(1) As used in this section, “loan originator” means an individual who:
(a) Is an insurance producer or insurance consultant licensed under ORS 744.002;
(b) Has not transacted insurance as defined in ORS 731.146 for a period of 60 consecutive days; and
(c) Would qualify as a full-time loan originator if not exempted under ORS 59.840 (4).
(2) An individual who is an insurance producer or insurance consultant licensed under ORS 744.002 and who is employed full-time as a loan originator shall:
(a) Complete an entry-level training course approved or provided by an organization certified as described in ORS 59.977;
(b) Pass an examination, approved or provided by an organization described in ORS 59.977, on laws and rules relating to mortgage lending in this state;
(c) If the individual has been employed as a loan originator for two or more years in this state, complete the continuing education requirements under ORS 59.975; and
(d) Undergo a criminal records check as required in ORS 59.972. [2003 c.526 §2; 2005 c.22 §41]
Note: Section 7, chapter 526, Oregon Laws 2003, provides:
Sec. 7. (1) The training and examination requirements described in ORS 59.969 and 59.970 do not apply to an individual who, on January 1, 2004:
(a) Is an insurance producer or insurance consultant licensed under ORS 744.002;
(b) Would qualify as a loan originator if not exempted under ORS 59.840 (4); and
(c) Has worked full-time performing the functions of a loan originator since January 1, 2002.
(2) The continuing education requirements described in ORS 59.969 and 59.970 apply to an individual who is an insurance producer or insurance consultant licensed under ORS 744.002 and who is a loan originator as defined in ORS 59.970. The two-year period allowed for the individual to complete the continuing education requirements begins on the filing date of the first application under ORS 59.969 that lists the individual. [2003 c.526 §7; 2005 c.22 §42]
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