Oregon Administrative Rules
Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION
Division 895 - STUDENT LOAN SERVICERS
Section 441-895-0085 - Exempt Entities
Universal Citation: OR Admin Rules 441-895-0085
Current through Register Vol. 63, No. 3, March 1, 2024
(1) A person need not obtain a student loan servicer license under section (2)(1) of Oregon Laws 2021, chapter 651 if the person:
(a) Is a financial institution, as defined in
ORS
706.008.
(b) A financial holding company or bank
holding company, both as defined in ORS
706.008,
if the financial holding company or bank holding company does no more than
control an affiliate or subsidiary, as defined in
12
U.S.C. 1841(d), and does not
engage in business as a student loan servicer.
(c) An attorney who is licensed or otherwise
authorized to practice law in this state if the attorney services a student
loan only incidentally in the course of practicing law.
(d) A public body, as defined in ORS
174.109.
(e) A public university listed in ORS
352.002.
(f) A community college, as defined in ORS
341.005.
(g) The Oregon Health and Science
University.
(h) A nonprofit,
private, post-secondary institution that the Higher Education Coordinating
Commission has authorized to confer academic degrees under ORS
348.594
to
348.615.
(i) A state agency or a private nonprofit
institution or organization that has an agreement with the United States
Secretary of Education under section 428(b) of the Higher Education Act of 1965
(20 U.S.C.
1078(b)) , solely to the
extent of the agency's, institution's or organization's actions as a guarantor
that engages in averting defaults. The exemption set forth in this paragraph
does not extend to the agency's, institution's or organization's actions in
servicing a student loan.
(2) Notwithstanding section (1) the director may require any person to obtain a license under OAR 441-895-0005 before the person services or continues to service a student loan in this state if the director determines that the person has violated state or federal law or has engaged in a course of dealing that is fraudulent, deceptive or dishonest.
Statutory/Other Authority: Or Laws 2021, ch 651, secs 1-10
Statutes/Other Implemented: Or Laws 2021, ch 651, secs 2-10
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