ORS 86A.303
Definitions


As used in ORS 86A.303 (Definitions) to 86A.339 (Additional duties of mortgage loan servicer):

(1)

“Affiliate” means a person who controls, is controlled by or is under common control with another person.

(2)

“Applicant” means a person that applies for a license to engage in business as a residential mortgage loan servicer in this state.

(3)

“Borrower” means a person that incurs an obligation to repay a residential mortgage loan.

(4)

“Branch office” means a location at which a business entity services a residential mortgage loan other than the business entity’s headquarters or principal place of business.

(5)

“Business entity” means a corporation, limited liability company, partnership, limited partnership, business trust, joint venture or other form of business organization the constituent parts of which share a common economic interest.

(6)

“Controller” means:

(a)

A director, officer or general partner of a business entity;

(b)

A managing member of a limited liability company;

(c)

A person that has a direct or indirect right to vote 10 percent or more of the securities of a business entity that have voting rights or the power to sell or cause the sale of 10 percent or more of any class of a business entity’s securities;

(d)

A person that has contributed 10 percent or more to a partnership’s capital or has the right to receive a distribution of 10 percent or more of a partnership’s capital or assets upon dissolution; or

(e)

A person that, under the terms of a contract or because the person has an ownership interest in another person, has the power to manage or set policies for the other person, or otherwise direct the other person’s operations or affairs.

(7)

“Licensee” means a person that has applied for and obtained or renewed a license from the Director of the Department of Consumer and Business Services to engage in business as a residential mortgage loan servicer in this state.

(8)

“Manager” means an individual who has supervisory authority over employees and operations at a business entity’s branch office or other business location.

(9)

“Person” means an individual or a business entity.

(10)

“Residential mortgage loan” means a loan secured by a mortgage, deed of trust or an equivalent consensual security interest in real property on which four or fewer improvements designed for residential occupancy are planned or situated, including but not limited to individual units, condominiums and cooperatives.

(11)

“Residential mortgage loan modification service” means:

(a)

A negotiation or arrangement, or an offer or attempt to negotiate or arrange, a change in the repayment obligations for or the terms and conditions of a borrower’s residential mortgage loan, including but not limited to:

(A)

A forbearance in collecting one or more payments due;

(B)

A change in the interest rate;

(C)

A change in the payment or repayment schedule;

(D)

A substitution of different loan terms and conditions;

(E)

A substitution of a different classification of loan;

(F)

A capitalization of any arrearages; or

(G)

A reduction in principal.

(b)

Collecting or attempting to collect data to submit to a person that performs a residential mortgage loan modification service.

(12)

“Service a residential mortgage loan” means to:

(a)

Receive a scheduled periodic payment from a borrower under the terms of a residential mortgage loan, including any amounts for deposit into an escrow account the lender establishes in accordance with the Real Estate Settlement Procedures Act, 12 U.S.C. 2609;

(b)

Pay to the lender or another person principal, interest and other amounts associated with a residential mortgage loan in accordance with the terms of any contract or agreement for servicing the residential mortgage loan; or

(c)

Pay an amount to a borrower, if the residential mortgage loan is a home equity conversion mortgage or a reverse mortgage. [2017 c.636 §2]

Source: Section 86A.303 — Definitions, 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
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