Current through Register Vol. 63, No. 9, September 1, 2024
As required by
12 C.F.R. §
1008.103(e)(7)(ii), the
process for determining whether a nonprofit organization is a bona fide
nonprofit organization is as follows:
(1) A nonprofit organization may request in
writing that the director determine whether the nonprofit organization is a
bona fide nonprofit organization with respect to the licensing of employees as
mortgage loan originators under ORS
86A.200 to
86A.239. The nonprofit
organization shall supply all information and documentation necessary for the
director to make a determination that the nonprofit organization meets the
criteria established in
441-880-0008 in a timely manner.
If the nonprofit organization registers a member-managed limited liability
company for the purpose of loan origination activities, the determination
request and supporting documentation must be provided by and address the
limited liability company. The request will be denied if the nonprofit
organization fails to provide documents requested by the director within 30
days following the request.
(2) A
nonprofit organization shall submit, at a minimum, all the following
information:
(a) The determination letter or
other indicia from the Internal Revenue Service recognizing the nonprofit
organization as exempt from taxation under section
501(c)(3) of the
Internal Revenue Code of 1986,
26 U.S.C. §
501 (c)(3).
(b) The nonprofit organization's organizing
documents, including articles of incorporation filed under ORS
65.047 and bylaws filed under
ORS 65.061.
(c) The nonprofit organization's evidence of
registration as a charitable organization with the Attorney General under ORS
128.650.
(d) The most recent report filed with the
Attorney General under ORS
128.670 detailing the nature of
the assets held by the nonprofit organization and the administration of those
assets by the organization.
(e) The
nonprofit organization's most recent Form 990, Return of Organization Exempt
from Income Tax, filed by the nonprofit organization.
(f) If not included within the nonprofit
organization's Form 990 tax return, a description of the compensation and
incentive structure for employees subject to any determination under these
rules.
(g) A description of each
loan program provided by the nonprofit organization, including a description of
eligibility, purpose, loan terms, key features and servicing or securitization
plans, if any.
(h) A copy of the
nonprofit organization's complaint process, as required by
441-880-0008.
(i) Other information as requested by the
director.
(3)
(a) An employee of a nonprofit organization
that has requested that the director make a determination that the organization
is a bona fide nonprofit organization, and where the statements in such
application are true and correct at the time made, is not subject to the
licensing requirements of ORS
86A.200 to 86A.239during the
time that the director is making the determination.
(b) An employee of a nonprofit organization
entity that has not requested that the director determine if the organization
is a bona fide nonprofit organization is subject to the licensing requirements
of ORS 86A.200 to
86A.239.
(4) A determination by the director on the
application of ORS 86A.200 to
86A.239 to employees of bona
fide nonprofit organizations, or during the period of time when the director is
making a determination under (2)(a) of this rule, does not relieve the
nonprofit organization from meeting any applicable requirements of laws other
than ORS 86A.200 to
86A.239, including but not
limited to federal and state laws related to lending, charitable activities or
consumer protection.
(5)
(a) A nonprofit organization determined by
the director to be a bona fide nonprofit organization with respect to the
licensing of employees as mortgage loan originators under ORS
86A.200 to
86A.239 shall submit to the
director at least annually a certification that the nonprofit organization
continues to meet the criteria under which the nonprofit organization requested
a determination under this rule.
(b) The nonprofit organization shall attach
with the certification the most recent financial audit performed by an
independent third-party auditor including, but not limited to, audits performed
on nonprofit organizations receiving federal funds according to OMB Circular
A-133, published by the Office of Management and Budget and in effect as of the
adoption of this rule.
(c) A
nonprofit organization determined by the director to be a bona fide nonprofit
organization with respect to the licensing of employees as mortgage loan
originators under ORS
86A.200 to
86A.239 shall disclose to the
director any significant changes to the materials submitted under this rule or
to the nonprofit organization's operations affecting a determination under ORS
441-880-0008 as soon as is
practicable.
(6)
(a) In addition to the certifications
required under this section, the director shall be authorized to periodically
examine the books and activities of an organization determined to be a bona
fide nonprofit organization by the director for compliance with OAR
441-880-0008.
(b) If the director determines that a
nonprofit organization no longer satisfies the criteria established in OAR
441-880-0008, the director
shall, subject to ORS chapter 183, rescind the director's determination that
the organization's is a bona fide nonprofit organization with respect to the
licensing of employees as mortgage loan originators under ORS
86A.200 to
86A.239.
(c) An examination under this section is an
audit or examination for purposes of OAR
441-860-0110.
Stat. Auth.: ORS
86A.242
Stat. Implemented: ORS
86A.203
