Except as provided in ORS 59.870, the Director of the Department of Consumer and Business Services may by order deny, suspend, condition or revoke a license of a person as a mortgage banker or mortgage broker if the director finds that the applicant or licensee:
(1) Is insolvent, either in the sense that the liabilities of the applicant or licensee exceed the assets of the applicant or licensee or that the applicant or licensee cannot meet the obligations of the applicant or licensee as the obligations mature, or is in such financial condition that the applicant or licensee cannot continue in business with safety to the customers of the applicant or licensee.
(2) Has engaged in dishonest, fraudulent or illegal practices or conduct in any business or profession or unfair or unethical practices or conduct in connection with the mortgage business.
(3) Has willfully or repeatedly violated or failed to comply with any provision of ORS 59.840 to 59.980 or any rule or order of the director.
(4) Has been convicted of a misdemeanor, an essential element of which is fraud, or of a felony.
(5) Has filed an application for a license that, as of the date the license was issued, or as of the date of an order denying, suspending, conditioning or revoking a license, was incomplete in any material respect or contained any statement that was, in light of the circumstances under which it was made, false or misleading with respect to any material fact.
(6) Has failed to account to persons interested for all money or property received in connection with a mortgage loan.
(7) Is permanently or temporarily enjoined by a court of competent jurisdiction from engaging in or continuing any conduct or practice involving any aspect of the mortgage business.
(8) Is the subject of an order of the director denying, suspending, conditioning or revoking a license as a mortgage banker or mortgage broker.
(9) Is the subject of a United States Postal Service fraud order that is currently effective and was issued within the last five years.
(10) Does not have the experience required by ORS 59.850 (2) or (3).
(11) Has failed to comply with the requirements of ORS 59.860 to make and keep records prescribed by rule or order of the director, to produce such records required by the director or to file any financial reports or other information the director by rule or order may require.
(12) Is the subject of an order of the director denying, suspending, conditioning or revoking a license under the provisions of any other law administered by the director.
(13) Is the subject of a cease and desist order entered after notice and opportunity for hearing and issued by the director within the last five years.
(14) Has demonstrated negligence or incompetence in performing any act for which the licensee is required to hold a license.
(15) Has failed to supervise diligently and control the mortgage-related activities of a loan originator employed by the licensee.
(16) Has knowingly misrepresented to the director the training of, examination of or continuing education time earned by a loan originator employed by the licensee.
(17) Has willfully or repeatedly employed persons as loan originators who do not meet the training, education or continuing education requirements for loan originators.
(18) Has failed to notify the director of the termination of a loan originator for failure to comply with state or federal laws, regulations or rules. [1993 c.508 §6; 2001 c.952 §10]
Section: Previous 59.820 59.830 59.840 59.845 59.850 59.855 59.860 59.865 59.870 59.875 59.880 59.885 59.890 59.895 59.900 NextLast modified: August 7, 2008