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Oregon Revised Statutes Mortgages and Liens § 86A.212

Current as of January 01, 2023 | Updated by Findlaw Staff

(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 and Registry.

(b) Has not had a mortgage loan originator's license revoked in another jurisdiction. For purposes of this paragraph, an applicant's mortgage loan originator's license was not revoked if an order or decision to revoke the license was later rescinded or vacated.

(c) Has not been convicted of or pleaded guilty or no contest in a state, federal, foreign or military court to a felony or to a misdemeanor if an essential element of the misdemeanor involved false statements or dishonesty:

(A) During a period of seven years before the date the applicant submits an application under ORS 86A.206; or

(B) At any time before the date the applicant submits an application under ORS 86A.206, if the conviction or plea involved a felony and an element of the felony was an act of fraud, dishonesty, a breach of trust or laundering a monetary instrument. For purposes of this paragraph, a conviction that was later pardoned is not a conviction.

(d) Has demonstrated financial responsibility sufficient to command the confidence of the community and warrant the determination that the applicant will operate honestly, fairly and efficiently within the purposes of ORS 86A.200 to 86A.239.

(e) Has completed the education requirement set forth in ORS 86A.215 and passed a test that meets the standards set forth in ORS 86A.215.

(f) Is covered by a surety bond in accordance with the provisions of ORS 86A.227.

(2) The director may not:

(a) Deny a mortgage loan originator's license to an applicant because of the applicant's credit score; or

(b) Use information in a credit report as the sole basis for denying the mortgage loan originator's license.

(3) The director shall issue a mortgage loan originator's license to an applicant if:

(a) The director is satisfied that the information contained in the application for a mortgage loan originator's license is accurate and complete; and

(b) No reason exists under subsection (1) of this section to deny the applicant a mortgage loan originator's license.

(4) The director by rule may specify criteria for determining financial responsibility under subsection (1)(d) of this section.

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Cite this article: FindLaw.com - Oregon Revised Statutes Mortgages and Liens § 86A.212 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-9-mortgages-and-liens/or-rev-st-sect-86a-212/

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