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2019 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 086A - Mortgage Lending
Section 86A.109 - Expiration of initial license; renewal; duration of renewed license; change in personnel; rules.
Universal Citation: OR Rev Stat § 86A.109 (2019)
(1) An initial license expires one year after the date of issuance unless the Director of the Department of Consumer and Business Services establishes a different expiration date to coordinate with the Nationwide Mortgage Licensing System and Registry.
(2) The director by rule shall establish procedures to renew a license. The rule shall specify the duration of a renewed license.
(3) If there is a change in the partners, directors, officers or persons that occupy similar positions or perform similar functions, or persons that directly or indirectly control a mortgage banker or mortgage broker, written notification of the change must be filed promptly with the director. No fee is required for the notification. [Formerly 59.855]
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