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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Collection Agency Registration The Oregon Division of Financial Regulation registers individuals or companies that collect third-party debts or repossess collateral, such as a vehicle. Specifically, ORS 697.005 defines a collection agency as a person that: •Directly or indirectly solicits a claim for collection; •Collects or attempts to collects a claim owed or asserted to be owed to a third party; •Sells, offers to sell or furnishes forms represented to be a collection system, even if the creditor uses its own name in collecting the debt using the collection system; •Uses a fictitious name or name other than their own to collect their own debt; •Repossesses or attempts to repossess collateral due or asserted to be due to another person; or •Collects claims from another person while using a name other than the usual business name of the party owed the debt and that tends to convey that a third-party has been engaged to collect the claim. ORS 697.015 requires that a collection agency be registered in Oregon to operate in this state.
Consumer Finance License Any person who makes a loan to an Oregon consumer and the loan is for $50,000 or less, with a term of more than 60 days and at an interest rate greater than 12%, is required to have a consumer finance license. Anyone who acts as an agent, broker or facilitator in which, for a fee or consideration for a person that makes a consumer finance loan to an Oregon consumer, is also required to have a consumer finance license. No license is required for business purpose loans, commercial loans, purchase money loan or retail installment sales contracts. (More Details)
Consumer Finance Registration A consumer finance company registration is required for any person or company that DOES NOT originate loans from their corporate office location, but has locations that make consumer finance loans of $50,000 or less to Oregon consumers. A consumer finance registration is required only if the annual percentage rate (APR) exceeds 12%. No license is required for business or commercial loans. (More Details)
Debt Management Service Provider Registration Companies that help people with their debt, such as debt settlement or consolidation, credit repair, home loan modifications or short-sale negotiations, and budget counseling must register with the Division, unless an exemption in ORS 697.612(3) applies.
Exempt Company Registration This registration is voluntary for a mortgage company that is exempt but has employees that act as mortgage loan originators. (More Details)
Money Transmitter License Businesses that want to provide money transmission services in Oregon, such as electronic bill payment and wiring money, must have a license with the division. Specifically, money transmission services is defined in ORS 717.200(11) as “selling or issuing payment instruments or engaging in the business of receiving money for transmission, or transmitting money within the United States or to locations abroad by any and all means, including but not limited to payment instruments, wire, facsimile or electronic transfer.” ORS 717.205(1) requires a person to have a license to conduct a money transmission business.
Mortgage Lender License This License is required of any company (including sole proprietorship) that for compensation or gain, or in the expectation of compensation or gain: (a) assists or holds itself out as being able to assist a person in obtaining or applying to obtain an Oregon residential mortgage loan, (b) makes an Oregon residential mortgage loan or (c) offers to sell or sells residential real estate paper or accepts funds for investment in real estate paper. An Oregon residential mortgage loan is any loan secured by a 1-4 dwelling unit made to an Oregon consumer, on Oregon property, or from a place of business located in Oregon. (More Details)
Mortgage Servicer License This license will become available in NMLS starting November 1st, 2017. Any company that will be servicing an Oregon residential mortgage loan that is not exempted by law is required to have a mortgage servicer license prior to engaging in servicing activity per Section 3 of SB 98 passed during the 2017 Oregon legislative session.
Payday - Title Loan License A payday/title loan license is required for any person or company that originates short-term loans of less than $50,000 to Oregon consumers, or acts as an agent, broker or facilitator for a person that makes short-term loans of less than $50,000 to Oregon consumers. Such loans may not exceed 60 days and are typically repaid in a single payment. Interest rates are limited to 36% per annum. (More Details)
Payday - Title Loan Registration A payday/title loan registration is required for any person or company that DO NOT originate payday and/or title loans from their corporate office location, but they have branch locations that do originate payday and/or title loans of less than $50,000 to Oregon consumers. Each branch location that does originate loans will need a branch license. (More Details)
Branch Licenses Description Requirements Checklist
Collection Agency Branch Registration A registered collection agency is required to have a registered branch if the collection agency is located outside of the state of Oregon but conducts business collecting debts incurred in Oregon from Oregonians, unless the collection agency has been granted a waiver. The branch location must be a regular, active business office located in Oregon. The company is only required to register one branch in Oregon. This license should only be applied for by a company that also holds or is applying for OR Collection Agency Registration.
Consumer Finance Branch License A consumer finance branch license is required for each location that makes a loan to an Oregon consumer and the loan is for $50,000 or less, with a term of more than 60 days and at an interest rate greater than 12%. No license is required for business purpose loans, commercial loans, purchase money loan or retail installment sales contracts. (More Details)
Mortgage Lender Branch License This License is required for each fixed physical location, other than the main location of the company, of a licensed Mortgage Lending company offering to originate residential mortgage loans for Oregon consumers, secured by Oregon property or at a physical location in Oregon. (More Details)
Mortgage Servicer Branch License This license will become available in NMLS starting November 1st, 2017. Any company that services an Oregon residential mortgage loan at a location other than the business entity’s principal place of business. Section 4 of SB 98, passed during the 2017 legislature, requires a mortgage servicer to identify all branches at which it will engage in the servicing of Oregon residential mortgage loans as well as display a copy of the license in each branch.
Payday - Title Loan Branch License A payday/title loan branch license is required for each location that originates loans of less than $50,000. A person acting as an agent, broker, or facilitator for an entity that makes such loans must also be licensed as a payday/title lender. Such loans may not exceed 60 days and are typically repaid in a single payment. Interest rates are limited to 36% per annum. (More Details)
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator License This license is required of any individual, who for compensation or gain, or in the expectation of compensation or gain, takes a residential mortgage loan application or offers to negotiate or negotiates the terms of a residential mortgage loan for an Oregon consumer, on Oregon property or from a place of business in Oregon.
 

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