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Oregon Bulletin

November 1, 2011

 

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

Rule Caption: Repeal banking rule governing charging off real estate assets.

Adm. Order No.: FCS 7-2011

Filed with Sec. of State: 10-3-2011

Certified to be Effective: 10-3-11

Notice Publication Date: 9-1-2011

Rules Repealed: 441-505-1135

Subject: In 2010, the Department of Consumer and Business Services, Division of Finance and Corporate Securities, conducted a rulemaking to clarify that the initial minimum charge-off of real estate that an Oregon-chartered bank owns or holds pursuant to ORS 708A.175(3) and (4) must occur within 12 months of the vesting of the property, rather than within the same calendar year as the date of vesting (FCS 11-2010). The 2011 Legislature amended ORS 708A.590 (Enrolled House Bill 2614) to eliminate the requirement for a minimum 5% annual charge-off of such real estate by Oregon-chartered banks. This rulemaking repeals OAR 441-505-1135, which governed the charging off of such real estate assets, to comply with Enrolled House Bill 2614.

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

 

Rule Caption: Amends fees for mortgage banker, mortgage broker and mortgage loan originator licenses.

Adm. Order No.: FCS 8-2011

Filed with Sec. of State: 10-3-2011

Certified to be Effective: 10-3-11

Notice Publication Date: 9-1-2011

Rules Amended: 441-860-0101, 441-880-0400

Rules Repealed: 441-860-0101(T), 441-880-0400(T)

Subject: In 2009, the Director of the Department of Consumer and Business Services adopted fees for licensing mortgage bankers, mortgage brokers and mortgage loan originators (see FCS 12-2009). Under ORS 291.050 et seq., all fees adopted by state agencies are automatically rescinded after the next regular legislative session unless adopted by the Legislature through enabling legislation.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 adopted reduced licensing fees for mortgage bankers, mortgage brokers and mortgage loan originators in enabling legislation (2011 House Bill 5014). In order to immediately remove any conflict between the previously-adopted administrative rules and the enabling legislation, DCBS adopted temporary rules in June 2011 that matched the reduced licensing fees for mortgage bankers, mortgage brokers and mortgage loan originators in the enabling legislation. These rules adopt the reduced fees on a permanent basis, as well as repeal the temporary rules.

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 or renewal:

(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 renewal 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 OL Ch. 618 § 1

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; FCS 8-2011, f. & cert. ef. 10-3-11

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 OL Ch. 816 § 1

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; FCS 8-2011, f. & cert. ef. 10-3-11

 

Rule Caption: Amend fees for master trustees and certified providers.

Adm. Order No.: FCS 9-2011

Filed with Sec. of State: 10-3-2011

Certified to be Effective: 10-3-11

Notice Publication Date: 9-1-2011

Rules Amended: 441-930-0270

Rules Repealed: 441-930-0270(T)

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 (Chapter 618, 2011 Laws; House Bill 5014).

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; FCS 9-2011, f. & cert. ef. 10-3-11

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

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