Or. Admin. Code § 441-880-0300

Current through Register Vol. 64, No. 1, January 1, 2025

Section 441-880-0300 - License Renewal; Reinstatement Process

(1) A mortgage loan originator license shall expire on December 31 of each calendar year. At least 30 days prior to the expiration of a mortgage loan originator license, a mortgage loan originator shall submit all information required to the National Mortgage Licensing System and Registry. The renewal application shall include evidence that:

(a) The mortgage loan originator submitted a complete Form MU4 and all required application materials and information to the Nationwide Mortgage Licensing System and Registry;

(b) The applicant continues to meet the minimum requirements for a mortgage loan originator license in ORS 86A.212;

(c) The applicant paid any required fee, as applicable, under OAR 441-880-0400; and

(d) The applicant completed ten hours of continuing education approved by the Nationwide Mortgage Licensing System and Registry as reported for the current calendar year.

(2) A person applying to reinstate a mortgage loan originator license that has lapsed for a period of five or more years, whether or not the applicant was employed or continued to engage in business as a mortgage loan originator during the period of the lapse, shall:

(a) Complete the continuing education requirements under this section (1) of this rule; and

(b) Pass a qualified written test under ORS 86A.215 and OAR 441-880-0215.

Or. Admin. Code § 441-880-0300

FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10; FCS 4-2012, f. & cert. ef. 8-1-12

Stat. Auth.: ORS 86A.242

Stats. Implemented: ORS 86A.215 & 86A.218