Or. Admin. Code § 441-895-0020 - Deficiencies in Student Loan Servicer License Application, Renewal, Filing or Amendment
(1) If an
applicant or licensee submits an application, renewal, filing, or amendment,
which is incomplete in any respect, the director shall notify the applicant or
licensee of the deficiencies through the NMLS. The applicant or licensee shall
correct a deficiency associated with an application, renewal, filing, or
amendment within 30 days of being notified through the NMLS that the director
placed a deficiency on the person's application, renewal, filing, or amendment.
A challenge submitted to the NMLS as set out in OAR
441-850-0050 shall halt the
30-day period of time for correcting deficiencies for the duration of the
challenge process.
(2) If the
applicant fails to complete the application or respond to deficiencies within
30 days, the application will be considered abandoned. Any fees paid by the
applicant under OAR 441-895-0045 will not be
refunded due to abandonment. An applicant whose application is abandoned under
this rule may reapply to obtain a student loan servicer license.
Notes
Statutory/Other Authority: Or Laws 2021, ch 651, secs 1-10
Statutes/Other Implemented: Or Laws 2021, ch 651, secs 2-10
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