OAR 441-880-0007
Process for Determining if Nonprofit Organization is Bona Fide
(1)
A nonprofit organization may request in writing that the director determine whether the nonprofit organization is a bona fide nonprofit organization with respect to the licensing of employees as mortgage loan originators under ORS 86A.200 (Definitions) to 86A.239 (Display of license and unique identifier). The nonprofit organization shall supply all information and documentation necessary for the director to make a determination that the nonprofit organization meets the criteria established in 441-880-0008 (Criteria for Determining if Nonprofit Organization is Bona Fide) in a timely manner. If the nonprofit organization registers a member-managed limited liability company for the purpose of loan origination activities, the determination request and supporting documentation must be provided by and address the limited liability company. The request will be denied if the nonprofit organization fails to provide documents requested by the director within 30 days following the request.(2)
A nonprofit organization shall submit, at a minimum, all the following information:(a)
The determination letter or other indicia from the Internal Revenue Service recognizing the nonprofit organization as exempt from taxation under section 501(c)(3) of the Internal Revenue Code of 1986, 26 U.S.C. § 501(c)(3).(b)
The nonprofit organization’s organizing documents, including articles of incorporation filed under ORS 65.047 (Articles of incorporation) and bylaws filed under ORS 65.061 (Bylaws).(c)
The nonprofit organization’s evidence of registration as a charitable organization with the Attorney General under ORS 128.650 (Register of charitable organizations).(d)
The most recent report filed with the Attorney General under ORS 128.670 (Filing of reports) detailing the nature of the assets held by the nonprofit organization and the administration of those assets by the organization.(e)
The nonprofit organization’s most recent Form 990, Return of Organization Exempt from Income Tax, filed by the nonprofit organization.(f)
If not included within the nonprofit organization’s Form 990 tax return, a description of the compensation and incentive structure for employees subject to any determination under these rules.(g)
A description of each loan program provided by the nonprofit organization, including a description of eligibility, purpose, loan terms, key features and servicing or securitization plans, if any.(h)
A copy of the nonprofit organization’s complaint process, as required by 441-880-0008 (Criteria for Determining if Nonprofit Organization is Bona Fide).(i)
Other information as requested by the director.(3)
Intentionally left blank —Ed.(a)
An employee of a nonprofit organization that has requested that the director make a determination that the organization is a bona fide nonprofit organization, and where the statements in such application are true and correct at the time made, is not subject to the licensing requirements of ORS 86A.200 (Definitions) to 86A.239 (Display of license and unique identifier) during the time that the director is making the determination.(b)
An employee of a nonprofit organization entity that has not requested that the director determine if the organization is a bona fide nonprofit organization is subject to the licensing requirements of ORS 86A.200 (Definitions) to 86A.239 (Display of license and unique identifier).(4)
A determination by the director on the application of ORS 86A.200 (Definitions) to 86A.239 (Display of license and unique identifier) to employees of bona fide nonprofit organizations, or during the period of time when the director is making a determination under (2)(a) of this rule, does not relieve the nonprofit organization from meeting any applicable requirements of laws other than ORS 86A.200 (Definitions) to 86A.239 (Display of license and unique identifier), including but not limited to federal and state laws related to lending, charitable activities or consumer protection.(5)
Intentionally left blank —Ed.(a)
A nonprofit organization determined by the director to be a bona fide nonprofit organization with respect to the licensing of employees as mortgage loan originators under ORS 86A.200 (Definitions) to 86A.239 (Display of license and unique identifier) shall submit to the director at least annually a certification that the nonprofit organization continues to meet the criteria under which the nonprofit organization requested a determination under this rule.(b)
The nonprofit organization shall attach with the certification the most recent financial audit performed by an independent third-party auditor including, but not limited to, audits performed on nonprofit organizations receiving federal funds according to OMB Circular A-133, published by the Office of Management and Budget and in effect as of the adoption of this rule.(c)
A nonprofit organization determined by the director to be a bona fide nonprofit organization with respect to the licensing of employees as mortgage loan originators under ORS 86A.200 (Definitions) to 86A.239 (Display of license and unique identifier) shall disclose to the director any significant changes to the materials submitted under this rule or to the nonprofit organization’s operations affecting a determination under ORS 441-880-0008 (Criteria for Determining if Nonprofit Organization is Bona Fide) as soon as is practicable.(6)
Intentionally left blank —Ed.(a)
In addition to the certifications required under this section, the director shall be authorized to periodically examine the books and activities of an organization determined to be a bona fide nonprofit organization by the director for compliance with OAR 441-880-0008 (Criteria for Determining if Nonprofit Organization is Bona Fide).(b)
If the director determines that a nonprofit organization no longer satisfies the criteria established in OAR 441-880-0008 (Criteria for Determining if Nonprofit Organization is Bona Fide), the director shall, subject to ORS chapter 183, rescind the director’s determination that the organization is a bona fide nonprofit organization with respect to the licensing of employees as mortgage loan originators under ORS 86A.200 (Definitions) to 86A.239 (Display of license and unique identifier).(c)
An examination under this section is an audit or examination for purposes of OAR 441-860-0110 (Examination Charges Mortgage Bankers or Mortgage Brokers Pay to the Director).
Source:
Rule 441-880-0007 — Process for Determining if Nonprofit Organization is Bona Fide, https://secure.sos.state.or.us/oard/view.action?ruleNumber=441-880-0007.