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Statutes and Administrative Rules


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Five-year rule reviews
Proposed administrative rules
Recent rules - permanent rules not yet posted to Secretary of State Web site
Temporary administrative rules

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Banks

Administration and Enforcement of Banking Laws Generally ORS Chapter 706
Bank Holding Companies; Financial Holding Companies ORS Chapter 715
Branch Banking; Automated Teller Machines ORS Chapter 714
Fees, names, and enforcement authority ORS Chapter 705 (705.610-705.642)
Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency ORS Chapter 711
Organization to Conduct Banking Business; Stockholders, Directors and Officers ORS Chapter 707
Out-of-State Banks and Extranational Institutions ORS Chapter 713
Regulation of Institutions Generally ORS Chapter 708A
Savings banks ORS Chapter 716
Definitions; annual assessments/fees OAR Chapter 441, Div. 500
  441-500-0020(4)
Risk-based assessment chart
General provisions OAR Chapter 441, Div. 505
Rulemaking and general procedures OAR Chapter 441, Div. 001

Check-cashing businesses

Collection Agencies; Check-Cashing Businesses; Debt Consolidating Agencies ORS Chapter 697 (697.500 to 697.555)
Check-Casher Rules OAR Chapter 441, Div. 755

Collection agencies

Collection Agencies; Check-Cashing Businesses; Debt Consolidating Agencies ORS Chapter 697 (697.005 to 697.095)
Collection agencies OAR Chapter 441, Division 810

Commodity transactions (Securities program)

Commodity transactions ORS Chapter 645
Commodity transactions (Securities program) OAR Chapter 441, Div. 300

Consumer finance

Consumer finance ORS Chapter 725
Consumer finance OAR Chapter 441, Div. 730

Credit unions

Credit unions ORS Chapter 723
Definitions, fees, membership, supervision, investments, powers, reserves OAR Chapter 441, Div. 710
Share drafts, corporate credit union, member business loans OAR Chapter 441, Div. 720

Debt management service providers

Debt management service providers ORS Chapter 697
Definitions, Registration, Renewal, Update Filings, Fees Business Activities, Records; Reports OAR Chapter 441, Div. 910
Appendix A to OAR 441-910-0099 Examples of allowable fees

Franchise transactions (Securities program)

Franchise transactions ORS Chapter 650
Franchise transactions OAR Chapter 441, Div. 325

Identity theft

Identity Theft ORS Chapter 646A 646A.600 to 646A.628
Definitions, Expenses of Providing Notification, Use of Social Security Number, Safeguarding of Personal Information OAR Chapter 441, Div. 646

Irreducible fund cemeteries

Irreducible fund cemeteries ORS Chapter 97 97.665

Manufactured structures dealer

Manufactured structure dealers and dealerships ORS Chapter 446 (446.661 through 446.995)
Dealer licensing OAR Chapter 441, Div. 446

Money transmitters

Money transmitters ORS Chapter 717
Money transmitters OAR Chapter 441, Div. 745

Mortgage lending

Mortgage lending ORS Chapter 86A
Custody of client funds OAR Chapter 441, Div. 875
License cancellation OAR Chapter 441, Div. 885
Licensing OAR Chapter 441, Div. 860
Loan originators OAR Chapter 441, Div. 880
Public records, fees, opinion requests, rulemaking OAR Chapter 441, Div. 850
Records and reports requirements OAR Chapter 441, Div. 865
Unethical practices OAR Chapter 441, Div. 870

Pawnbrokers

Pawnbrokers ORS Chapter 726
Pawnbrokers OAR Chapter 441, Div. 740

Payday and title lending

Payday and title lending ORS Chapter 725A
Payday and title lending rules OAR Chapter 441, Div. 735

Prearranged funeral plans and endowment care

Endowment cemetery care ORS Chapter 97 (97.810)
Prearrangement sales and preconstruction sales ORS Chapter 97 (97.923)
Prearranged funeral plans and endowment care OAR Chapter 441, Div. 930

Securities

Commodity transactions ORS Chapter 645
Franchise transactions ORS Chapter 650
Securities Regulation ORS Chapter 59
Books and records requirements OAR Chapter 441, Div. 195
Conditions of registration OAR Chapter 441, Div. 85
Denial, withdrawal or conditioning of exemptions OAR Chapter 441, Div. 45
Exempt securities OAR Chapter 441, Div. 25
Exempt transactions OAR Chapter 441, Div. 35
Federal covered securities OAR Chapter 441, Div. 49
Fraud and Deceit with Respect to Securities or Securities Business OAR Chapter 441, Div. 135
General provisions OAR Chapter 441, Div. 11
License cancellation, withdrawal OAR Chapter 441, Div. 225
License denial, suspension, or revocation OAR Chapter 441, Div. 205
Licensing (Broker-dealer, investment advisor, and individuals) OAR Chapter 441, Div. 175
Renewal of securities registration OAR Chapter 441, Div. 75
Securities registration OAR Chapter 441, Div. 65

Trusts

Regulation of Trust Business ORS Chapter 709
Definitions; annual assessments/fees OAR Chapter 441, Div. 500

 

Five-year rule reviews

OAR 441-755-0000 to 755-0310 (Check Cashing)
OAR 441-505-1160 (Trust Company Financial Statements)

Proposed administrative rules

Consumer finance - amend: OAR 441-730-0010, 441-730-0025, 441-730-0030; repeal: OAR 441-730-0010 (T), 441-730-0025 (T), 441-730-0030 (T)
This permanent rule establishes the process by which licensees and prospective applicants must submit applications, renewals, and other administrative actions through the Nationwide Mortgage Licensing System and Registry (NMLS). Prior to 2014, consumer finance lending licensees and prospective applicants submitted licensing materials via paper documentation or by the state's own online system. This permanent rule modifies the licensing and application procedures and makes mandatory the transition of all licensing activity for consumer finance lenders to NMLS. A permanent rule is necessary to avoid missing key mandatory deadlines with NMLS that would allow for implementation and result in greater costs to the state and industry.
Money transmitters - amend: OAR 441-745-0340
The proposed rule reduces the hourly examination fee payable by money transmitters to the hourly fee set in statute. In 2008, the Division of Finance and Corporate Securities updated hourly examination fees to be consistent throughout its programs. During the process, the hourly fee for money transmitter examinations was raised. The authorizing statute sets the hourly fee for an examiner at $60. The division performs very few examinations of money transmitters because most are out-of-state businesses.
Mortgage lending - adopt: 441-875-0075; amend: 441-850-0005, 441-850-0035, 441-860-0020, 441-860-0040, 441-860-0045, 441-860-0050, 441-860-0070, 441-860-0130, 441-865-0020, 441-865-0025, 441-865-0030, 441-870-0080, 441-875-0030, 441-875-0040, 441-880-0200, 441-880-0210, 441-880-0215, 441-880-0300, 441 -880-0310, and 441-880-0315
In 2008, Congress passed the Secure and Fair Enforcement for Mortgage Licensing Act. The Act, more commonly known as the S.A.F.E. Act, required states to license individuals that take applications and negotiate terms for residential mortgage loans as mortgage loan originators. To implement this new federal licensing requirement, Congress encouraged the states to establish a Nationwide Mortgage Licensing System (NMLS) to provide a comprehensive licensing database. Because of the close supervision of mortgage loan originators by their employers, most states also license mortgage lending business through NMLS. This proposed rulemaking makes changes to Oregon law in order to ensure that Oregon business licensees may continue to efficiently do business through the NMLS system. Furthermore, because the regulation of mortgage lending businesses has evolved since passage of the S.A.F.E. Act, these rules propose minor changes to definitions, application submissions, bonding calculations, reporting requirements, and testing. (For a full list of changes, please see the accompanying statement of need and fiscal impact).
Securities - adopt: 441-025-0120, 441-025-0121, 441-025-0122, 441-025-0123, 441-025-0124, 441-025-0125, and 441-025-0126
In 2014, the Legislature enacted Senate Bill 1520. This act exempts renewable energy cooperative corporations from registering membership shares or capital stock as securities. The Legislature conditioned this exemption on any rules adopted by the Director of the Department of Consumer and Business Services. This proposed rulemaking places certain substantive restrictions on a renewable energy cooperative corporations relying on this exemption, such as restrictions on the amount of raised money from non-accredited investors. The rulemaking activity also requires two disclosures be given to prospective members: a general disclosure that discusses the workings of the renewable energy cooperative corporation and risks associated with developing renewable energy generations facilities, and a specific disclosure discussing the risks endemic to a specific project.

 

Recent rules - permanent rules not yet posted to Secretary of State Web site:


Notice of change to content required in “Foreclosure Notices”
The statewide toll-free telephone contact number currently included in foreclosure notices for handling consumer queries and for consumers to receive mortgage foreclosure information has changed.  The new toll free number is 1-855-480-1950. 
Securities - amend: 441-175-0120
Currently, all securities salespersons, regardless of whether they are employed by a broker-dealer or represent an issuer or owner of securities must submit a complete, multi-state securities application form as part of their salesperson licensing application. The application requires more information than is likely necessary to license salespersons in Oregon who only represent an issuer or owner of securities. This proposed rulemaking activity would grant the department the flexibility to offer those salespersons representing an issuer or owner an option to use a state-specific, streamlined application form.
Manufactured structure dealers/mortgage lending - adopt: 441-446-0203, 441-446-0230, 441-446; amend: 441-446-0100, 441-446-0110, 441-446-0200, 441-446-0210, 441-446-0300
In 2013, the Legislature enacted House Bill 3482 which in part exempted individuals licensed as manufactured structure dealers from having to obtain a mortgage loan originator license. This proposed rulemaking activity addresses three issues with the bill that needed further clarification. First, the proposed rules would limit the exemption to one limited manufactured structure dealer licensee per park, but allow sales by full manufactured structure dealer licensees not affiliated with the limited manufactured structure dealer. Second, the proposed rules would clarify that a manufactured structure dealer may engage the services of a licensed or registered mortgage loan originator to offer or negotiate loans on the licensee's behalf once statutory caps were met. Finally, the rules would apply the statutory caps on the number of loans a licensee may hold to loans made on or after the operative date of Oregon's implementation of the federal S.A.F.E. Act, which was July 31, 2010.
Banks - adopt: 441-505-2000
Like any corporation, the board of directors appointed to direct and control the overall affairs of a banking institution (i.e., certain state-chartered banks) meets according to the terms of the institution's bylaws or articles of incorporation. However, unlike other corporations, the Oregon Bank Act (ORS chapters 706 to 716) specifies the default frequency of board meetings. Prior to 2013, boards of directors of banking institutions met at least once a month. Banking institutions could obtain approval from the Director of the Department of Consumer and Business Services to meet less frequently than once a month. In 2013, the Legislature adopted changes to the Oregon Bank Act through the passage of HB 2070. Among the changes in the bill, the Oregon Bank Act now requires the Director of the Department of Consumer and Business Services to set the frequency of board meetings by rule. This proposed rulemaking activity sets the minimum number of regularly-scheduled meetings at four times per year, with flexibility that allows the Director to require additional meetings if needed to meet the unique situation of a particular banking institution.
Debt management - adopt: 441-910-0096
This permanent rule implements changes to the escrow exemption for debt management service providers established by 2013 House Bill 3489. The permanent rulemaking clarifies that the exemption does not apply if an escrow agent assists an unregistered debt management service provider that is not exempt from registration in performing a debt management service, or provides escrow services to a consumer in accordance with a debt management services plan executed by an unregistered debt management services provider that is not exempt from registration. This permanent rulemaking clarifies that the total of fees for services provided by escrow agents and debt management service providers may not exceed the fee limitations set forth in the debt management statutes.

 

Temporary administrative rules:

Consumer finance - amend: 441-730-0010, 441-730-0025, 441-730-0030
This temporary rule establishes the process by which licensees and prospective applicants must submit applications, renewals, and other administrative actions through the Nationwide Mortgage Licensing System and Registry (NMLS). At present, consumer finance lending licensees and prospective applicants submit licensing materials via paper documentation or by the state's own online system. This rule modifies the present licensing and application procedures and makes mandatory the transition of all licensing activity for consumer finance lenders to NMLS. A temporary rule is necessary to avoid missing key mandatory deadlines with NMLS that would allow for implementation and result in greater costs to the state and industry.
Pawnbrokers - adopt: 441-740-0017
This temporary rule clarifies that pawnbrokers shall offer a grace period on all first time pledge loans, specifically those in the amount of $500 or less. At present, pawnbrokers provide a grace period by statute for first time pledge loans in excess of $500. Industry has a long-standing practice of offering a 30-day grace period on all pledge loans, regardless of the amount. An ambiguity exists as to whether the 30-day grace period exists on first time pledge loans in the amount of $500 or below. As consumers may be harmed by the ambiguity, and industry does not have clear guidance as to how to apply grace periods, the division has opted to adopt this rule. A temporary rule is necessary because there is an immediate harm to consumers if the ambiguity is used to omit a grace period on loans of $500 or less.

 

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.