Current through Register Vol. 63, No. 9, September 1, 2024
(1) For
purposes of the investigation described in ORS
725.140(1), an
applicant for a license must submit the application form prescribed by the
director, signed by an authorized owner or officer of the applicant.
(2)
(a) An
applicant, including a person that currently has a license, must provide the
employment history for the proposed manager of the licensed office for the five
years immediately preceding the date of the application. A licensee employing a
new manager may be required to submit a resume to meet the requirements of this
section.
(b) The employment history
for a license applicant's proposed manager must demonstrate verifiable recent
experience in traditional lending, including but not limited to, experience
obtained in banking, consumer finance, or mortgage lending. For purposes of
this rule, "recent" means no less than three years out of the five years
immediately preceding the date of application. Short-term lending experience
alone is not a sufficient substitute for the required experience.
(c) At the request of the applicant and in
the sole discretion of the director, education, extensive training, or other
business experience may be substituted for the three out of five years of
traditional lending experience. Factors that the director may consider include
relevance of the education, or the number, complexity and types of transactions
handled in the substituted business experience. Short-term lending experience
alone is not a sufficient substitute for the required experience.
(3) A person that is not currently
licensed with the director to make loans must submit:
(a) The employment history for all executive
officers, owners, directors, or managing partners. A resume may be required to
meet this requirement. At least one-half of the executive officers, owners,
directors, or managing partners must have verifiable recent lending experience
in banking, consumer finance, or mortgage lending;
(b) A business plan, including but not
limited to:
(A) Financial and operational
history of the applicant, if any;
(B) Copies of any loan documents that
proposed to be used;
(C) A
description of the types of loans and the percentage of the different types of
loans the applicant proposes to make, the length of the loans the applicant
proposes to make, the interest rates or range of rates the applicant proposes
to charge, and any other business activities the licensee will engage in at the
location;
(D) The process by which
the applicant will determine that loans to be made comply with requirements in
OAR 441-730-0015(1);
and
(E) Funding sources for the
loans, including third-party financial institutions.
(4) For purposes of ORS
725.140 and this rule, the
filing date of an application is the date the application is complete. An
application must be deemed complete on the date:
(a) All required fees have been paid;
and
(b) All fully completed
documents that are part of an application or required to be submitted by this
rule have been received.
(5) An application for licensing is deemed
abandoned if:
(a) The director has had one or
more incomplete documents as part of an application for a minimum of 60 days;
and
(b) The applicant has not
responded within 30 days following a written notice from the director
requesting submission of all fees, documents, or information necessary to make
the application complete.
(6) An applicant whose application has been
abandoned may reapply by submitting a new application including new
fees.
Stat. Auth.: ORS
725.505
Stats. Implemented: ORS
725.120 &
725.140
