Tag Archive: "Oregon"
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Oregon Modifies Provisions Regarding Foreclosure and Rights of Redemption
These provisions are effective on January 1, 2020.
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Oregon Amends Provisions Regarding Security Breaches
The state of Oregon amended its provisions regarding security breaches that involves personal information. These provisions are effective on January 1, 2020.
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Oregon Adopts Rules Relating to Mortgage Servicer Licensing
The Oregon Department of Consumer and Business Services, Finance, and Securities Regulation adopted rules relating to mortgage servicer licensing that include: application, liquidity, surety bond or irrevocable letter of credit, and fees. These provisions are effective immediately.
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Oregon Amends Provisions Regarding Breach of Security of Personal Information
Oregon Senate Bill 1551 creates new provisions and amends existing provisions regarding personal information that is subject to breach of security. These provisions require those that possess personal information that was subject to breach of security to notify those affected by the breach.
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Oregon Adopts Temporary Administrative Order Regarding Mortgage Servicer Licensing
The Mortgage Loan Servicer Practices Act necessitates that Oregon mortgage servicers attain a license from the Department of Consumer and Business Services (DCBS) by January 1, 2018. In order to provide time for the application process, a temporary rule has been adopted to create a licensing program in advance of the January 1, 2018 compliance date. This temporary rule adopted by Oregon sets application requirements for obtaining a license, requirements for corporate surety bonds and irrevocable letters of credit, and application and renewal fees. The rule also clarifies which entities are exempt from licensing.
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Oregon Debt Collection: Debts Owed to the State and Debt Buyers
The Oregon state legislature has passed Senate Bill 254 which requires financial institutions to participate in a Department of Revenue data match system and passed House Bill 2356 which outlines the requirements for a debt buyer seeking to bring legal action to collect a debt; and amends provisions concerning the licensing requirements for debt buyers.
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Oregon Enacts Provisions Regarding Mortgage Loan Servicer Practices Act
The state of Oregon enacted provisions regarding its Mortgage Loan Servicer Practices Act that include, but is not limited to, licensing application and renewal requirements and required fees. These provisions become operative on January 1, 2018.
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Oregon Residential Lending Updates
Oregon amends provisions related to reverse mortgages, mailing of notices and satisfaction document requirements concerning receipt of proceeds of the execution of sale of real property.
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Oregon Implements Rules Regarding Surety Bond Information
The Oregon Department of Consumer and Business Services, Finance and Securities Regulation, implemented rules allowing licensees to submit required surety bond information through the Nationwide Mortgage Licensing System and Registry. These provisions are effective on April 1, 2017.
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Oregon Amends Mortgage Loan Originator License Requirements
Effective January 1, 2017, Oregon has amended “Mortgage Loan Originator Continuing Education Requirements; Curing Deficiencies; License Sanctions for Failure to Maintain Continuing Education” to align the state licensing requirements to the Nationwide Mortgage Licensing System and Registry (NMLS) licensing requirements.