ORS 725A.524
Investigation of complaints

  • confidentiality of materials obtained in investigation
  • exceptions
  • charge for costs of investigation

(1)

If the Director of the Department of Consumer and Business Services receives a complaint concerning a person that services a student loan, the director:

(a)

Shall notify the person of the complaint, provide a copy of the complaint in the notice and require the person to respond to the complaint and to the director within 30 days after the date of the notice;

(b)

May investigate the complaint and require the person to provide books, accounts, papers, records, files, correspondence, contracts and agreements, disclosures, documentation and other information, material or evidence necessary for the director’s investigation; and

(c)

May investigate the person and the person’s policies and practices with respect to servicing a student loan and require the person to provide books, accounts, papers, records, files, documentation and other information, material or evidence necessary for the director’s investigation.

(2)

Intentionally left blank —Ed.

(a)

Except as provided in paragraph (b) of this subsection, books, accounts, papers, records, files, correspondence, contracts and agreements, disclosures, documentation and other information, material or evidence the director receives or possesses as a consequence of an investigation under subsection (1) of this section are confidential unless state or federal law or a court order permits or requires disclosure.

(b)

The director may share any item listed in paragraph (a) of this subsection with any state or federal agency.

(3)

The director may charge and collect from a person the director investigates under this section the costs the director incurs in conducting the investigation.

(4)

This section does not apply to:

(a)

A financial institution, as defined in ORS 706.008 (Additional definitions for Bank Act).

(b)

A financial holding company or bank holding company, both as defined in ORS 706.008 (Additional definitions for Bank Act), if the financial holding company or bank holding company does no more than control an affiliate or subsidiary, as defined in 12 U.S.C. 1841(d), and does not engage in business as a student loan servicer. [2021 c.651 §9]
Note: 725A.524 (Investigation of complaints) becomes operative July 1, 2022. See section 13, chapter 651, Oregon Laws 2021.

Source: Section 725A.524 — Investigation of complaints; confidentiality of materials obtained in investigation; exceptions; charge for costs of investigation, 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
Green check means up to date. Up to date

Current through early 2024

§ 725A.524’s source at oregon​.gov