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
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
State Archives • 800 Summer St. NE • Salem, OR 97310