ORS 86A.145 Oaths and subpoenas in proceedings before director. (1) For the purpose of an investigation or proceeding under ORS 86A.095 to 86A.198, the Director of the Department of Consumer and Business Services may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence and require the production of books, papers, correspondence, memoranda, agreements or other documents or records that the director deems relevant or material to the inquiry. Each witness who appears before the director under a subpoena shall receive the fees and mileage provided for witnesses in ORS 44.415 (2)
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(2) If a person fails to comply with a subpoena so issued or a party or witness refuses to testify on any matters, the judge of the circuit court or of any county, on the application of the director, shall compel obedience by proceedings for contempt as in the case of disobedienc…
ORS 86A.148 Copies of documents; fees; rules; effect of certification. (1) The Director of the Department of Consumer and Business Services shall furnish to any person, upon payment of a fee established by rule, copies of any document which is a matter of public record. Certified copies shall be furnished upon request. In a proceeding or prosecution under ORS 86A.095 to 86A.198, a copy so certified shall be prima facie evidence of the contents of the entry or document certified
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(2) A certificate of the director as to compliance or noncompliance with licensing provisions of ORS 86A.095 to 86A.198 shall be taken and received in a civil or criminal proceeding in this state as prima facie evidence of the facts stated in the certificate. [Formerly 59.920]
ORS 86A.151 Liability of person that employs mortgage loan originator; recovery of damages; limitations on proceeding; action against bond or letter of credit; attorney fees. (1) A person that employs a mortgage loan originator or under the provisions of ORS 86A.200 to 86A.239 should employ a mortgage loan originator is liable as provided in subsection (2) of this section for an ascertainable loss of money or property, real or personal, in a residential mortgage transaction if the person engages in a residential mortgage transaction in which the person
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(a) Violates a provision of ORS 86A.200 to 86A.239, except ORS 86A.236 (11), or ORS 86A.095 to 86A.198, except ORS 86A.115 (4); or (b)(A)(i) Makes an untrue statement of a material fact; or (ii) Omits from a statement a material fact that would make the statement not misleading i…
ORS 86A.154 Fraud and deceit with respect to mortgage banker or mortgage broker business. It is unlawful for any person, directly or indirectly, in connection with the conduct of a mortgage banker or mortgage broker business
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(1) To employ any device, scheme or artifice to defraud; (2) Knowingly to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; …
ORS 86A.157 Clients’ Trust Account; examination; deposit of funds; interest; rules. (1) Each mortgage banker or mortgage broker shall maintain in this state one or more separate bank accounts that shall be designated a Clients’ Trust Account in which all trust funds received or handled by the mortgage banker or mortgage broker shall be deposited unless, pursuant to written agreement of all parties having an interest in the trust funds, the trust funds are immediately placed in a neutral escrow depository in this state
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(2) Each mortgage banker or mortgage broker shall file with the Director of the Department of Consumer and Business Services, on forms approved by the director, a statement identifying the name of the bank or banks, account number or account numbers, and name of account or accoun…
ORS 86A.160 Notice to bank regarding Clients’ Trust Account. (1) Each mortgage banker or mortgage broker, at the time a Clients’ Trust Account is opened under ORS 86A.157, shall provide the bank in which the account is opened with a notice in substantially the following form
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______________________________________________________________________________ NOTICE OF CLIENTS’ TRUST ACCOUNT To: (name of bank) ________ I, ____________, am the (owner, president, managing general partner or other position description) ____________ of (name of mortgage banker …
ORS 86A.163 Prohibited advertisements. A mortgage banker or mortgage broker shall not use or cause to be published any advertisement that
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(1) Contains any false, misleading or deceptive statement or representation; or (2) Identifies the mortgage banker or mortgage broker by any name other than the name listed on the license issued by the Director of the Department of Consumer and Business Services or an assumed bus…
ORS 86A.166 Designation of principal place of business; other offices; change of personnel; registered agent. (1) Every licensed mortgage banker and mortgage broker shall designate and maintain a principal place of business for the transaction of business
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(2) If a licensed mortgage banker or mortgage broker intends to transact business at any place other than the principal place of business, the licensee shall notify the Director of the Department of Consumer and Business Services, in writing, not later than 30 days prior to openi…
ORS 86A.169 Disclosure required before closing mortgage loan or mortgage banking loan. Prior to the closing of any mortgage loan or any mortgage banking loan, the mortgage banker or mortgage broker shall supply the borrower with a disclosure as required by the real estate lending provisions of 15 U.S.C. 1601 et seq. and Regulation Z, 12 C.F.R. Part 226. [Formerly 59.955]
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[Repealed or reserved.]
ORS 86A.172 Advisory committee. Before adopting rules under ORS 86A.095 to 86A.198, the Director of the Department of Consumer and Business Services may appoint and shall consider the suggestions of an advisory committee that represents the interests of persons that the rules will likely affect. The director may also use other means to obtain public views to assist the director in adopting the rules. [Formerly 59.960; 2011 c.351 §1]
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[Repealed or reserved.]
ORS 86A.175 Servicing or collecting mortgage banking loan or mortgage loan by mortgage banker or mortgage broker. (1) With the permission of the lender, note owner, note holder or other holder of an interest in a note, a mortgage banker or mortgage broker may service or collect a mortgage banking loan or mortgage loan in the name of the mortgage banker or mortgage broker or in the name of the lender, note owner, note holder or other holder of an interest in the note
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(2) Except as provided in ORS 86A.095 to 86A.198, nothing in subsection (1) of this section grants the Director of the Department of Consumer and Business Services the authority to regulate the servicing or collection of a mortgage banking loan or mortgage loan by a mortgage bank…
ORS 86A.178 Legislative findings regarding mortgage loan originators; prohibited practice. (1) The Legislative Assembly finds and declares that
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(a) The public interest is served by identifying a mortgage loan originator with a specific mortgage banker or mortgage broker; and (b) The public must be protected from the conflicts of interest created when a mortgage loan originator is employed by more than one mortgage lender…
ORS 86A.179 [Formerly 59.969; repealed by 2009 c.863 §36]
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[Repealed or reserved.]
ORS 86A.180 [Formerly 59.970; repealed by 2009 c.863 §36]
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[Repealed or reserved.]
ORS 86A.183 Prohibited conduct for mortgage bankers, mortgage brokers and mortgage loan originators; conditions affecting employment of mortgage loan originators. (1) A mortgage banker, mortgage broker or mortgage loan originator may not
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(a) Engage in dishonest, fraudulent or illegal practices or conduct in a business or profession or engage in unfair or unethical practices or conduct in connection with the mortgage business. (b) Willfully or repeatedly violate or fail to comply with a provision of ORS 86A.095 to…
ORS 86A.186 Mortgage loan originator criminal records checks; rules. (1) A person that employs or intends to employ an individual as a mortgage loan originator shall conduct a state criminal records check of the individual
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(2) A person that employs or intends to employ an individual as a mortgage loan originator shall report to the Director of the Department of Consumer and Business Services the results of each state criminal records check conducted under subsection (1) of this section. (3) The dir…
ORS 86A.187 [Formerly 59.973; repealed by 2009 c.863 §36]
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[Repealed or reserved.]
ORS 86A.188 [Formerly 59.975; repealed by 2009 c.863 §36]
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[Repealed or reserved.]
ORS 86A.189 [Formerly 59.977; repealed by 2009 c.863 §36]
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(Regulation of Lending Activity)
ORS 86A.195 Restrictions on negative amortization loans; verification of borrower income; prepayment penalties. (1)(a) As used in this section, “negative amortization loan” means a mortgage loan or mortgage banking loan that is structured in such a way that a borrower in any period may make a scheduled loan payment that is insufficient to pay accruing interest
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(b) “Negative amortization loan” does not include: (A) A loan commonly known as a bridge loan, the terms of which specify that: (i) The maturity period for the loan is less than 18 months; and (ii) The borrower may pay only interest until a time when the entire unpaid loan balanc…
ORS 86A.196 Notice of reverse mortgage prohibition in homestead property tax deferral program; summary of terms of reverse mortgage in advertisement or solicitation; annual notice to person with reverse mortgage or to escrow agent, title insurance company or other agent; exception. (1) Before entering into an agreement with a borrower for a reverse mortgage, a lender shall notify the borrower in writing of the provisions of ORS 311.700 (2)
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(2)(a) In any advertisement, solicitation or communication that a lender or an agent or affiliate of the lender intends as an inducement for a person to apply for or enter into a contract for a reverse mortgage, the lender or the agent or affiliate of the lender shall include a c…
ORS 86A.198 Materials in languages other than English; requirements. (1) A mortgage banker, a mortgage broker or a mortgage loan originator shall provide in writing the materials identified in subsection (2) of this section to a borrower if the mortgage banker, mortgage broker or mortgage loan originator
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(a) Communicates or causes to be communicated an advertisement in a language other than English or otherwise solicits business in a language other than English; and (b) Offers to negotiate or make, or negotiates or makes, a residential mortgage transaction in the course of which …
ORS 86A.200 Definitions. As used in ORS 86A.200 to 86A.239
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(1) “Depository institution” means a depository institution, as defined in 12 U.S.C. 1813(c), and a credit union, as defined in ORS 723.008. (2) “Federal banking agency” means: (a) The Board of Governors of the Federal Reserve System; (b) The Comptroller of the Currency; (c) The …
ORS 86A.203 License and unique identifier for mortgage loan originator; requirements; exemptions; rules. (1) Except as provided in subsection (2) of this section, an individual may not engage in business as a mortgage loan originator in this state without first
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(a) Obtaining and maintaining a mortgage loan originator’s license under ORS 86A.212 or renewing a mortgage loan originator’s license under ORS 86A.218; and (b) Obtaining a unique identifier from the Nationwide Mortgage Licensing System and Registry. (2) Subsection (1) of this se…
ORS 86A.206 Application for license; information and materials required for application; rules. (1) The Director of the Department of Consumer and Business Services by rule shall determine the manner in which an applicant must apply and the form and contents of an application for a license to conduct business as a mortgage loan originator
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(2) In connection with an application under this section, an applicant shall apply for and receive a unique identifier from the Nationwide Mortgage Licensing System and Registry. As part of the application, the director by rule shall require the applicant to submit to the directo…
ORS 86A.209 Interim license; findings required. The Director of the Department of Consumer and Business Services may issue an interim mortgage loan originator’s license to a person that is not licensed under ORS 86A.212 if the director finds that issuing the interim license will facilitate the business of licensed mortgage loan originators or prevent an undue delay in issuing a mortgage loan originator’s license. The director may specify the term of the interim mortgage loan originator’s license and may issue the interim license to an applicant for a mortgage loan originator’s license only if the director finds that the applicant
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(1) Is employed by a person that has a valid license or registration from the Department of Consumer and Business Services; (2) Substantially meets the requirements of ORS 86A.206, 86A.212 and 86A.215 as of July 31, 2010; and (3) Has not committed an act prohibited under ORS 86A.…
ORS 86A.212 Findings required for issuing license; basis for denial; rules. (1) The Director of the Department of Consumer and Business Services may not issue a mortgage loan originator’s license to an applicant unless the director finds, at a minimum, that the applicant
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(a) Has obtained a unique identifier from the Nationwide Mortgage Licensing System and Registry. (b) Has not had a mortgage loan originator’s license revoked in another jurisdiction. For purposes of this paragraph, an applicant’s mortgage loan originator’s license was not revoked…
ORS 86A.215 Education and testing requirements for license; education and test providers. (1) An applicant for a mortgage loan originator’s license shall
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(a) Complete, at a minimum, 20 hours of an approved course of prelicensing education that, at a minimum, must include: (A) Three hours devoted to federal laws and regulations; (B) Three hours devoted to ethics, with instruction concerning fraud, consumer protection and fair lendi…
ORS 86A.218 License renewal; expiration; reinstatement; rules. (1) The Director of the Department of Consumer and Business Services shall renew a mortgage loan originator’s license if the director finds that
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(a) The licensed mortgage loan originator continues to meet the requirements set forth under ORS 86A.212; (b) The licensed mortgage loan originator paid the fee required to renew the mortgage loan originator’s license; and (c) The licensed mortgage loan originator satisfied the c…
ORS 86A.221 Continuing education requirements for mortgage loan originator; credit allowed. (1) A licensed mortgage loan originator each year shall complete at least eight hours of an approved course of continuing education that
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(a) At a minimum, must include: (A) Three hours devoted to federal laws and regulations; (B) Two hours devoted to ethics, with instruction concerning fraud, consumer protection and fair lending; and (C) Two hours devoted to lending standards applicable to nontraditional mortgages…
ORS 86A.224 Denying, suspending, conditioning, revoking or declining to renew license; findings required; order; civil penalty; prohibited activity; criminal liability. (1) In addition to authority the Director of the Department of Consumer and Business Services has under ORS 86A.095 to 86A.198, the director under this section has the authority, subject to ORS chapter 183, to deny, suspend, place conditions upon, revoke or decline to renew a mortgage loan originator’s license or permanently prohibit a person from conducting business as a mortgage loan originator if
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(a) A licensed mortgage loan originator violates a provision of ORS 86A.200 to 86A.239 or a rule or order the director issues under ORS 86A.200 to 86A.239; (b) The director makes a finding under ORS 86A.212 or 86A.218 that the director believes justifies a decision to deny or dec…
ORS 86A.227 Corporate surety bond required; right of action; rules. (1) A person that employs a mortgage loan originator shall file with the Director of the Department of Consumer and Business Services a corporate surety bond that runs to the State of Oregon and that covers each mortgage loan originator the person employs. The corporate surety bond must be issued by a corporate surety or an insured institution, as defined in ORS 706.008, that is authorized to transact business in this state
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(2) The director by rule shall: (a) Prescribe the form of the corporate surety bond; (b) Require the person to maintain the corporate surety bond in an amount that reflects the dollar amount of the loans the person originated or in a minimum amount the director specifies; and (c)…
ORS 86A.230 Contracts or agreements with Nationwide Mortgage Licensing System and Registry and other agencies; information sharing; confidentiality; reports of violations; rules. (1) The Director of the Department of Consumer and Business Services may contract with or otherwise agree with the Nationwide Mortgage Licensing System and Registry, or a person the Nationwide Mortgage Licensing System and Registry designates, to
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(a) Collect and maintain records in connection with an application under ORS 86A.212 or 86A.218; (b) Collect and process application fees or other fees that are authorized under ORS 86A.200 to 86A.239 and imposed by a government agency or association of government agencies; (c) S…
ORS 86A.233 Production of records; investigations, examinations and subpoenas; possession of records; access to records; powers of director; prohibited activities. (1) The Director of the Department of Consumer and Business Services, as often as the director deems necessary to carry out the purposes of ORS 86A.200 to 86A.239, may
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(a) Request or require a person that employs a mortgage loan originator or that under the provisions of ORS 86A.200 to 86A.239 should employ a mortgage loan originator to produce, for the director’s examination and use, books, accounts, records, files, documents or other informat…