(at the request of Governor Theodore R. Kulongoski for Department of Consumer and Business Services)
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Bill Title:
Relating to regulation of mortgage professionals; and declaring an emergency.
Catchline/Summary:
Prohibits individual from engaging in business as mortgage loan originator without obtaining license from Director of Department of Consumer and Business Services and obtaining unique identifier from Nationwide Mortgage Licensing System and Registry. Prohibits individual from engaging in business as mortgage loan originator without obtaining license from Director of Department of Consumer and Business Services and obtaining unique identifier from Nationwide Mortgage Licensing System and Registry. Creates exception, including exception for certain employees of dealers of manufactured structures.
Requires applicant for license to submit certain information to director and to Nationwide Mortgage Licensing System and Registry. Specifies standards director must use to evaluate application. Permits director to issue interim license under certain conditions.
Specifies requirements for applicant to obtain or renew license, including educational requirements.
Authorizes director to deny, suspend, place conditions upon, revoke or decline to renew license under specified conditions. Permits director to contract with Nationwide Mortgage Licensing System and Registry to collect and process records, application fees and perform other duties.
Requires person that employs mortgage loan originator to file corporate surety bond with director in amount director prescribes by rule.
Authorizes director to investigate violations of provisions of Act and require production of specified records.
Provides that mortgage loan originator may not take certain actions. Requires mortgage loan originator to display license and unique identifier on specified documents and in certain locations.
Provides that person that violates provisions of Act is subject to civil penalty in amount of $5,000 per violation and]. Provides that person that knowingly violates provisions of Act is subject to maximum criminal penalty of five years' imprisonment, or $125,000 fine, or both.
Declares emergency, effective on passage.
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HB 2189
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