OAR 441-730-0140
Records and Files Required to Be Kept at Servicing Office; Copies of Loans Transferred; Centralized Accounting Office Exception

(1)

A licensee must maintain the accounting records and loan files for active loans at the licensed office where the loans are serviced.

(2)

Whenever an active loan is for any reason transferred to another licensed office in this state, the licensee must retain in the transferring office an exact copy of the individual account record and supporting legal documents.

(3)

Whenever an active loan is for any reason transferred to another licensed office, the licensee must retain in the transferring office an exact copy of the account record to which has been added the date of transfer and the name and address of the new location of the account. However, if a bulk sale or similar transfer of loans not in the ordinary course of business is made to another licensed office, the licensee may, with the prior approval of the director, make other provisions for the retention of copies of records and files and for the examination of accounts in the receiving office.

(4)

Whenever a licensee sends an active loan to another licensed location, the licensee must retain the original record or an exact copy of the account record in the originating office.

(5)

Notwithstanding sections (1) through (4) of this rule, a licensee may, with the prior approval of the director, maintain the accounting records and loan files for active loans at a location other than the servicing office if:

(a)

The other location is established by the licensee to provide centralized accounting for one or more licensed offices;

(b)

Off-site maintenance of the records and files will not hinder prompt servicing of the loans by the servicing offices;

(c)

The director, and any duly appointed examiners or agents of the director, have the right of free access to the records and files of the licensee at the other location; and

(d)

The other location provides adequate security for the licensee’s records and files.

Source: Rule 441-730-0140 — Records and Files Required to Be Kept at Servicing Office; Copies of Loans Transferred; Centralized Accounting Office Exception, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=441-730-0140.

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 441-730-0140’s source at or​.us