Department of Consumer and Business Services
Division of Finance and Corporate Securities
Legislative Summary - 2009

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Mortgage Lending Practices - HB 2188. Protects mortgage borrowers against abusive lending practices by filling gaps in federal protections; restricts negative amortization loans, requires lenders to provide translated disclosures when loans are negotiated in languages other than English, and allows borrowers to bring mortgage lawsuits without risking liability for attorney fees.

Mortgage Lending - Enforcement of New Federal Standards - HB 2189. Protects mortgage borrowers by allowing the department to enforce new federal laws that require additional disclosures to borrowers, limit prepayment penalties, and restrict loan servicing abuses and misleading advertising. This bill also increases surety bond requirements and enables Oregon to participate in a national licensing system for loan originators, to ensure they have met education requirements, passed background checks, and followed the laws in other states.

Debt Management Services - HB 2191. Protects consumers who use debt settlement, debt counseling, and debt management services by limiting upfront fees, giving debtors the right to cancel contracts, requiring additional companies to be registered with the department, and specifying improper advertising practices.

Repeal Certification of Sellers of Travel - SB 109. Eliminates the voluntary certification of Associations of Sellers of Travel, as this certification is no longer used.

Financial Services Regulatory Revisions - HB 2199. Streamlines regulation and provides more tools to oversee Oregon financial institutions and consumer finance licensees.