Or. Admin. Code § 441-446-0203 - Exemptions from Mortgage Loan Originator Licensing
In addition to the provisions contained in ORS 86A.203(2) through (4) relating to the exemption of a dealer from licensing as a mortgage loan originator, the following conditions apply:
(1)
(a) Only one limited manufactured structure
dealer licensee per manufactured dwelling park may claim the exemption from
licensing under ORS 86A.203.
(b) A manufactured structure dealer may offer
or negotiate the terms of a residential mortgage loan in a manufactured
dwelling park where a limited manufactured structure dealer claims an exemption
under ORS 86A.203(2)(f),
but the manufactured structure dealer may not acquire or hold an ownership
interest in the manufactured dwelling park or in the business entity holding
the limited manufactured structure dealer license.
(2)
(a) A
licensed or registered mortgage loan originator may offer or negotiate terms
for a residential mortgage loan on behalf of a dealer who holds the statutory
maximum number of loans set out in ORS
86A.203(3) or
(4), as applicable to that dealer.
(b) A dealer must verify, whether through
NMLS Consumer Access or other means, that the mortgage loan originator retained
to complete a transaction under this section meets the requirements of ORS
86A.200 to ORS
86A.239.
(c) This section does not waive any other
legal requirements that may apply to a dealer.
(3) For purposes of establishing the maximum
number of residential mortgage loans a dealer may offer or negotiate without a
mortgage loan originator license, this rule applies to residential mortgage
loans made on or after July 31, 2010.
Notes
Stat. Auth.: ORS 446.666
Stats. Implemented: ORS 86A.203
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.