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Banks
Administration and Enforcement of Banking Laws Generally
These permanent rules implement section 20 of House Bill 3630 (2008). Section 20(1) of HB 3630 contains the content for a foreclosure notice that must be delivered to a homeowner. Section 20(2) of the bill requires the Department of Consumer and Business Services to adopt by rule contact information that the sender must provide in the foreclosure notice. The foreclosure notice form in statute left spaces for a statewide contact telephone number, the telephone numbers and a website address for the Oregon State Bar's Lawyer Referral Service, and a website address for a directory of legal aid programs. These rules describe what contact information will be required on the foreclosure notice form.
These proposed rule amendments would increase the examination or audit fees assessed by the Director in the following programs administered in the Division of Finance and Corporate Securities: mortgage lending, prearranged funeral plans, credit service organizations, collection agencies, debt consolidating agencies, money transmitters, and pawnbrokers.
The legislature directed the Department of Consumer and Business Services to regulate manufactured structures dealers through licensing. The administration of the manufactured structures dealer licensing program was transferred from the Building Codes Division to the Division of Finance and Corporate Securities (DFCS). The rules administering manufactured the structures dealer licensing program are being moved to OAR chapter 441, where the rules concerning other programs administered by DFCS are located. This rulemaking activity only includes changing administrative rule numbers and cross references.
Recent rules - permanent rules not yet posted to Secretary of State Web site:
In 2003, the legislature passed Senate Bill 468, which directed the Department of Consumer and Business Services to regulate manufactured structure dealers through licensing. The administration of the manufactured structures dealer licensing program was transferred from one internal division of the Department - the Building Codes Division - to another internal division of the Department, the Division of Finance and Corporate Securites (DFCS). The rules administering the manufactured structures dealer licensing program are being moved to OAR chapter 441, where the rules concerning other DFCS administered programs are located. This rulemaking activity only changed rule numbers.
Existing language in two rules concerning deceptive advertising practices would be moved to a new rule specifically about advertising. Additional deceptive advertising practices would be described in this new rule. Failure to disclose relationships with builders or realtors to borrowers would be a deceptive practice.
The Federal Trade Commission (FTC) recently adopted updated regulations governing the sale of franchises that become mandatory by June 30, 2008. Among other things, these updated regulations specify the types of disclosures a seller provides to a prospective purchaser. Administrative rules adopted by Oregon covering disclosure forms would be inconsistent with the FTC rules as of June 30, 2008. These rules make changes in the disclosure requirements for franchise sales in Oregon to remain consistent with federal requirements. Sellers of a franchise in Oregon need only meet the requirements of the FTC federal regulations in terms of disclosure.
This temporary rule implements Senate Bill 1064, passed in the 2008 supplemental legislative session. SB 1064 requires the Department of Consumer and Business Services to require reports from mortgage bankers and mortgage brokers concerning their residential mortgage activity, which includes specifying what loan information mortgage brokers and mortgage bankers must submit. Residential mortgage brokers and mortgage bankers need guidance on what information they must submit on the initial report, which necessitates the adoption of a temporary rule.
The adoption of OAR 441-865-0022 raised concerns that the collection of some portions of the information the department requested may be too costly to accomplish through reasonable effort. Although the department recognizes that the information would help construct a more complete picture of the mortgage lending industry, the department did not intend to unnecessarily burden licensees with reporting requirements. This rulemaking activity clarifies that while the department encourages the collection of all the data specified in the rule certain items would not be mandatory for the present reporting period.
These temporary rules implement section 20 of House Bill 3630 (2008). Section 20(1) of HB 3630 contains the content for a foreclosure notice that must be delivered to a homeowner. Section 20(2) of the bill requires the Department of Consumer and Business Services to adopt by rule contact information that the sender must provide in the foreclosure notice. The foreclosure notice form in statutes left spaces for a statewide contact telephone number, the telephone numbers and a website address for the Oregon State Bar's Lawyer Referral Service, and a website address for a directory of legal aid programs. These rules describe what contact information will be required on the foreclosure notice form.
Resources:
Statutes: This links to the general Oregon Revised Statues Web site. It provides search and index functions as well as an overview to the Oregon Revised Statutes.
Rules: This is a general link to the Div. of Finance and Corporate Securities Rules as posted on the Secretary of State's Oregon State Archives Web site. Search and index functions available.
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