ORS 86A.227
Corporate surety bond required

  • right of action
  • rules

(1)

A person that employs a mortgage loan originator shall file with the Director of the Department of Consumer and Business Services a corporate surety bond that runs to the State of Oregon and that covers each mortgage loan originator the person employs. The corporate surety bond must be issued by a corporate surety or an insured institution, as defined in ORS 706.008 (Additional definitions for Bank Act), that is authorized to transact business in this state.

(2)

The director by rule shall:

(a)

Prescribe the form of the corporate surety bond;

(b)

Require the person to maintain the corporate surety bond in an amount that reflects the dollar amount of the loans the person originated or in a minimum amount the director specifies; and

(c)

Prescribe other requirements for the corporate surety bond as are necessary to accomplish the purposes of ORS 86A.200 (Definitions) to 86A.239 (Display of license and unique identifier).

(3)

A right of action against the corporate surety bond required under this section exists to the same extent that a right of action exists under ORS 86A.151 (Liability of person that employs mortgage loan originator).

(4)

The director may require the person to file a new corporate surety bond if an action is commenced against the corporate surety bond on file with the director. The person shall file a new corporate surety bond immediately if a recovery is obtained against the bond. [2009 c.863 §9]

Source: Section 86A.227 — Corporate surety bond required; right of action; rules, https://www.­oregonlegislature.­gov/bills_laws/ors/ors86A.­html.

86A.095
Short title
86A.100
Definitions
86A.103
License required to engage in residential mortgage transactions as mortgage banker or mortgage broker
86A.106
Procedures for licensing
86A.109
Expiration of initial license
86A.112
Licensees to keep records
86A.115
Grounds for denying, suspending, conditioning or revoking license
86A.118
Action against applicant or licensee for act or omission of associate
86A.121
Cancellation of license or application
86A.124
Supervisory authority of director over mortgage bankers, mortgage brokers and mortgage loan originators
86A.127
Investigations
86A.130
Enjoining violations
86A.133
Procedures where assets or capital of mortgage banker or mortgage broker found impaired
86A.136
Rules
86A.139
Notice of orders
86A.142
Judicial review of orders
86A.145
Oaths and subpoenas in proceedings before director
86A.148
Copies of documents
86A.151
Liability of person that employs mortgage loan originator
86A.154
Fraud and deceit with respect to mortgage banker or mortgage broker business
86A.157
Clients’ Trust Account
86A.160
Notice to bank regarding Clients’ Trust Account
86A.163
Prohibited advertisements
86A.166
Designation of principal place of business
86A.169
Disclosure required before closing mortgage loan or mortgage banking loan
86A.172
Advisory committee
86A.175
Servicing or collecting mortgage banking loan or mortgage loan by mortgage banker or mortgage broker
86A.178
Legislative findings regarding mortgage loan originators
86A.183
Prohibited conduct for mortgage bankers, mortgage brokers and mortgage loan originators
86A.186
Mortgage loan originator criminal records checks
86A.195
Restrictions on negative amortization loans
86A.196
Notice of reverse mortgage prohibition in homestead property tax deferral program
86A.198
Materials in languages other than English
86A.200
Definitions
86A.203
License and unique identifier for mortgage loan originator
86A.206
Application for license
86A.209
Interim license
86A.212
Findings required for issuing license
86A.215
Education and testing requirements for license
86A.218
License renewal
86A.221
Continuing education requirements for mortgage loan originator
86A.224
Denying, suspending, conditioning, revoking or declining to renew license
86A.227
Corporate surety bond required
86A.230
Contracts or agreements with Nationwide Mortgage Licensing System and Registry and other agencies
86A.233
Production of records
86A.236
Prohibited activities
86A.239
Display of license and unique identifier
86A.242
Rules
86A.300
Short title
86A.303
Definitions
86A.306
License requirement
86A.309
Application for license
86A.312
Licensee’s principal place of business
86A.315
Required liquidity, operating reserves and tangible net worth
86A.318
Required notices to director
86A.321
Director’s supervisory authority
86A.324
Duties of mortgage loan servicer
86A.327
Complaints
86A.330
Violations
86A.333
Additional duties of licensee
86A.336
Suspension or removal of licensee’s director or officer
86A.339
Additional duties of mortgage loan servicer
86A.990
Criminal penalties for violations of ORS 86A.095 to 86A.198
86A.992
Civil penalties for violations of ORS 86A.095 to 86A.198
Green check means up to date. Up to date