Oregon Administrative Rules
Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION
Division 860 - LICENSING OF MORTGAGE BANKERS AND MORTGAGE BROKERS
Section 441-860-0021 - Biographical Information Required for Mortgage Banker or Mortgage Broker License Application
Universal Citation: OR Admin Rules 441-860-0021
Current through Register Vol. 63, No. 9, September 1, 2024
(1) Each of the following persons listed in section (2) of this rule shall submit a Form MU2 to the director through the Nationwide Mortgage Licensing System and Registry.
(2) This rule applies to:
(A) Any director, officer, and a shareholder
with a direct or indirect ownership of greater than or equal to ten percent of
outstanding shares of a corporate applicant;
(B) The owner, if the applicant is an
unincorporated sole proprietorship;
(C) Each managing partner of a limited
partnership or a partner in a general partnership with a partnership interest
greater than or equal to ten percent of the total partnership interests in the
general or limited partnership;
(D)
A member or managing member in a limited liability company with an ownership
interest greater than or equal to ten percent of the total membership interests
in the limited liability company; and
(E) The person identified in ORS
86A.106(2) as
having the requisite experience in the mortgage business, negotiating loans in
a related business satisfactory to the director, or lending experience in a
related business satisfactory to the director.
Stat. Auth.: ORS 86A.106, 86A.109, 86A.212
Stats. Implemented: ORS 86A.103, 86A.106, 86A.212
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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