OAR 441-820-0010

Each person applying for a debt buyer license shall submit to the director all the following through the Nationwide Multistate Licensing System (NMLS):
(1) A completed Form MU1, including, but not limited to, business activities, license information, contact information, trade names used, an Oregon resident agent, web addresses, books and records information, approvals and designation, affiliates and subsidiaries, disclosure questions and explanations and ownership information.
(2) A completed Form MU2 for any director, member, officer, manager, partner or control person including but not limited to contact information, other names, residential and employment history, other business information, and disclosure questions.
(3) Fingerprints and authorization to conduct a background check from applicant and applicant’s directors, members, officers, managers, partners and control persons;
(4) A business plan;
(5) A certificate of authority or good standing showing the company’s authorization to do business in Oregon;
(6) Evidence of the company’s staffing and internal policies that includes the training that the company requires staff to complete regarding compliance with the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, and information security;
(7) A copy of the company’s formation documents, if any;
(8) A management chart;
(9) An organization chart;
(10) Proof of errors and omissions insurance in the amount required by OAR 441-820-0080 (Errors and Omissions Insurance) from an insurer authorized to transact insurance in this state or from any other insurer approved by the director; and
(11) Authorization for a credit report from the applicant’s directors, members, officers, managers, partner, and control persons.
(12)(a) An applicant may indicate if they hold a current membership in or certification from a national nonprofit trade association.
(b) If an applicant indicates membership or certification in a trade association, they must include the name of the association and any individual identifier issued by the association.
Last Updated

Jun. 8, 2021

Rule 441-820-0010’s source at or​.us