ORS 725A.509
Duties of licensee

assumed business name

Text
Annotations

(1)

A licensee shall designate and maintain a principal place of business at or from which the licensee services student loans in this state and shall designate a registered agent in this state.

(2)

Intentionally left blank —Ed.

(a)

If a licensee does not maintain a principal place of business in this state, the licensee shall nevertheless designate a registered agent in this state. The registered agent must be available to receive on the licensee’s behalf any notice, demand or service of process permitted by law to be given, made or delivered to, or served upon, the licensee.

(b)

If the licensee does not designate a registered agent in this state, or if the licensee’s registered agent cannot with reasonable diligence be located, the Director of the Department of Consumer and Business Services is the licensee’s registered agent.

(3)

A licensee may not use or operate under an assumed business name unless the licensee first registers the assumed business name under ORS chapter 648 and lists the name on an application under ORS 725A.506 (Application for licensing) or in a notice to the director under ORS 725A.515 (Required notifications from licensee to director). [2021 c.651 §4]

Note: 725A.509 (Duties of licensee) becomes operative July 1, 2022. See section 13, chapter 651, Oregon Laws 2021.

Source: Section 725A.509 — Duties of licensee; assumed business name, https://www.oregonlegislature.gov/bills_laws/ors/ors725A.html.

725A.010
Definitions 725A.012
Application 725A.020
Licensing requirement 725A.022
License application 725A.024
License application approval 725A.026
Grounds for disapproving license application 725A.028
License fee 725A.030
Annual report 725A.032
Business name and location 725A.034
License revocation and suspension 725A.036
License reinstatement 725A.038
License surrender 725A.040
Effect of license revocation, suspension or surrender 725A.050
Director’s power to examine or investigate 725A.052
Record keeping requirements 725A.054
Duty to report defalcation 725A.056
Loan disclosure requirements 725A.058
Dissemination of false, misleading or deceptive statement 725A.060
Prohibited conduct generally 725A.062
Prohibited conduct for title loan lender 725A.064
Prohibited conduct for payday loan lender 725A.080
Complaint and administrative remedy 725A.082
Cease and desist order 725A.084
Suspension or removal of officer or director of licensee 725A.086
Limitation of personal liability 725A.090
Loan tracking and counseling system 725A.092
Rules 725A.500
Definitions 725A.503
Prohibition on servicing student loan without license 725A.506
Application for licensing 725A.509
Duties of licensee 725A.512
Requirement to maintain liquidity, operating reserves and tangible net worth 725A.515
Required notifications from licensee to director 725A.518
Supervisory powers of director 725A.521
Required practices under federal student loan agreement 725A.524
Investigation of complaints 725A.527
Violations 725A.530
Ombudsman 725A.990
Penalties

Up to date

Current through early 2024

§ 725A.509’s source at oregon.gov

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Location: https://oregon.public.law/statutes/ors_725a.509

Original Source: Section 725A.509 — Duties of licensee; assumed business name, https://www.oregonlegislature.gov/bills_laws/ors/ors725A.html (last accessed Aug. 25, 2023).