Oregon Statutes - Chapter 646A - Trade Regulation - Section 646A.256 - Registration of credit services organizations; rules; fees.

(1) A credit services organization shall file a registration statement with the Department of Consumer and Business Services before conducting business in this state. The department by rule shall establish a registration system for credit services organizations. The system shall provide for annual renewals of registrations.

(2) Applications for registration or renewal shall be in writing on a form prescribed by the department and shall be accompanied by a fee in an amount to be established by the director by rule.

(3) The registration statement shall contain information that the director requires and that is consistent with ORS 646A.252 to 646A.270, including, but not limited to:

(a) The name and address of the credit services organization.

(b) The name and address of a registered agent authorized to accept service on behalf of the credit services organization.

(c) The name and address of any person who directly or indirectly owns or controls 10 percent or more of the outstanding shares in the credit services organization.

(d) The name and address of the surety company or insured institution issuing a surety bond or irrevocable letter of credit required by ORS 646A.258.

(4) The registration statement shall also contain either:

(a) A full and complete disclosure of any litigation or unresolved complaint filed with a governmental authority of this state, any other state or the United States relating to the operation of the credit services organization; or

(b) A notarized affidavit stating that there has been no litigation or unresolved complaint filed with a governmental authority of this state, any other state or the United States relating to the operation of the credit services organization.

(5) Except as provided in this subsection, the credit services organization shall update a registration statement not later than the 90th day after the date on which a change in the information required to be listed on the statement occurs. The credit services organization shall update a registration statement not later than 10 days before there is a change in any information required under subsection (3)(a) or (b) of this section.

(6) Each credit services organization registering under this section shall maintain a copy of the registration statement in the organizationís files. The credit services organization shall allow a consumer to inspect the registration statement upon request.

(7) If the director receives a registration statement that complies with this section and any rules of the director, the director shall register the credit services organization. [Formerly 646.386]

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Last modified: August 7, 2008