Or. Admin. Code § 441-910-0010

Current through Register Vol. 63, No. 12, December 1, 2024

Section 441-910-0010 - Registration Requirements

(1) All persons performing debt management services shall apply for registration through the Nationwide Mortgage Licensing System. The application form shall require the person to supply the information required by ORS 697.632 and the following:

(a) The identification number of the applicant's Oregon issued certified public accountant or law license, if the applicant holds a certified public accountant or law license;

(b) The name and identifying number, if any, of an applicant's license, registration, or similar indicia of permission as a debt management service provider or similar form of license or registration in any other state;

(c) A description of any other business activities not constituting debt management services and a description or depiction of the debt management service provider's organizational structure;

(d) Any assumed business name registered with the Secretary of State under which the applicant will conduct business as a debt management service provider; and

(e) The name and the location of the insured institution the applicant establishes to keep the consumer funds that the debt management service provider holds.

(2) The person shall through the Nationwide Mortgage Licensing System with the application for registration as a debt management service provider the following:

(a) A correct and true copy of the surety bond required by ORS 697.642 in a form and on terms approved by the director in the amount of $25,000.

(b) A copy of any disclosure documents, agreements, or contracts to be signed by a consumer for any debt management services.

(c) A sample budget analysis conforming to the minimum requirements in OAR 441-910-0145.

(d) A copy of the applicant's proposed fee schedule.

(e) A resume of the debt management service provider's managing members, managing partners, executive officers, directors, principals, or persons authorized to enter into contracts or make changes in policy for a debt management service provider.

(f) Financial statements prepared in accordance with generally accepted accounting principles, consisting of a balance sheet and a statement of income or operations and are dated not more than 12 months prior to submission of the application; and

(g) A signed disclosure for the applicant and each person identified in subsection (e) of this section of the following occurring within the five year period prior to application:

(A) Any adverse judgment by a state or federal court;

(B) Any pending bankruptcy proceedings or any bankruptcy judgments;

(C) Any injunctions issued to stop an act involving a debt management practice;

(D) Any arbitration award made in favor of another person;

(E) Any adverse final order issued by a federal or state agency;

(F) Any cease and desist order issued by the director; and

(G) Any criminal convictions, if an essential element of the crime involved fraud.

(3) An application for registration as a debt management service provider shall be considered abandoned if:

(a) The director has had one or more incomplete documents as part of an application for a minimum of 60 days; and

(b) The applicant has not responded within 30 days following a written notice from the director requesting submission of all fees, documents, or information necessary to make the application complete.

(4) The director shall not issue a registration as a debt management service provider unless the applicant pays any applicable fee specified in OAR 441-910-0055.

(5) A Registrations issued before November 1, shall expire at the end of the calendar year. Registrations issued on or after November 1st shall expire at the end of the following calendar year.

Or. Admin. Code § 441-910-0010

DC 16-1983(Temp), f. & ef. 6-28-83; DC 2-1984, f. & ef. 1-16-84; Renumbered from 814-106-0005; FCS 9-1988, f. 4-12-88, cert. ef. 5-1-88; FCS 5-2000, f. & cert. ef. 3-9-00; FCS 4-2005, f. 12-8-05, cert. ef. 1-1-06; FCS 13-2009, f. 12-18-09, cert. ef. 1-1-10; FSR 5-2017, f. & cert. ef. 4/14/2017; FSR 2-2020, minor correction filed 03/20/2020, effective 03/20/2020; FSR 20-2020, minor correction filed 04/01/2020, effective 4/1/2020

Statutory/Other Authority: ORS 697.840

Statutes/Other Implemented: ORS 697.632 & 697.752