2017 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 086A - Mortgage Lending
Section 86A.336 - Suspension or removal of licensee’s director or officer.

(b) A director or officer that the Director of the Department of Consumer and Business Services has ordered a licensee’s board of directors or controller to remove may not, without the Director of the Department of Consumer and Business Services" permission, act in any official capacity or conduct any business for the licensee and may not in the capacity of a director, officer, controller or stockholder have access to the licensee’s assets, books, accounts, papers, records, files, correspondence, contracts and agreements, disclosures, documentation and other information or material the licensee uses in conducting business.

(2) The Director of the Department of Consumer and Business Services shall issue an order under this section in writing and cause the order to be served personally or by certified mail on the licensee and the director or officer that is the subject of the order. The Director of the Department of Consumer and Business Services may issue the order without an administrative hearing.

(3)(a) The board of directors or controller of a licensee that receives an order under this section shall immediately suspend from office the director or officer that is the subject of the order.

(b) The director or officer that is the subject of an order under this section may appeal the order as a contested case under ORS 183.415 to 183.500.

(4) The board of directors or the controller for a licensee by resolution shall remove a director or officer that is the subject of an order under this section and declare the director’s or officer’s office vacant if:

(a) The director or officer does not appeal the order by the date on which the period for an appeal under ORS 183.415 to 183.500 expires; or

(b) The order of the Director of the Department of Consumer and Business Services is affirmed on appeal. [2017 c.636 §13]