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Oregon Bulletin

May 1, 2014

Department of Consumer and Business Services, Division of Finance and Corporate Securities, Chapter 441

Rule Caption: Clarifies that when a debt management service is provided, escrow fees count against fee limits.

Adm. Order No.: FCS 2-2014

Filed with Sec. of State: 4-8-2014

Certified to be Effective: 4-8-14

Notice Publication Date: 3-1-2014

Rules Adopted: 441-910-0096

Subject: This permanent rule implements changes to the escrow exemption for debt management service providers established by 2013 House Bill 3489. The permanent rulemaking clarifies that the exemption does not apply if an escrow agent assists an unregistered debt management service provider that is not exempt from registration in performing a debt management service, or provides escrow services to a consumer in accordance with a debt management services plan executed by an unregistered debt management services provider that is not exempt from registration. This permanent rulemaking clarifies that the total of fees for services provided by escrow agents and debt management service providers may not exceed the fee limitations set forth in the debt management statutes.

Rules Coordinator: Shelley Greiner—(503) 947-7484

441-910-0096

Business Activities

Fees for services shall be construed as all fees charged in connection with the debt management service provider transaction or activity, including but not limited to “escrow” fees.

Stat. Auth.: ORS 697.840

Implemented: ORS 697.692

Hist.: FCS 2-2014, f. & cert. ef. 4-8-14

Notes
1.) This online version of the OREGON BULLETIN is provided for convenience of reference and enhanced access. The official, record copy of this publication is contained in the original Administrative Orders and Rulemaking Notices filed with the Secretary of State, Archives Division. Discrepancies, if any, are satisfied in favor of the original versions. Use the OAR Revision Cumulative Index found in the Oregon Bulletin to access a numerical list of rulemaking actions after November 15, 2013.

2.) Copyright Oregon Secretary of State: Terms and Conditions of Use

Oregon Secretary of State • 136 State Capitol • Salem, OR 97310-0722
Phone: (503) 986-1523 • Fax: (503) 986-1616 • oregon.sos@state.or.us

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