Title 9, Mortgages and Liens
4 chapters · 318 sections in this title.
ORS 86A.172 Advisory committee
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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 ma…
ORS 86A.175 Servicing or collecting mortgage banking loan or mortgage loan by mortgage banker or mortgage broker
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(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 th…
ORS 86A.178 Legislative findings regarding mortgage loan originators; prohibited practice
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(1) The Legislative Assembly finds and declares that: (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 o…
ORS 86A.183 Prohibited conduct for mortgage bankers, mortgage brokers and mortgage loan originators; conditions affecting employment of mortgage loan originators
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(1) A mortgage banker, mortgage broker or mortgage loan originator may not: (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) Willfull…
ORS 86A.186 Mortgage loan originator criminal records checks; rules
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(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. (2) A person that employs or intends to employ an individual as a mortgage loan originator shall report to the Director of th…
ORS 86A.195 Restrictions on negative amortization loans; verification of borrower income; prepayment penalties
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(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. (b) Negative amortization l…
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
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(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). (2)(a) In any advertisement, solicitation or communication that a lender or an agent or affiliate of the lender intend…
ORS 86A.198 Materials in languages other than English; requirements
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(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: (a) Communicates or causes to be communica…
ORS 86A.200 Definitions
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As used in ORS 86A.200 to 86A.239: (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 Co…
ORS 86A.203 License and unique identifier for mortgage loan originator; requirements; exemptions; rules
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(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: (a) Obtaining and maintaining a mortgage loan originators license under ORS 86A.212 or renewing a mortgage loan originato…
ORS 86A.206 Application for license; information and materials required for application; rules
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(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. (2) In connection with an applicat…
ORS 86A.209 Interim license; findings required
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The Director of the Department of Consumer and Business Services may issue an interim mortgage loan originators 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 loa…
ORS 86A.212 Findings required for issuing license; basis for denial; rules
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(1) The Director of the Department of Consumer and Business Services may not issue a mortgage loan originators license to an applicant unless the director finds, at a minimum, that the applicant: (a) Has obtained a unique identifier from the Nationwide Mortgage Licensing System …
ORS 86A.215 Education and testing requirements for license; education and test providers
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(1) An applicant for a mortgage loan originators license shall: (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…
ORS 86A.218 License renewal; expiration; reinstatement; rules
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(1) The Director of the Department of Consumer and Business Services shall renew a mortgage loan originators license if the director finds that: (a) The licensed mortgage loan originator continues to meet the requirements set forth under ORS 86A.212; (b) The licensed mortgage lo…
ORS 86A.221 Continuing education requirements for mortgage loan originator; credit allowed
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(1) A licensed mortgage loan originator each year shall complete at least eight hours of an approved course of continuing education that: (a) At a minimum, must include: (A) Three hours devoted to federal laws and regulations; (B) Two hours devoted to ethics, with instruction con…
ORS 86A.224 Denying, suspending, conditioning, revoking or declining to renew license; findings required; order; civil penalty; prohibited activity; criminal liability
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(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 mor…
ORS 86A.227 Corporate surety bond required; right of action; rules
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(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 bo…
ORS 86A.230 Contracts or agreements with Nationwide Mortgage Licensing System and Registry and other agencies; information sharing; confidentiality; reports of violations; rules
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(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: (a) Collect and maintain records…
ORS 86A.233 Production of records; investigations, examinations and subpoenas; possession of records; access to records; powers of director; prohibited activities
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(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: (a) Request or require a person that employs a mortgage loan originator or that under the provisions of ORS 86A…
ORS 86A.236 Prohibited activities
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A person who is subject to regulation under ORS 86A.200 to 86A.239 in connection with the persons activities as a mortgage loan originator may not: (1) Perform an act as a mortgage loan originator in a negligent or incompetent manner; (2) Employ a device, scheme or artifice to d…
ORS 86A.239 Display of license and unique identifier; rules; report of condition
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(1)(a) A licensed mortgage loan originator shall clearly display the licensed mortgage loan originators unique identifier on a residential mortgage loan application form, solicitation, advertisement, promotional material or website the licensed mortgage loan originator uses in c…
ORS 86A.242 Rules
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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] MORTGAGE LOAN SERVICERS
ORS 86A.300 Short title
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ORS 86A.303 to 86A.339 may be cited as the Mortgage Loan Servicer Practices Act. [2017 c.636 §1]
ORS 86A.303 Definitions
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As used in ORS 86A.303 to 86A.339: (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. …
ORS 86A.306 License requirement; applicability; exceptions; enforcement; rules
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(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…
ORS 86A.309 Application for license; requirements; waiver; fee; conditions for issuance and renewal and for denial, revocation or refusal; license term; rules
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(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…
ORS 86A.312 Licensees principal place of business; registered agent; assumed business name
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(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 …
ORS 86A.315 Required liquidity, operating reserves and tangible net worth; compliance with federal standards as compliance with requirements; directors powers to enforce compliance
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(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…
ORS 86A.318 Required notices to director; rules
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(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 licensees principal place of business or a branch office in this state; or (B) Opens a branch office that …
ORS 86A.321 Directors supervisory authority; examinations; confidentiality
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(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…
ORS 86A.324 Duties of mortgage loan servicer; prohibited conduct; rules
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(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…
ORS 86A.327 Complaints; directors power to investigate; confidentiality; exceptions
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(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…
ORS 86A.330 Violations; civil penalties; costs of investigation
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(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…
ORS 86A.333 Additional duties of licensee; required response to borrowers request for information; account history
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(1) A licensee shall: (a) Maintain, until a borrower repays or otherwise satisfies the borrowers 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…
ORS 86A.336 Suspension or removal of licensees director or officer
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(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…
ORS 86A.339 Additional duties of mortgage loan servicer; prohibited practices
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(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…
ORS 86A.990 Criminal penalties for violations of ORS 86A.095 to 86A.198
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(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…
ORS 86A.992 Civil penalties for violations of ORS 86A.095 to 86A.198
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(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…
ORS 87.001 Short title
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ORS 87.001 to 87.060 and 87.075 to 87.093 shall be known and may be cited as the Construction Lien Law. [1975 c.466 §1]
ORS 87.005 Definitions for ORS 87.001 to 87.060 and 87.075 to 87.093
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As used in ORS 87.001 to 87.060 and 87.075 to 87.093: (1) Commencement of the improvement means the first actual preparation or construction upon the site or the first delivery to the site of materials of such substantial character as to notify interested persons that preparati…
ORS 87.007 Protection from construction liens perfected after sale of residential property completed; requirements; seller options; rules; delivery of form to purchaser; penalty; damages; defenses
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(1) This section applies to a sale of the following residential property: (a) A new single family residence or a single family residence where the sales price is $50,000 or more for original construction or the contract price is $50,000 or more for improvements to the residence c…
ORS 87.010 Construction liens; who is entitled to lien
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(1) Any person performing labor upon, transporting or furnishing any material to be used in, or renting equipment used in the construction of any improvement shall have a lien upon the improvement for the labor, transportation or material furnished or equipment rented at the inst…
ORS 87.015 Land and interests therein subject to lien; leaseholds
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(1) The site together with the land that may be required for the convenient use and occupation of the improvement constructed on the site, to be determined by the court at the time of the foreclosure of the lien, shall also be subject to the liens created under ORS 87.010 (1), (4…
ORS 87.018 Delivery of notices
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(1) Except as provided in ORS 87.093, all notices required under ORS 87.001 to 87.060 and 87.075 to 87.093 must be in writing and be delivered in person or by registered or certified mail. (2) A notice that must be given under ORS 87.001 to 87.060 or 87.075 to 87.093 to a mortgag…
ORS 87.021 Notice to owners; notice from owner to original contractor; effect of failure to give notice
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(1) Except when material, equipment, services or labor described in ORS 87.010 (1) to (3), (5) and (6) is furnished at the request of the owner, a person furnishing any materials, equipment, services or labor described in ORS 87.010 (1) to (3), (5) and (6) for which a lien may be…
ORS 87.023 Notice of right to lien; form of notice
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The notice of right to a lien required under ORS 87.021 shall include, but not be limited to, the following information and shall be substantially in the following form: ______________________________________________________________________________ NOTICE OF RIGHT TO A LIEN. WARN…
ORS 87.025 Priority of perfected liens; right to sell improvements separately from land; notice to mortgagee; list of materials or supplies
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(1) A lien created under ORS 87.010 (2) or (6) and perfected under ORS 87.035 upon any lot or parcel of land shall be preferred to any lien, mortgage or other encumbrance which attached to the land after or was unrecorded at the time of commencement of the improvement. (2) Except…
ORS 87.027 Right of owner to demand list of services, materials, equipment and labor; penalty for failure to provide list
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An owner who receives a notice of right to a lien in accordance with the provisions of ORS 87.021 may demand, in writing, from the person providing materials, equipment, services or labor a list of materials or equipment or description of labor or services supplied or a statement…
ORS 87.030 Effect of owners knowledge of improvement; notice of nonresponsibility
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(1) Every improvement except an improvement made by a person other than the landowner in drilling or boring for oil or gas, constructed upon lands with the knowledge of the owner shall be deemed constructed at the instance of the owner, and the interest owned shall be subject to …