(1) It is unlawful for any person to engage in residential mortgage transactions in this state as a mortgage banker or mortgage broker unless the person is licensed under ORS 59.840 to 59.980. A person who is a mortgage banker or mortgage broker under ORS 59.840, but who does not engage in residential mortgage transactions in this state, is not required to obtain a license under ORS 59.840 to 59.980.
(2) For purposes of this section, a person “engages in residential mortgage transactions in this state” when any act constituting the business of a mortgage banker or mortgage broker and involving a residential mortgage transaction originates from this state or is directed to and received in this state or when the real estate that is the subject of the activities of the mortgage banker or mortgage broker is located in this state. [1993 c.508 §2; 1999 c.36 §2]
Section: Previous 59.780 59.790 59.800 59.810 59.820 59.830 59.840 59.845 59.850 59.855 59.860 59.865 59.870 59.875 59.880 NextLast modified: August 7, 2008