Current through Register Vol. 63, No. 9, September 1, 2024
(1) All
persons performing debt management services shall apply for registration
through the Nationwide Mortgage Licensing System. The application form shall
require the person to supply the information required by ORS
697.632 and the following:
(a) The identification number of the
applicant's Oregon issued certified public accountant or law license, if the
applicant holds a certified public accountant or law license;
(b) The name and identifying number, if any,
of an applicant's license, registration, or similar indicia of permission as a
debt management service provider or similar form of license or registration in
any other state;
(c) A description
of any other business activities not constituting debt management services and
a description or depiction of the debt management service provider's
organizational structure;
(d) Any
assumed business name registered with the Secretary of State under which the
applicant will conduct business as a debt management service provider;
and
(e) The name and the location
of the insured institution the applicant establishes to keep the consumer funds
that the debt management service provider holds.
(2) The person shall through the Nationwide
Mortgage Licensing System with the application for registration as a debt
management service provider the following:
(a)
A correct and true copy of the surety bond required by ORS
697.642 in a form and on terms
approved by the director in the amount of $25,000.
(b) A copy of any disclosure documents,
agreements, or contracts to be signed by a consumer for any debt management
services.
(c) A sample budget
analysis conforming to the minimum requirements in OAR
441-910-0145.
(d) A copy of the applicant's proposed fee
schedule.
(e) A resume of the debt
management service provider's managing members, managing partners, executive
officers, directors, principals, or persons authorized to enter into contracts
or make changes in policy for a debt management service provider.
(f) Financial statements prepared in
accordance with generally accepted accounting principles, consisting of a
balance sheet and a statement of income or operations and are dated not more
than 12 months prior to submission of the application; and
(g) A signed disclosure for the applicant and
each person identified in subsection (e) of this section of the following
occurring within the five year period prior to application:
(A) Any adverse judgment by a state or
federal court;
(B) Any pending
bankruptcy proceedings or any bankruptcy judgments;
(C) Any injunctions issued to stop an act
involving a debt management practice;
(D) Any arbitration award made in favor of
another person;
(E) Any adverse
final order issued by a federal or state agency;
(F) Any cease and desist order issued by the
director; and
(G) Any criminal
convictions, if an essential element of the crime involved fraud.
(3) An application for
registration as a debt management service provider shall be considered
abandoned if:
(a) The director has had one or
more incomplete documents as part of an application for a minimum of 60 days;
and
(b) The applicant has not
responded within 30 days following a written notice from the director
requesting submission of all fees, documents, or information necessary to make
the application complete.
(4) The director shall not issue a
registration as a debt management service provider unless the applicant pays
any applicable fee specified in OAR
441-910-0055.
(5) A Registrations issued before November 1,
shall expire at the end of the calendar year. Registrations issued on or after
November 1st shall expire at the end of the following calendar year.
Statutory/Other Authority: ORS
697.840
Statutes/Other Implemented: ORS
697.632 &
697.752