Or. Admin. Code § 441-890-0050

Current through Register Vol. 63, No. 11, November 1, 2024

Section 441-890-0050 - Rules for Use of an Assumed Business Name

(1) In addition to any requirements for registering an assumed business name with the Secretary of State, a mortgage servicer who intends to use an assumed business name to identify the person's mortgage servicer business shall also comply with the following before doing business under the assumed business name:

(a) If the assumed business name contains words or phrases described in ORS 56.023, the mortgage servicer must obtain specific written approval from the director under ORS 705.635 and OAR 441-005-0010.

(b) The mortgage servicer must list the name as an other trade name on the company's MU1 in NMLS.

(2) Regardless of the lack of any ownership interest in the assumed business name, the mortgage servicer is responsible for all actions of those acting under the assumed business name which relate to mortgage servicing.

Or. Admin. Code § 441-890-0050

FSR 9-2017, temporary adopt filed 10/20/2017, effective 10/20/2017 through 04/17/2018; FSR 3-2018, adopt filed 04/16/2018, effective4/17/2018; FSR 19-2018, minor correction filed 05/17/2018, effective 5/17/2018

Statutory/Other Authority: ORS 86A.309

Statutes/Other Implemented: ORS 86A.312