Senate Bill 1064

Important notice: On May 1, 2008, a new law, ORS 59.860(3), went into effect which expands enforcement over loan originators by allowing the Department of Consumer and Business Services (DCBS) to ban or suspend loan originators from engaging in dishonest or fraudulent practices. DCBS will maintain a registry of loan originators and list complaints made against them as well as actions taken.

The bill also requires lenders to file an annual report with DCBS detailing their lending activity. The timing and data required by the report were set by administrative rule, located at OAR 441-865-0024, which requires that each licensee file a report regarding its 2007 business practices by August 30, 2008. Licensees that fail to file the annual report may be subject to a civil penalty of up to $100 per day for each day the report is late.

The division has posted the annual report form on our web site at https://www4.cbs.state.or.us/exs/dfcs/mlrpt/. The form is completed online and must be completed by August 30, 2008. For security purposes, you will need your license number and PIN number to access the report form. The PIN number is the same one that you use with our online licensing system. For answers to frequently asked questions, including how to find your PIN number, please click here.