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 441-860-0070 - Disclosure of Significant Developments
Universal Citation: OR Admin Rules 441-860-0070
Current through Register Vol. 63, No. 9, September 1, 2024
(1) A mortgage banker or mortgage broker shall be required to notify the director within 30 days of the occurrence of any of the following significant developments:
(a) Filing for bankruptcy or
reorganization.
(b) Notification of
the institution of license revocation procedures against the mortgage banker or
mortgage broker by any state.
(c)
Filing of a felony indictment against a mortgage banker or mortgage broker,
officer, director, principal, control person or experienced person.
(d) A mortgage banker or mortgage broker,
officer, director, principal, control person or experienced persons being
convicted of a felony or misdemeanor involving fraud.
(e) All material litigation occurring against
the mortgage banker or mortgage broker.
(f) The director may require other
information as deemed necessary to determine whether a new application is
required if a change of control or ownership of a mortgage banker or mortgage
broker occurs. For purposes of this rule, a change in control or ownership
includes:
(A) Acquisition of ten percent or
more of the stock in a corporation by a person or a group of persons, or the
ability of a person or group acting in concert to elect a majority of the
directors or otherwise effect a change in policy of the corporation.
(B) Acquisition of the mortgage banker or
mortgage broker business, if the applicant is an unincorporated sole
proprietorship;
(C) Acquisition by
a managing partner of a limited partnership or a partner in a general
partnership of ten percent or more of the partnership interests in the general
or limited partnership;
(D)
Acquisition by a member or managing member in a limited liability company of a
membership interest greater than or equal to ten percent of the total
membership interests in the limited liability company; and
(E) In the case of entities other than
corporations or those listed in paragraphs (A) through (D) of this subsection,
change in control shall mean any change in principals of the organization,
whether active or passive.
(g) In addition to the requirements of OAR
441-860-0030, a mortgage banker
or a mortgage broker shall notify the director when a branch office ceases to
operate.
(h) Any changes in the
information required on the mortgage banker or mortgage broker's application
form, including, but not limited to address changes, phone number changes,
etc.
(i) Any changes in the status
of a mortgage loan originator employed by the mortgage banker or mortgage
broker.
(j) Any dismissal of a
mortgage loan originator employed by the mortgage banker or mortgage broker due
to a change in the mortgage loan originator's licensing status or an event that
would constitute grounds for license revocation under 86A.200 through 86A.239
and OAR chapter 441, division 880.
(2) The director may request additional information regarding any of the occurrences outlined in this rule.
Stat. Auth.: ORS 586A.106 & 86A.136
Stats. Implemented: ORS 86A.112
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