Or. Admin. R. 441-820-0110

Current through Register Vol. 63, No. 8, August 1, 2024

Section 441-820-0110 - Licensee Responsibilities

(1)

(a) Licensees must either designate and maintain a principal place of business in Oregon or designate a registered agent available to receive notice, demand, or service of process on behalf of licensee.

(b) If a licensee has not notified the director of its registered agent, the director is the licensee's registered agent.

(2) Licensees must maintain an errors and omissions insurance policy from an insurer authorized to transact insurance in this state or from any other insurer approved by the director at all times.

(3) Licensees must establish and periodically update due to changes in law or industry best practices, standards regarding:

(a) Processes for receiving and responding to complaints and resolving disputes;

(b)

(A) Processes for storing consumer's personal information securely and in compliance with ORS 646A.600 through 646A.628.

(B) A process for promptly reporting breaches as required by ORS 646A.604.

(c) Policies and processes for ensuring accuracy, fairness, and privacy of information in accordance with the Fair Credit Reporting Act, Regulation V;

(d) Policies and processes for withdrawing or dismissing legal actions that are barred by the statute of limitations;

(e) Policies and processes for ensuring accurate and truthful affidavits;

(f)

(A) Policies and processes for establishing a continuous chain of title for a debt from original creditor to current owner, and which comply with ORS 646.639(4) and sections 1-3 of the 2017 Oregon Laws Ch. 625. The polices and procedures must require a copy of the signed contract, judgement, or other account level document creating the debt and establishing any right to additional fees upon default.

(B) At a minimum, policies must address acquiring sufficient information about debt and debtor to accurately identify:

(i) The debtor;

(ii) The original creditor at charge off;

(iii) The balance due on the debt on the date on which the debt was charged off;

(iv) The amount and rate of interest and any fees and charges that the original creditor imposed under the original contract, if the debt buyer knows the amount, rate, fee or charge;

(v) The amount and rate of interest, any fees and charges that the debt buyer or any previous buyer of the debt imposed;

(vi) A copy of each document evidencing the transfer or sale of the debt.

(4) Licensees must establish and periodically update due to changes in law or industry best practices, training for employees and contractors involved in debt collection or customer dispute resolution activities.

(a) Training must address ORS 646.639 and the Fair Debt Collection Practice Act ( 15 U.S.C. § 1692 et seq.);

(b) Compliance with Sections 1-3 of 2017 Oregon Laws Ch. 625.

Or. Admin. R. 441-820-0110

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