2017 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 086A - Mortgage Lending
Section 86A.318 - Required notices to director; rules.
(1)(a) A licensee shall notify the Director of the Department of Consumer and Business Services in writing at least 30 days before the licensee:
(A) Relocates or closes the licensee’s principal place of business or a branch office in this state; or
(B) Opens a branch office that the licensee did not list in an application under ORS 86A.309.
(b) In a notice under paragraph (a) of this subsection the licensee shall list, as applicable:
(A) The new address to which the licensee relocates the licensee’s principal place of business or any branch office; and
(B) The address for any new branch office the licensee opens.
(2)(a) A licensee shall notify the director in writing not later than 30 days after:
(A) Any appointment, resignation or other change occurs in the licensee’s controllers, registered agents or managers; or
(B) Any material change occurs in the information that the licensee submitted in an application under ORS 86A.309.
(b) The licensee shall provide in a notice under paragraph (a)(A) of this subsection the name, address and title of any new controller, registered agent or manager the licensee appoints.
(3)(a) A licensee shall notify the director in writing not later than 10 days after:
(A) Filing for bankruptcy or reorganization;
(B) A controller, registered agent or manager of the licensee becomes subject to an indictment that is related in any manner to the licensee’s activities;
(C) The licensee receives notice of a final order issued in this or another state that:
(i) Demands that the licensee cease and desist from any act;
(ii) Suspends or revokes a license or registration; or
(iii) Constitutes any other formal or informal regulatory action against the licensee;
(D) The licensee registers or changes and uses or operates under an assumed business name; or
(E) Another change in the licensee’s operations or governance occurs in a manner or with an effect that the director determines by rule is significant enough to warrant the licensee notifying the director.
(b) A licensee shall specify in a notice under paragraph (a)(C) of this subsection the reasons for taking a regulatory action against the licensee that are set forth in any final order.
(4) A licensee shall notify the director immediately if the licensee changes registered agents or if the name or address for the licensee’s registered agent in this state changes. In the notice the licensee shall update the name and address for the registered agent. [2017 c.636 §7]
