Or. Admin. Code § 441-895-0085
Current through Register Vol. 64, No. 1, January 1, 2025
Section 441-895-0085 - Exempt Entities(1) A person need not obtain a student loan servicer license under section (2)(1) of Oregon Laws 2021, chapter 651 if the person: (a) Is a financial institution, as defined in ORS 706.008.(b) A financial holding company or bank holding company, both as defined in ORS 706.008, if the financial holding company or bank holding company does no more than control an affiliate or subsidiary, as defined in 12 U.S.C. 1841(d), and does not engage in business as a student loan servicer.(c) An attorney who is licensed or otherwise authorized to practice law in this state if the attorney services a student loan only incidentally in the course of practicing law.(d) A public body, as defined in ORS 174.109.(e) A public university listed in ORS 352.002.(f) A community college, as defined in ORS 341.005.(g) The Oregon Health and Science University.(h) A nonprofit, private, post-secondary institution that the Higher Education Coordinating Commission has authorized to confer academic degrees under ORS 348.594 to 348.615.(i) A state agency or a private nonprofit institution or organization that has an agreement with the United States Secretary of Education under section 428(b) of the Higher Education Act of 1965 (20 U.S.C. 1078(b)), solely to the extent of the agency's, institution's or organization's actions as a guarantor that engages in averting defaults. The exemption set forth in this paragraph does not extend to the agency's, institution's or organization's actions in servicing a student loan.(2) Notwithstanding section (1) the director may require any person to obtain a license under OAR 441-895-0005 before the person services or continues to service a student loan in this state if the director determines that the person has violated state or federal law or has engaged in a course of dealing that is fraudulent, deceptive or dishonest.Or. Admin. Code § 441-895-0085
FSR 2-2022, adopt filed 06/27/2022, effective 7/1/2022Statutory/Other Authority: Or Laws 2021, ch 651, secs 1-10
Statutes/Other Implemented: Or Laws 2021, ch 651, secs 2-10