Chapter 86A — Chapter 86A
69 sections in this chapter.
ORS 86A.236 Prohibited activities. A person who is subject to regulation under ORS 86A.200 to 86A.239 in connection with the person’s activities as a mortgage loan originator may not
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(1) Perform an act as a mortgage loan originator in a negligent or incompetent manner; (2) Employ a device, scheme or artifice to defraud or engage in an act, practice or course of business that operates or would operate as a fraud or deceit; (3) Knowingly make an untrue statemen…
ORS 86A.239 Display of license and unique identifier; rules; report of condition. (1)(a) A licensed mortgage loan originator shall clearly display the licensed mortgage loan originator’s unique identifier on a residential mortgage loan application form, solicitation, advertisement, promotional material or website the licensed mortgage loan originator uses in connection with the licensed mortgage loan originator’s business
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(b) The Director of the Department of Consumer and Business Services by rule may specify the location, size or other characteristics of the unique identifier that must appear on the materials described in paragraph (a) of this subsection and the materials on which the unique iden…
ORS 86A.242 Rules. The Director of the Department of Consumer and Business Services may adopt, amend and repeal rules that are necessary to carry out the provisions of ORS 86A.200 to 86A.239. [2009 c.863 §13a]
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MORTGAGE LOAN SERVICERS
ORS 86A.300 Short title. ORS 86A.303 to 86A.339 may be cited as the Mortgage Loan Servicer Practices Act. [2017 c.636 §1]
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[Repealed or reserved.]
ORS 86A.303 Definitions. As used in ORS 86A.303 to 86A.339
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(1) “Affiliate” means a person who controls, is controlled by or is under common control with another person. (2) “Applicant” means a person that applies for a license to engage in business as a residential mortgage loan servicer in this state. (3) “Borrower” means a person that …
ORS 86A.306 License requirement; applicability; exceptions; enforcement; rules. (1) A person may not directly or indirectly service a residential mortgage loan in this state unless the person obtains or renews a license under ORS 86A.309
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(2) Subsection (1) of this section does not apply to: (a) A person, or an affiliate of the person, that in all operations within the United States during the calendar year services fewer than 5,000 residential mortgage loans, excluding loans that the person or the person’s affili…
ORS 86A.309 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 (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
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(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 …
ORS 86A.312 Licensee’s principal place of business; registered agent; assumed business name. (1) A licensee shall designate and maintain a principal place of business at or from which the licensee services residential mortgage loans in this state and shall designate a registered agent in this state
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(2)(a) If a licensee does not maintain a principal place of business in this state the licensee shall nevertheless designate a registered agent in this state. The registered agent must be available to receive on the licensee’s behalf any notice, demand or service of process permi…
ORS 86A.315 Required liquidity, operating reserves and tangible net worth; compliance with federal standards as compliance with requirements; director’s powers to enforce compliance. (1)(a) A licensee shall maintain in accordance with generally accepted accounting principles sufficient liquidity, operating reserves and tangible net worth to permit the licensee to adequately meet all costs, expenses and other financial requirements related to servicing residential mortgage loans in this state. The Director of the Department of Consumer and Business Services may specify by rule the standards a licensee must meet to comply with the requirements set forth in this subsection
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(b) A licensee that the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation or the Government National Mortgage Association has approved to service a residential mortgage loan complies with the requirements set forth in paragraph (a) of this subsecti…
ORS 86A.318 Required notices to director; rules. (1)(a) A licensee shall notify the Director of the Department of Consumer and Business Services in writing at least 30 days before the licensee
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(A) Relocates or closes the licensee’s principal place of business or a branch office in this state; or (B) Opens a branch office that the licensee did not list in an application under ORS 86A.309. (b) In a notice under paragraph (a) of this subsection the licensee shall list, as…
ORS 86A.321 Director’s supervisory authority; examinations; confidentiality. (1) The Director of the Department of Consumer and Business Services has general supervisory authority over
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(a) Each licensee in this state; (b) Any person that services a residential mortgage loan in this state, if the person is subject to ORS 86A.303 to 86A.339 or if the director required the person to obtain a license under ORS 86A.306 (3); and (c) Any person that had a license that…
ORS 86A.324 Duties of mortgage loan servicer; prohibited conduct; rules. (1) A person that services a residential mortgage loan shall
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(a) Assess any fee that the person may assess against a borrower within 45 days after the borrower incurs the fee. (b) Explain to a borrower in clear language and conspicuous text the reason for any fee the person assesses against the borrower in a written statement that the pers…
ORS 86A.327 Complaints; director’s power to investigate; confidentiality; exceptions. (1) If the Director of the Department of Consumer and Business Services receives a complaint concerning a person that services a residential mortgage loan, the director
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(a) Shall notify the person of the complaint, provide a copy of the complaint in the notice and require the person to respond to the complaint and to the director within 30 days after the date of the notice; (b) May investigate the complaint and require the person to provide book…
ORS 86A.330 Violations; civil penalties; costs of investigation. (1) If after conducting an investigation, the Director of the Department of Consumer and Business Services determines that a person that services a residential mortgage loan has violated ORS 86A.303 to 86A.339, a rule the director adopted or an order the director issued under ORS 86A.303 to 86A.339 or another applicable law, the director may order the person to
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(a) Cease and desist from any act that constitutes a violation of ORS 86A.303 to 86A.339. (b) Resolve any complaint the director received under ORS 86A.327 and pay the borrower that submitted the complaint any damages to which the borrower would be entitled under law. (c) Pay a b…
ORS 86A.333 Additional duties of licensee; required response to borrower’s request for information; account history. (1) A licensee shall
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(a) Maintain, until a borrower repays or otherwise satisfies the borrower’s residential mortgage loan or until the licensee sells the residential mortgage loan, written or electronic records of each written request the borrower submits for information concerning a dispute or erro…
ORS 86A.336 Suspension or removal of licensee’s director or officer. (1)(a) If the Director of the Department of Consumer and Business Services determines that a director or officer of a licensee has violated ORS 86A.303 to 86A.339, a rule the Director of the Department of Consumer and Business Services adopted or an order the director issued under ORS 86A.303 to 86A.339, directives or instructions the director included in an order or another applicable law, the Director of the Department of Consumer and Business Services may order the licensee’s board of directors or controller to suspend or remove the licensee’s director or officer
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(b) A director or officer that the Director of the Department of Consumer and Business Services has ordered a licensee’s board of directors or controller to remove may not, without the Director of the Department of Consumer and Business Services” permission, act in any official c…
ORS 86A.339 Additional duties of mortgage loan servicer; prohibited practices. (1) A person that performs a residential mortgage loan modification service for compensation or gain shall
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(a) Comply with all applicable state and federal laws; (b) Provide the borrower with a summary of the material terms of any agreement under which the licensee provides services related to a modification of the borrower’s residential mortgage loan; and (c) Inform the borrower imme…
ORS 86A.990 Criminal penalties for violations of ORS 86A.095 to 86A.198. (1) A person that knowingly violates a provision of ORS 86A.095 to 86A.198 or a rule adopted by the Director of the Department of Consumer and Business Services under ORS 86A.095 to 86A.198, except ORS 86A.145 (2), commits a Class C felony
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(2) Violation of ORS 86A.145 (2) is a Class A misdemeanor. [Formerly 59.992]
ORS 86A.992 Civil penalties for violations of ORS 86A.095 to 86A.198. (1) In addition to all other penalties and enforcement provisions provided by law, any person who violates or who procures, aids or abets in the violation of any provision of ORS 86A.095 to 86A.198 or any rule or order of the Director of the Department of Consumer and Business Services shall be subject to a penalty of not more than $5,000 for every violation, which shall be paid to the General Fund of the State Treasury
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(2) Notwithstanding subsection (1) of this section, a person who fails to submit a report required under ORS 86A.112 (3) on the date specified is subject to a penalty of not more than $100 per day for each day after the specified date during which the failure continues. (3) Every…