OAR 441-730-0027
State Criminal Records Check

(1)

A consumer finance company that makes or offers to make residential mortgage loans must conduct a state criminal records check of an employee prior to the person originating residential mortgage loans.

(a)

The consumer finance company must search state records of all states where the individual has resided in the past 10 years using the person’s full legal name, date of birth, place of birth, and Social Security number.

(b)

The consumer finance company must use the services of law enforcement agencies or an independent private company that complies with the federal Fair Credit Reporting Act to conduct the state criminal records check.

(2)

If the state criminal records check discloses a disqualifying conviction under ORS 86A.212 (Findings required for issuing license), an applicant for a mortgage loan originator license may not be employed and a currently employed mortgage loan originator must cease making residential mortgage loans immediately.

(3)

The consumer finance company must maintain state criminal records check documents in a secure location and must make these available to the director for examination at any reasonable time or times and may require, without subpoena, the production of such records at the office of the director as often as is reasonably necessary. The consumer finance company must preserve these records for three years after they terminate the employment of the mortgage loan originator. After the retention period, the consumer finance company must destroy these files in a secure manner.

(4)

This rule applies to employees of consumer finance companies hired or employed on or after August 1, 2010.

Source: Rule 441-730-0027 — State Criminal Records Check, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=441-730-0027.

441–730–0000
Statutory Authority 441–730–0010
Definitions 441–730–0015
Licensee Lending Characteristics and Practices 441–730–0025
License Applications 441–730–0026
Corporate Surety Bond for Consumer Finance Licensees Employing a Mortgage Loan Originator 441–730–0027
State Criminal Records Check 441–730–0030
Fees, Charges Licensees Pay the Director 441–730–0050
Notes and Agreements 441–730–0060
Loans Not to Be Payable on Demand 441–730–0070
Advertising Regulations 441–730–0080
Qualifications of Person in Charge of Licensed Office 441–730–0100
Licensee Officers and Directors 441–730–0110
Accounting Records of Licensee 441–730–0120
Account Record to Be Maintained for Each Loan 441–730–0125
Residential Borrower Files for Mortgage Loans 441–730–0130
Maintaining Index of Obligors 441–730–0140
Records and Files Required to Be Kept at Servicing Office 441–730–0150
Consolidating Sales Financing into Direct Loans 441–730–0160
Daily-Interest Computation 441–730–0170
Precomputed Interest 441–730–0180
Deferred Payment on Precomputed Loan 441–730–0200
Action on Precomputed Loan 441–730–0205
Limitation on Charging a Prepayment Penalty by Consumer Finance Licensees 441–730–0210
Recomputation of Interest on Delinquent Precomputed Loan 441–730–0220
Insurance Premium Charges 441–730–0230
Insurance Benefits Paid to Licensee 441–730–0240
Statement of Loan 441–730–0246
Contents of Foreclosure Notices 441–730–0250
Receipt to Be Furnished to Borrower Upon Request 441–730–0255
Payoff Information to be Furnished to Borrower Upon Request 441–730–0260
Advances to Perform Covenants 441–730–0280
Prohibited Provisions in Loan Contract Provisions 441–730–0320
Licensee Reporting
Last Updated

Jun. 8, 2021

Rule 441-730-0027’s source at or​.us