Oregon Administrative Rules
Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION
Division 855 - LICENSING EXEMPTIONS FOR MORTGAGE BANKERS AND MORTGAGE BROKERS
Section 441-855-0114 - Limited Liability Companies Holding Mortgages, Deeds of Trust or Other Consensual Security Interests

(a) Limits membership in the limited liability company to the individual or of the individual and the individual,s spouse, children, siblings, parents, grandparents, grandchildren or other relatives who are related to the individual by law, marriage or legal adoption.

(b) Treats any mortgages, deeds of trust or equivalent consensual security interests secured by properties owned by the limited liability company or any of its members as included when determining if the limited liability complies with this rule, or if the individual complies with ORS 86A.203(2)(d). In no case may a limited liability company exempt under this rule, or individual members collectively, hold more than eight mortgages, deeds of trust or equivalent consensual security interests secured by properties the limited liability company owns while claiming the exemption in this rule.

(c)

(d) Certifies that all of the members subject to subsection (c) of this section otherwise meet the requisite findings as a mortgage loan originator under ORS 86A.212(b), (c) and (d).

(e) Does not advertise or otherwise hold itself out as being engaged in the activities of a mortgage banker or mortgage broker.

(a) The exemption in this rule may not be claimed unless the limited liability company requests the exemption on a form supplied by the director and provides the information required to be submitted in section (1) of this rule.

(b) The director must make a determination as to whether to approve, deny or condition an exemption under this rule within 30 days of receipt of the form and information. If the director does not act within 30 days upon an exemption application under this rule, the limited liability company may rely on the exemption.

(c) Notwithstanding subsection (a) of this section, the exemption described by this rule may not be claimed if any individual member has engaged in, is engaged in or is about to engage in conduct prohibited under ORS 86A.224 or 896A.236.