OAR 441-860-0025
Rules for Use of Assumed Business Names

(1)

In addition to any requirements for registering an assumed business name with the Secretary of State, a mortgage banker or mortgage broker who intends to use an assumed business name to identify the person’s mortgage banker or mortgage broker business shall also comply with the following before doing business under the assumed business name:

(a)

If the assumed business name contains words or phrases described in ORS 56.023 (Approval of name of entity by Director of Department of Consumer and Business Services required in certain business registry filings), the mortgage banker or mortgage broker must obtain specific written approval from the director under ORS 705.635 (Certificate of approval of certain business registry names filed under ORS 56.023) and OAR 441-005-0010 (Application For Certificate Of Compliance).

(b)

The assumed business name must be placed upon any client trust account maintained by the mortgage banker or mortgage broker.

(2)

Regardless of the lack of any ownership interest in the assumed business name, the mortgage banker or mortgage broker is responsible for all actions of those acting under the assumed business name which relate to mortgage banking loans or mortgage loans.

Source: Rule 441-860-0025 — Rules for Use of Assumed Business Names, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=441-860-0025.

Last Updated

Jun. 8, 2021

Rule 441-860-0025’s source at or​.us