Mortgage Lending

ORS 86A.183
Prohibited conduct for mortgage bankers, mortgage brokers and mortgage loan originators

  • conditions affecting employment of mortgage loan originators

(1)

A mortgage banker, mortgage broker or mortgage loan originator may not:

(a)

Engage in dishonest, fraudulent or illegal practices or conduct in a business or profession or engage in unfair or unethical practices or conduct in connection with the mortgage business.

(b)

Willfully or repeatedly violate or fail to comply with a provision of ORS 86A.095 (Short title) to 86A.198 (Materials in languages other than English) or 86A.200 (Definitions) to 86A.239 (Display of license and unique identifier) or a rule or order of the Director of the Department of Consumer and Business Services.

(c)

Fail to account to persons interested for money or property received in connection with a mortgage loan.

(d)

Fail to meet the training, education or continuing education requirements for mortgage loan originators set forth in ORS 86A.215 (Education and testing requirements for license) or 86A.221 (Continuing education requirements for mortgage loan originator).

(e)

Perform an act as a mortgage loan originator in a negligent or incompetent manner.

(2)

An individual may not be employed by a mortgage banker or mortgage broker as a mortgage loan originator if:

(a)

The individual was convicted of a crime or category of crime specified by the director by rule;

(b)

The individual is suspended or has been prohibited from employment as a mortgage loan originator under ORS 86A.224 (Denying, suspending, conditioning, revoking or declining to renew license);

(c)

The employment violates any conditions imposed under ORS 86A.224 (Denying, suspending, conditioning, revoking or declining to renew license); or

(d)

The employment violates an order issued by the director, a state or federal agency or a court of competent jurisdiction. [Formerly 59.971]
Source

Last accessed
Jun. 26, 2021

REMOVE ADS