Code of Federal Regulations Title 25. Indians § 25.537.2 Submission of background information
Current as of October 02, 2022 | Updated by FindLaw Staff
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A management contractor shall submit the background information required in § 537.1 of this part:
(a) In sufficient time to permit the Commission to complete its background investigation by the time the individual is to assume management responsibility for, or the management contractor is to begin managing, the gaming operation; and
(b) Within ten (10) days of any proposed change in financial interest.
(1)(a) Except as provided in ORS 82.010, 82.020 and 82.025 and subject to subsection (2) of this section, a person may not conduct business as a payday loan lender or a title loan lender unless the person obtains a license under ORS 725A.024.
(b) A person may not act as an agent, broker or facilitator for making a payday loan or title loan unless the person obtains a license under ORS 725A.024, regardless of whether the principal that makes the payday loan or title loan must obtain a license under paragraph (a) of this subsection.
(2) If at the time a person made a payday loan or title loan the person did not have a license from the Director of the Department of Consumer and Business Services under ORS 725A.024, the payday loan or title loan is void, and the person, or a successor, assignee or affiliate of the person, may not deposit a borrower's or consumer's check, withdraw moneys from a borrower's or consumer's account or otherwise collect, receive or retain principal, interest, a fee or a charge related to or in connection with the payday loan or title loan.
(3) Subsection (1) of this section does not apply to a person that does not collect a fee or consideration in connection with a payday loan or title loan or an application for a payday loan or title loan and:
(a) Does not interact directly with a borrower or consumer;
(b) Acts solely as an intermediary between the borrower or consumer and a lender or a person that conducts business as a broker or facilitator for a payday loan or title loan;
(c) Transmits information, electronically or otherwise, concerning the borrower or consumer to a lender or a person that conducts business as a broker or facilitator for a payday loan or title loan; or
(d) Prepares, issues or delivers a negotiable instrument to a lender or a person that conducts business as a broker or facilitator for a payday loan or title loan, for subsequent delivery to a borrower or consumer.
(4) The director by order may determine whether and how a person may collect principal, interest, a fee or a charge related to or in connection with a payday loan or title loan if the director determines that a license the director issued under ORS 725A.024 lapsed inadvertently or by mistake.
Cite this article: FindLaw.com - Code of Federal Regulations Title 25. Indians § 25.537.2 Submission of background information - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-25-indians/cfr-sect-25-537-2/
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