Or. Admin. R. 441-895-0020

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

Section 441-895-0020 - Deficiencies in Student Loan Servicer License Application, Renewal, Filing or Amendment

(1) If an applicant or licensee submits an application, renewal, filing, or amendment, which is incomplete in any respect, the director shall notify the applicant or licensee of the deficiencies through the NMLS. The applicant or licensee shall correct a deficiency associated with an application, renewal, filing, or amendment within 30 days of being notified through the NMLS that the director placed a deficiency on the person's application, renewal, filing, or amendment. A challenge submitted to the NMLS as set out in OAR 441-850-0050 shall halt the 30-day period of time for correcting deficiencies for the duration of the challenge process.

(2) If the applicant fails to complete the application or respond to deficiencies within 30 days, the application will be considered abandoned. Any fees paid by the applicant under OAR 441-895-0045 will not be refunded due to abandonment. An applicant whose application is abandoned under this rule may reapply to obtain a student loan servicer license.

FSR 2-2022, adopt filed 06/27/2022, effective 7/1/2022

Statutory/Other Authority: Or Laws 2021, ch 651, secs 1-10

Statutes/Other Implemented: Or Laws 2021, ch 651, secs 2-10