Oregon Bulletin
Rule
Caption: Suspend banking rules governing
charging off real estate assets.
Adm.
Order No.: FCS 4-2011(Temp)
Filed with Sec. of
State: 6-30-2011
Certified to be
Effective: 7-1-11 thru 12-28-11
Notice Publication
Date:
Rules Suspended: 441-505-1135
Subject: ORS 705.590 has required an Oregon chartered bank to
reduce the value of real estate they own by 5% of its original book value each
year, beginning the year the title is vested with the bank. This write down
continues until either the bank disposes of the real estate or 15 years,
whichever is first. To address concerns from Oregon banks about this law, the
Division of Finance and Corporate Securities adopted rules in December 2010
(FCS 11-2010) to clarify that the charge-off must occur within 12 months of the
vesting of the property, rather than within the calendar year of this date.
In the 2011
Legislative Session, the Oregon Bankers Association introduced and passed House
Bill 2614 (2011 Or Laws ch. 478). It allows an Oregon chartered bank to
immediately charge off the entire book value of the real estate when the bank
gets the property’s title. As adopted, it also requires that real estate owned
by the bank must always be valued and recorded in the bank’s records in
accordance with Generally Acceptable Accounting Principals (GAAP) and that an
Oregon’ bank can hold the real estate to 10 years effective with real estate
taken by the bank on or after the effective date of the bill.
Because the
regulation of the write down of the value of bank-owned real estate currently
in rule no longer matches the statutory requirement for write downs, the
inconsistency needs to be eliminated. The Division finds that there would be
serious prejudice to Oregon chartered banks if these temporary rules are not adopted immediately.
Rules Coordinator: Shelley Greiner—(503) 947-7484
441-505-1135
Charging Off Real Estate Assets
Effective December 1, 2010, an institution that owns or
holds real estate pursuant to ORS 708A.175(3) or (4) shall reduce the real
estate’s book value pursuant to ORS 708.590(2) by not less than five percent of
its original book value within 12 months from the date title to the real estate
is vested and by not less than an additional five percent of the original book
value during every 12-month period thereafter. ORS 708.195(2) states that title
is deemed vested on “the date the institution is first entitled to receive a
deed to the real estate.”
Stat. Auth.: ORS 706.790
Stats. Implemented: ORS
708A.590(2); 708A.175(3), (4), 708.195(2)
Hist.: FCS 11-2010, f. 11-29-10,
cert. ef. 12-1-10; Suspended by FCS 4-2011(Temp), f. 6-30-11,
cert. ef. 7-1-11 thru 12-28-11
Rule
Caption: Modifies fees for mortgage
banker, mortgage broker and mortgage loan originator licenses.
Adm.
Order No.: FCS 5-2011(Temp)
Filed with Sec. of
State: 6-30-2011
Certified to be
Effective: 7-1-11 thru 12-28-11
Notice Publication
Date:
Rules Amended: 441-860-0101, 441-880-0400
Subject: In 2009, the Director of the Department of Consumer
and Business Services adopted fees for licensing mortgage bankers and mortgage
brokers, including branch offices, and mortgage loan originators (see FCS
12-2009) effective January 1, 2010. Under ORS 291.050 et seq., all fees adopted
by state agencies are automatically rescinded after the next regular legislative
session unless adopted by the Legislature through enabling legislation. During
the 2011 regular legislative session, the Legislature reduced the licensing
fees for mortgage bankers and mortgage brokers, including branch offices, and
mortgage loan originators. This rulemaking reflects the fee reductions as
approved by the Legislature.
Because of this
discrepancy between the fees as they currently exist in rule and the
legislatively-approved fee amounts, the department finds that serious prejudice
to existing and prospective mortgage lending licensees will result if the
department does not adopt temporary rules immediately.
Rules Coordinator: Shelley Greiner—(503) 947-7484
441-860-0101
Fees Payable to the Director
In addition to any fees required to participate in the
National Mortgage Licensing System and Registry, a mortgage banker or a
mortgage broker shall pay to the director the following fees at the time of
application:
(1) A nonrefundable application fee for a mortgage
banker or mortgage broker license of $960 plus a $330 nonrefundable application
fee for each branch the mortgage banker or mortgage broker establishes in
Oregon.
(2) A nonrefundable renewal application fee for a
mortgage banker or mortgage broker license of $480 plus a $165 nonrefundable
application fee for each branch the mortgage banker or mortgage broker
maintains in Oregon.
Stat. Auth.: ORS 86A.136
Stat. Implemented: ORS 86A.106,
2011 HB 5014
Hist.: FCS 12-2009, f. 12-2-09,
cert. ef. 1-1-10; FCS 5-2011(Temp), f. 6-30-11, cert. ef. 7-1-11 thru 12-28-11
441-880-0400
Fees Payable to the Director
(1) In addition to any fees required to participate in
the National Mortgage Licensing System and Registry, a person applying for a
mortgage loan originator license shall pay to the director a nonrefundable fee
of $80 for the issuance of a mortgage loan originator license.
(2) In addition to any fees required to participate in
the National Mortgage Licensing System and Registry, a person renewing a
mortgage loan originator license shall pay to the director a nonrefundable fee
of $65 for the renewal of a mortgage loan originator license.
Stat. Auth.: ORS 86A.242
Stat. Implemented: ORS 86A.136,
86A.206, 2011 HB 5014
Hist.: FCS 12-2009, f. 12-2-09,
cert. ef. 1-1-10; FCS 5-2011(Temp), f. 6-30-11, cert. ef. 7-1-11 thru 12-28-11
Rule
Caption: Revision of fees for master
trustees and certified providers.
Adm.
Order No.: FCS 6-2011(Temp)
Filed with Sec. of
State: 6-30-2011
Certified to be
Effective: 7-1-11 thru 12-28-11
Notice Publication
Date:
Rules Amended: 441-930-0270
Subject: In 2010, the Division of Finance and Corporate
Securities, Department of Consumer and Business Services, conducted a
rulemaking to revise administrative rules related to the regulation of master
trustees and certified providers. As part of that rulemaking, the Division
adopted increased fees for both regulated entities. (FCS
14-2010). Under ORS 291.050 et seq., all fees adopted by state agencies
are automatically rescinded after the next regular legislative session unless
they are adopted by the Legislature. The 2011 Legislature recommended
reductions in the increases of licensing fees for master trustees and certified
providers (House Bill 5014). To comply, the Department is proposing these rules
to conform the fees in administrative rules for master trustees and certified
providers to this legislation.
Because the fees
currently in rule do not match the legislatively approved fees, the Division
finds that there would be serious prejudice to existing and prospective master
trustees and certified providers if these temporary rules are not adopted immediately.
Rules Coordinator: Shelley Greiner—(503) 947-7484
441-930-0270
Fees Assessed to Certified
Providers and Registered Master Trustees
The director shall annually assess the following fees
for each registered master trustee, certified provider, or applicant:
(1) Certification Fee — $390 per certified
provider. Each location is a separate entity for purposed of this fee.
(2) Registration Fee — $390 per master trustee.
(3) Limited Operations Fee — $80.
(4) Exam Fees — $75 per hour for each examiner,
plus costs of an examination.
(5) If the books and records are located outside
Oregon, the certified provider or master trustee must pay travel and per diem
expenses.
Stat. Auth.: ORS 97.926, 97.933
& 97.935
Stats. Implemented: ORS 97.933,
97.935, 2011 HB 5014
Hist.: DO 1-2002, f. & cert.
ef. 1-10-02; Renumbered from 440-300-0270; FCS 3-2004, f.
& cert. ef. 9-30-04; FCS 7-2004, f. 12-14-04,
cert. ef. 1-1-05; FCS 3-2005, f. & cert. ef. 9-6-05; FCS 2-2006, f. & cert. ef. 2-22-06; FCS 8-2008, f. & cert. ef. 8-28-08;
FCS 14-2010, f. 12-30-10, cert. ef. 1-1-11; FCS
6-2011(Temp), f. 6-30-11, cert. ef. 7-1-11 thru 12-28-11
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, 2010.
2.) Copyright 2011 Oregon Secretary of State: Terms and Conditions of Use |