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Oregon Bulletin

August 1, 2011

 

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

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

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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