Section 725A.990 – Penalties.
(1) The Director of the Department of Consumer and Business Services may assess a civil penalty of not more than $2,500 against a person who violates a provision of ORS 725A.010 to 725A.092 and 725A.990 or a rule the director adopted or final order the director issued under ORS 725A.010 to 725A.092 and 725A.990. The […]
Section 725A.084 – Suspension or removal of officer or director of licensee.
(1) If the Director of the Department of Consumer and Business Services finds that an officer or director of a licensee is dishonest, reckless or incompetent or refuses to comply with the law, with a rule the Department of Consumer and Business Services adopted or with a written requirement or instruction the department imposed or […]
Section 725A.086 – Limitation of personal liability.
A person is not personally liable for an act the person does or fails to do in good faith and in compliance with a rule or order the Director of the Department of Consumer and Business Services adopted or issued under ORS 725A.010 to 725A.092 and 725A.990, even if the director amends or rescinds the […]
Section 725A.090 – Loan tracking and counseling system; rules; fees.
(1)(a) The Director of the Department of Consumer and Business Services, by contract with a vendor or service provider or otherwise, may develop and implement a system by means of which a licensee may: (A) Determine whether a consumer has an outstanding loan; (B) Determine the number of loans the consumer has outstanding; (C) Determine […]
Section 725A.092 – Rules.
(1) The Director of the Department of Consumer and Business Services, in accordance with ORS chapter 183, may adopt rules for the purposes of protecting borrowers and consumers, providing clarity to licensees and otherwise carrying out and enforcing the provisions of ORS 725A.010 to 725A.092 and 725A.990. The rules may include, but are not limited […]
Section 725A.500 – Definitions.
As used in ORS 725A.500 to 725A.530: (1) “Affiliate” means a person that controls, is controlled by or is under common control with another person. (2) “Applicant” means a person that applies for a license to engage in business as a student loan servicer in this state. (3) “Borrower” means a resident of this state […]
Section 725A.503 – Prohibition on servicing student loan without license; exceptions; powers of Director of Department of Consumer and Business Services; rules.
(1) A person may not directly or indirectly service a student loan in this state unless the person obtains or renews a license under ORS 725A.506. (2) Subsection (1) of this section does not apply to: (a) A financial institution, as defined in ORS 706.008. (b) A financial holding company or bank holding company, both […]
Section 725A.506 – Application for licensing; required contents; fee; bonding; power of director to issue, deny, revoke or refuse to renew license; date of expiration; rules.
(1)(a) A person that is subject to the requirement to obtain or renew a license under ORS 725A.503 shall submit an application to the Director of the Department of Consumer and Business Services in the manner, on a form and with the contents that the director specifies by rule. (b) The director by rule may […]
Section 725A.509 – Duties of licensee; assumed business name.
(1) A licensee shall designate and maintain a principal place of business at or from which the licensee services student loans in this state and shall designate a registered agent in this state. (2)(a) If a licensee does not maintain a principal place of business in this state, the licensee shall nevertheless designate a registered […]
Section 725A.512 – Requirement to maintain liquidity, operating reserves and tangible net worth; taking possession of licensee’s property for failure to meet requirement; appointment of receiver.
(1) A licensee shall maintain in accordance with generally accepted accounting principles sufficient liquidity, operating reserves and tangible net worth to permit the licensee to adequately meet all costs, expenses and other financial requirements related to servicing student loans in this state. The Director of the Department of Consumer and Business Services may specify by […]