Title 9, Mortgages and Liens

(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. (2) Subsection (1) of this section does not apply to: (a) A person, or an affiliate of the person, that in all operations…

(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 ru…

(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. (2)(a) If a licensee does not maintain a principal place of business in …

(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 residen…

(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: (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 …

(1) The Director of the Department of Consumer and Business Services has general supervisory authority over: (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 direc…

(1) A person that services a residential mortgage loan shall: (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 asse…

(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: (a) Shall notify the person of the complaint, provide a copy of the complaint in the notice and require the pe…

(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…

(1) A licensee shall: (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 concer…

(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 unde…

(1) A person that performs a residential mortgage loan modification service for compensation or gain shall: (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 serv…

(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. (2) Violation of ORS 86A.145 (2) is a C…

(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 Se…