An Oregon residential mortgage loan is any loan secured by a 1-4 dwelling unit made to an Oregon consumer, on Oregon property, or from a place of business located in Oregon. This License is required of any company (including sole proprietorship) that for compensation or gain, or in the expectation of compensation or gain: (a) assists or holds itself out as being able to assist a person in obtaining or applying to obtain an Oregon residential mortgage loan, (b) makes an Oregon residential mortgage loan or (c) offers to sell or sells residential real estate paper or accepts funds for investment in real estate paper. Specifically, money transmission services is defined in ORS 717.200(11) as “selling or issuing payment instruments or engaging in the business of receiving money for transmission, or transmitting money within the United States or to locations abroad by any and all means, including but not limited to payment instruments, wire, facsimile or electronic transfer.” ORS 717.205(1) requires a person to have a license to conduct a money transmission business. ( More Details)īusinesses that want to provide money transmission services in Oregon, such as electronic bill payment and wiring money, must have a license with the division. This registration is voluntary for a mortgage company that is exempt but has employees that act as mortgage loan originators. HB 2356, passed during the 2017 Oregon legislative session, requires any person that regularly engages in the business of purchasing charged-off debt for the purpose of collecting the debt or hiring another to collect or bring legal action to collect the charged-off debt to have a license.ĭebt Management Service Provider RegistrationĬompanies that help people with their debt, such as debt settlement or consolidation, credit repair, home loan modifications or short-sale negotiations, and budget counseling must register with the Division, unless an exemption in ORS 697.612(3) applies. ORS 697.015 requires that a collection agency be registered in Oregon to operate in this state.Īn Oregon consumer finance license is required for any person, broker, agent, or facilitator engaged in the business of making secured or unsecured loans or lines of credit for less than $50,000 with periodic payments and terms longer than 60 days. Collects claims from another person while using a name other than the usual business name of the party owed the debt and that tends to convey that a third-party has been engaged to collect the claim.Repossesses or attempts to repossess collateral due or asserted to be due to another person or.Uses a fictitious name or name other than their own to collect their own debt.Sells, offers to sell or furnishes forms represented to be a collection system, even if the creditor uses its own name in collecting the debt using the collection system.Collects or attempts to collects a claim owed or asserted to be owed to a third party.Directly or indirectly solicits a claim for collection. Specifically, ORS 697.005 defines a collection agency as a person that: The Oregon Division of Financial Regulation registers individuals or companies that collect third-party debts or repossess collateral, such as a vehicle. See the OR ESB Conversion Plan for more information. Student Loan Servicer License - Federal ContractĬompanies holding any of these license/registration types are required to convert their existing surety bond to NMLS via the submission of an ESB. Debt Management Service Provider Registration Consumer Finance License & Consumer Finance Registration (Only if licensee is required to have bond) See the ESB Adoption Map and Table for more information. New company license applications submitted for the following license types after Apwill be required to meet all surety bond requirements by completing the electronic surety bond process. Electronic filings through NMLS may be delayed if all required items on the appropriate checklist below are not submitted to the regulator.Ĭheck state agency website for further information: Oregon Division of Financial RegulationĮlectronic surety bonds (ESB) for the license/registration types listed below will be available in NMLS starting April 15, 2017.
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