OAR 441-880-0006
Application of ORS 86A.200 to 86A.239 to Employees of Bona Fide Nonprofit Organizations

(1)

As permitted by 12 C.F.R. § 1008.103(e)(7), the licensing provisions of ORS 86A.200 (Definitions) to 86A.239 (Display of license and unique identifier) do not apply to an employee of a bona fide nonprofit organization as that term is described by criteria established in OAR 441-880-0008 (Criteria for Determining if Nonprofit Organization is Bona Fide), including a limited liability company of which the nonprofit corporation is the sole member, and subject to the following conditions:

(a)

The employee may not originate residential mortgage loans outside the scope of the employee’s duties and employment at the bona fide nonprofit organization without obtaining a mortgage loan originator license.

(b)

The employee shall act as a mortgage loan originator only with respect to residential mortgage loans with terms that are in the best interest of the borrower, as that term is described by criteria established in OAR 441-880-0008 (Criteria for Determining if Nonprofit Organization is Bona Fide).

(2)

For purposes of OAR 441-880-0006 (Application of ORS 86A.200 to 86A.239 to Employees of Bona Fide Nonprofit Organizations) through 441-880-0008 (Criteria for Determining if Nonprofit Organization is Bona Fide), “employee” has the same meaning as the criteria listed in OAR 441-850-0005 (Definitions), as applied to the nonprofit organization.

Source: Rule 441-880-0006 — Application of ORS 86A.200 to 86A.239 to Employees of Bona Fide Nonprofit Organizations, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=441-880-0006.

Last Updated

Jun. 8, 2021

Rule 441-880-0006’s source at or​.us