Or. Admin. Code § 441-895-0005 - Application Requirements

Except as provided in OAR 441-895-0010, each person applying for a student loan servicer license shall submit to the director all the following required application materials and information:

(1) A completed Form MU1 submitted through the NMLS and approved by the director.

(2) A completed Form MU2 submitted through the NMLS and approved by the director for any individual identified in OAR 441-895-0010.

(3) Fingerprints and an authorization to conduct a criminal records check and authorize a credit report submitted through the NMLS from any individual that acts as a controller or manager for the student loan servicer.

(4)

(a) A corporate surety bond submitted through the NMLS; or

(b) An irrevocable letter of credit filed with the director through the NMLS.

(5)

(a) Financial statements prepared in accordance with generally accepted accounting principles, including a balance sheet and a statement of income or operations, dated not more than six months prior to submission of the application through the NMLS.

(b) The financial statements may be prepared by the student loan servicer, except that if the director finds it in the public interest, the director may require that a student loan servicer submit financial statements prepared by an independent accountant.

(c) If the financial statements are more than six months old, interim period financial statements prepared by the student loan servicer for the period ending the last full month prior to the date of application shall also be submitted.

(6) A statement with a detailed breakdown of the portfolio of student loan servicing rights for Oregon. The information should reflect the composition of the portfolio based on student loan servicing rights owned and aggregate number of loans and unpaid principal balance of all student loan loans segregated by subservicer. The information provided should be as of the most recent quarter and reported in the form of an NMLS student loan call report, if available.

(7) The names and contact information of all subcontractors performing servicing activities on behalf of the student loan servicer.

(8) Biographical information required by OAR 441-895-0015 submitted through the NMLS.

(9) The name and address of the registered agent in this state upon whom any process, notice or demand required or permitted by law to be served upon the servicer may be served.

(10) The information required under OAR 441-895-0025 for each branch office submitted through the NMLS.

(11) Payment of fees for application or renewal, as applicable, under OARs 441-895-0045 and 441-895-0055, as applicable, paid through the NMLS.

(12) Any information or documentation required to be submitted in connection with an application that cannot be filed through NMLS shall be transmitted to the department in a form and manner approved by the director.

Notes

Or. Admin. Code § 441-895-0005

FSR 2-2022, adopt filed 06/27/2022, effective 7/1/2022; FSR 1-2024, minor correction filed 01/29/2024, effective 1/29/2024

Statutory/Other Authority: Or Laws 2021, ch 651, secs 1-10

Statutes/Other Implemented: Or Laws 2021, ch 651, secs 2-10