Title 9, Mortgages and Liens

(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…

(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…

(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…

(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…

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…

(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 originator’s license under ORS 86A.212 or renewing a mortgage loan originato…

(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…

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 loa…

(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: (a) Has obtained a unique identifier from the Nationwide Mortgage Licensing System …

(1) An applicant for a mortgage loan originator’s 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…

(1) The Director of the Department of Consumer and Business Services shall renew a mortgage loan originator’s 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…

(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…

(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…

(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…

(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…

(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…

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: (1) Perform an act as a mortgage loan originator in a negligent or incompetent manner; (2) Employ a device, scheme or artifice to d…

(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 c…

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.303 to 86A.339 may be cited as the Mortgage Loan Servicer Practices Act. [2017 c.636 §1]

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. …

(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…

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]

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…

(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…

(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…

(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…

(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…

(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…

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…

(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…

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…

(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 …