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 […]
(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 […]
(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 […]
(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 […]
(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 […]
(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 […]
(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 […]
(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 […]
(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 […]
(1) If, after conducting an investigation, the Director of the Department of Consumer and Business Services determines that a person that services a student loan has violated ORS 725A.500 to 725A.530, violated a rule the director adopted or an order the director issued under ORS 725A.500 to 725A.530 or violated another applicable law, the director […]
(1) The Director of the Department of Consumer and Business Services shall appoint or designate an ombudsman within the Department of Consumer and Business Services for the purposes set forth in subsection (2) of this section. (2) The ombudsman that the director appoints or designates under subsection (1) of this section shall, in consultation with […]
