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.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 […]
Section 725A.515 – Required notifications from licensee to director.
(1)(a) A licensee shall notify the Director of the Department of Consumer and Business Services in writing at least 30 days before the licensee: (A) Relocates or closes the licensee’s principal place of business or a branch office in this state; or (B) Opens a branch office that the licensee did not list in an […]
Section 725A.518 – Supervisory powers of director; examination of licensee; charge for costs of examination; multistate cooperation; rules.
(1) The Director of the Department of Consumer and Business Services has general supervisory authority over: (a) Each licensee in this state; (b) Any person that services a student loan in this state, if the person is subject to ORS 725A.500 to 725A.530 or if the director required the person to obtain a license under […]
Section 725A.060 – Prohibited conduct generally.
(1) A licensee or a person required under ORS 725A.020 to obtain a license may not: (a) Take from a consumer: (A) A power of attorney, except a power of attorney to transfer ownership of a motor vehicle at the time the licensee or the person makes a loan secured by a motor vehicle. (B) […]
Section 725A.521 – Required practices under federal student loan agreement; prohibitions; exemptions.
(1) Except as otherwise required under federal law, in a federal student loan agreement or in a contract between the federal government and a person that services a student loan, a person that services a student loan shall: (a) Assess any fee that the person may assess against a borrower within 45 days after the […]
Section 725A.062 – Prohibited conduct for title loan lender.
A title loan lender may not: (1) Make or renew a title loan at a rate of interest that exceeds 36 percent per annum, excluding a one-time origination fee that the title loan lender may charge for the loan. (2) Charge during the term of a title loan, including all renewals of the loan, more […]
Section 725A.524 – Investigation of complaints; confidentiality of materials obtained in investigation; exceptions; charge for costs of investigation.
(1) If the Director of the Department of Consumer and Business Services receives a complaint concerning a person that services a student loan, the director: (a) Shall notify the person of the complaint, provide a copy of the complaint in the notice and require the person to respond to the complaint and to the director […]