Or. Admin. R. 441-820-0050

Current through Register Vol. 63, No. 9, September 1, 2024

Section 441-820-0050 - Renewal of Debt Buyer License

(1) A debt buyer license shall expire on December 31 of each calendar year. At least 30 days prior to the expiration of a debt buyer license, the debt buyer shall submit a renewal request for the license to the director through the NMLS and shall:

(a) Complete a renewal request with an attestation that the records are true and accurate; and

(b) Pay any applicable renewal fees prescribed under OAR 441-820-0070.

(2) A debt buyer shall each calendar year submit through the NMLS a proof of errors and omission insurance under OAR 441-820-0080;

(3) The director may refuse to renew a license if a reason exists under OAR 441-820-0040, 441-820-0110, 441-820-0130, or 441-820-0160, licensee has failed to comply with any outstanding orders, or failed to pay outstanding fees or penalties.

(4) If a debt buyer submits an application for renewal which is incomplete in any respect, the director shall notify the debt buyer of the deficiencies on the application. The debt buyer shall have 30 days from the date of the notice or the end of the renewal period, whichever occurs first, to respond to the deficiencies. If the debt buyer fails to complete the application for renewal or to respond to the deficiencies, the license shall be terminated on the expiration date by reason of failure to renew.

Or. Admin. R. 441-820-0050

FSR 11-2017, temporary adopt filed 10/27/2017, effective 10/27/2017 through 04/24/2018; FSR 4-2018, adopt filed 04/23/2018, effective4/24/2018

Statutory/Other Authority: 2017 Or Laws ch 625 §§ 8, 13, 15

Statutes/Other Implemented: 2017 Or Laws ch 625 §§ 4 - 10