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Banks
Administration and Enforcement of Banking Laws Generally
In 2009, the legislature enacted House Bill 2191. HB 2191 created a comprehensive registration system for persons engaged in debt management services. The bill requires that persons engaging in debt management activities register with the Department of Consumer and Business Services as debt management service providers. The rulemaking activity implements the registration requirement from the bill. This rulemaking activity also clarifies the scope of the exemptions from registration and implements an additional counseling fee authorized by the bill until January 2012.
In 2008, the Congress passed the Housing and Economic Recovery Act (HERA). Title V of HERA – the S.A.F.E. Act – created minimum standards for states to license mortgage loan originators. To implement these standards, the Oregon legislature passed House Bill 2189. It directs the department to coordinate licensing of mortgage loan originators with the Nationwide Mortgage Licensing System and Registry (NMLSR), created by the State Regulatory Registry, and part of the minimum requirements of the federal S.A.F.E. Act. These rules implement the statutory requirements for a new license for mortgage loan originator and also make conforming requirements to the rules governing mortgage bankers and mortgage brokers. The proposed rules require mortgage loan originators to apply for and renew licenses with the NMLSR. The proposed rules also adjust the criminal background check for mortgage bankers and brokers, and update supervision requirements. These proposed rules also make many technical changes to differentiate the new mortgage loan originator license from the mortgage banker and mortgage broker licenses.
The legislature recently adopted Senate Bill 628 to address residential foreclosures and loan modification. Part of the bill amended the foreclosure notice form created by 2008 House Bill 3630. The amended form describes how to request a loan modification and directs a borrower to appropriate resources. The Department of Consumer and Business Services is charged with supplying the information for the foreclosure warning form by rule. This rulemaking activity directs users of the foreclosure notice form to input specific information when filling in the loan modification section of the foreclosure notice form. Because of the urgency to provide borrowers in danger of losing their homes information on the loan modification process, the department proposes to adopt these rules on a temporary basis.
ORS 59.850 requires the Director of the Department of Consumer and Business Services to set by rule fees for licensing mortgage banker and mortgage brokers. The statutes requires the director to set the fees in an amount that both reflects the costs of administering the Oregon Mortgage Lending Law, ORS 59.840 to 59.980 and establishes a reasonable emergency fund. The department's policy seeks to maintain a fund balance equivalent to two and four quarters of coverage. This rulemaking activity raises fees for initially issuing and reenwing mortgage banker or mortgage broker licenses to administer the program and to maintain a one to two quarter reserve. Additionally, this rulemaking activity establishes the fee for issuing and renewing the license of a mortgage loan originator.
Recent rules - permanent rules not yet posted to Secretary of State Web site:
These rules set forth standards to protect consumers from misleading and fraudulent marketing practices with respect to the use of special designations and certifications in connection with the offer, sale or purchase of securities, or the provision of advice as to the value or advisability of investing in, purchasing or selling securities, directly or indirectly, or through a publication or writing, or by issuing or disseminating analyses or reports relating to securities.
The legislature passed Senate Bill 109 in the 2009 legislative session. Senate Bill 109 repealed a voluntary certification program for trade associations representing travel agencies, effective January 1, 2010. As a result of legislative action, the administrtive rules that implement the association of sellers of travel program are no longer necessary. This rulemaking activity will repeal these unnecessary provisions effective on January 1, 2010, to conincide with the statute.
The 2009 legislative assembly passed House Bill 2191 to regulate debt management practices in Oregon. Among other things, the bill required written contracts with certain terms, regulated the maximum fees charged by a debt management service provider, and authorized a limited counseling fee to be implemented by the Department of Consumer and Business Services through rule. The bill applies to contracts made on or after the effective date of the bill. This temporary rulemaking clarifies the provisions of House Bill 2191 that apply to contracts made for debt management services. This temporary rulemaking also implements the limited counseling fee by rule as directed by the legislature.
The legislature recently adopted Senate Bill 628 to address residential foreclosures and loan modification. Part of the bill amended the foreclosure notice form created by 2008 House Bill 3630. The amended form describes how to request a loan modification and directs a borrower to appropriate resources. The Department of Consumer and Business Services is charged with supplying the information for the foreclosure warning form by rule. This rulemaking activity directs users of the foreclosure notice form to input specific information when filling in the loan modification section of the foreclosure notice form. Because of the urgency to provide borrowers in danger of losing their homes information on the loan modification process, the department proposes to adopt these rules on a temporary basis.
Resources:
Statutes: This links to the general Oregon Revised Statues Web site. It provides search and index functions as well as an overview to the Oregon Revised Statutes.
Rules: This is a general link to the Div. of Finance and Corporate Securities Rules as posted on the Secretary of State's Oregon State Archives Web site. Search and index functions available.
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