Senate Bill 1064

On March 11, 2008, Governor Ted Kulongoski signed into law Senate Bill 1064, which expands enforcement over loan originators by allowing the Department of Consumer and Business Services (DCBS) to ban or suspend loan originators from engaging in dishonest or fraudulent practices. DCBS will maintain a registry of loan originators and list complaints made against them as well as actions taken. The bill also requires lenders to file an annual report with DCBS detailing their lending activity.

The Department, in consultation with stakeholders, will be developing rules and timelines for the annual reports. A deadline for reporting any 2007 data that may be required has not yet been set.

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