Oregon Administrative Rules
Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION
Division 446 - DEALER LICENSING
Section 441-446-0203 - Exemptions from Mortgage Loan Originator Licensing
Universal Citation: OR Admin Rules 441-446-0203
Current through Register Vol. 63, No. 9, September 1, 2024
In addition to the provisions contained in ORS 86A.203(2) through (4) relating to the exemption of a dealer from licensing as a mortgage loan originator, the following conditions apply:
(1)
(a) Only one limited manufactured structure
dealer licensee per manufactured dwelling park may claim the exemption from
licensing under ORS 86A.203.
(b) A manufactured structure dealer may offer
or negotiate the terms of a residential mortgage loan in a manufactured
dwelling park where a limited manufactured structure dealer claims an exemption
under ORS 86A.203(2)(f),
but the manufactured structure dealer may not acquire or hold an ownership
interest in the manufactured dwelling park or in the business entity holding
the limited manufactured structure dealer license.
(2)
(a) A
licensed or registered mortgage loan originator may offer or negotiate terms
for a residential mortgage loan on behalf of a dealer who holds the statutory
maximum number of loans set out in ORS
86A.203(3) or
(4), as applicable to that dealer.
(b) A dealer must verify, whether through
NMLS Consumer Access or other means, that the mortgage loan originator retained
to complete a transaction under this section meets the requirements of ORS
86A.200 to ORS
86A.239.
(c) This section does not waive any other
legal requirements that may apply to a dealer.
(3) For purposes of establishing the maximum number of residential mortgage loans a dealer may offer or negotiate without a mortgage loan originator license, this rule applies to residential mortgage loans made on or after July 31, 2010.
Stat. Auth.: ORS 446.666
Stats. Implemented: ORS 86A.203
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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