OAR 441-860-0070
Disclosure of Significant Developments
(1)
A mortgage banker or mortgage broker shall be required to notify the director within 30 days of the occurrence of any of the following significant developments:(a)
Filing for bankruptcy or reorganization.(b)
Notification of the institution of license revocation procedures against the mortgage banker or mortgage broker by any state.(c)
Filing of a felony indictment against a mortgage banker or mortgage broker, officer, director, principal, control person or experienced person.(d)
A mortgage banker or mortgage broker, officer, director, principal, control person or experienced persons being convicted of a felony or misdemeanor involving fraud.(e)
All material litigation occurring against the mortgage banker or mortgage broker.(f)
The director may require other information as deemed necessary to determine whether a new application is required if a change of control or ownership of a mortgage banker or mortgage broker occurs. For purposes of this rule, a change in control or ownership includes:(A)
Acquisition of ten percent or more of the stock in a corporation by a person or a group of persons, or the ability of a person or group acting in concert to elect a majority of the directors or otherwise effect a change in policy of the corporation.(B)
Acquisition of the mortgage banker or mortgage broker business, if the applicant is an unincorporated sole proprietorship;(C)
Acquisition by a managing partner of a limited partnership or a partner in a general partnership of ten percent or more of the partnership interests in the general or limited partnership;(D)
Acquisition by a member or managing member in a limited liability company of a membership interest greater than or equal to ten percent of the total membership interests in the limited liability company; and(E)
In the case of entities other than corporations or those listed in paragraphs (A) through (D) of this subsection, change in control shall mean any change in principals of the organization, whether active or passive.(g)
In addition to the requirements of OAR 441-860-0030 (Branch Office Licensing), a mortgage banker or a mortgage broker shall notify the director when a branch office ceases to operate.(h)
Any changes in the information required on the mortgage banker or mortgage broker’s application form, including, but not limited to address changes, phone number changes, etc.(i)
Any changes in the status of a mortgage loan originator employed by the mortgage banker or mortgage broker.(j)
Any dismissal of a mortgage loan originator employed by the mortgage banker or mortgage broker due to a change in the mortgage loan originator’s licensing status or an event that would constitute grounds for license revocation under 86A.200 (Definitions) through 86A.239 (Display of license and unique identifier) and OAR chapter 441, division 880.(k)
Any conduct violating 86A.200 (Definitions) through 86A.239 (Display of license and unique identifier) and OAR chapter 441, division 880 by a mortgage loan originator.(2)
The director may request additional information regarding any of the occurrences outlined in this rule.(3)
If the mortgage banker or mortgage broker fails to comply with the provisions of this rule, the director may take action, as authorized under ORS 86A.095 through 86A.992 (Civil penalties for violations of ORS 86A.095 to 86A.198).
Source:
Rule 441-860-0070 — Disclosure of Significant Developments, https://secure.sos.state.or.us/oard/view.action?ruleNumber=441-860-0070.