Or. Admin. Code § 441-820-0130 - Disclosure of Significant Developments

(1) A debt buyer must notify the director within 10 days of the occurrence of any of the following significant developments:

(a) Filing for bankruptcy or reorganization;

(b) A director, member, officer, manager, partner, control person or registered agent becomes subject to an indictment related in any manner to the licensee's activities;

(c) Licensee receives a notice of final order in any state relating to any regulatory action against licensee, licensee's directors, members, officers, managers, partners or control person finding a violation of a law, regulation, or order. As a part of the notification licensee must specify the reasons for the regulatory action;

(d) Any change in assumed business name registered with Secretary of State.

(2) A debt buyer must notify the director immediately upon a change of registered agent. The notice must include the name and address of the new registered agent.

(3) A debt buyer must notify the director at least 30 days before relocating or closing its principal place of business in Oregon and provide the new address or designated agent available to receive notice, demand, or service of process on behalf of licensee.

(4) A debt buyer must notify the director within 30 days of:

(a) The appointment, resignation or change in licensee's directors, members, officers, managers, partners or control persons and provide the new address and title of any new director, member, officer, manager, partner or control person.

(b) Any changes in the information required on the debt buyer application form under OAR 441-820-0010, including, but not limited to address changes, phone number changes, e-mail addresses, and other contact information;

(c) Any other material changes to information submitted in license application under OAR 441-820-0010.

(5) The director may require other information as necessary to determine whether a new application is required if a change of control or ownership of a debt buyer occurs. For purposes of this rule, a change in control or ownership includes:

(a) Acquisition of ten percent or more of the stock in a corporation by a person or a group of persons, or the ability of a person or group acting in concert to elect a majority of the directors or otherwise effect a change in policy of the corporation;

(b) Acquisition of the debt buyer business, if the applicant is an unincorporated sole proprietorship;

(c) Acquisition by a managing partner of a limited partnership or a partner in a general partnership of ten percent or more of the partnership interests in the general or limited partnership;

(d) Acquisition by a member or managing member in a limited liability company of a membership interest greater than or equal to ten percent of the total membership interests in the limited liability company; and

(e) In the case of entities other than corporations or those listed in paragraphs (a) through (d) of this subsection, change in control shall mean any change in principals of the organization, whether active or passive.

(6) The director may request additional information regarding any of the occurrences outlined in this rule.

Notes

Or. Admin. Code § 441-820-0130

FSR 11-2017, temporary adopt filed 10/27/2017, effective 10/27/2017 through 04/24/2018; FSR 4-2018, adopt filed 04/23/2018, effective 4/24/2018

Statutory/Other Authority: 2017 Or Laws 625 §§ 8, 13, 15

Statutes/Other Implemented: 2017 Or Laws ch 625 §§ 4 - 10