Or. Admin. Code § 441-895-0095

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

Section 441-895-0095 - Disclosure of Significant Developments

(1) A licensee must notify the director within 10 days following the occurrence of any of the following significant developments:

(a) Filing for bankruptcy or reorganization;

(b) The licensee or a director, member, officer, manager, partner, control person or registered agent becomes subject to an indictment related in any manner to the licensee's activities;

(c) The licensee receives notice of a final order issued in this or another state that:

(A) Demands that the licensee cease and desist from any act;

(B) Suspends or revokes a license or registration; or

(C) Constitutes any other formal or informal regulatory action against the licensee;

(d) The licensee ceases doing business or ceases servicing student loans; or

(e) Any change in assumed business name registered with Secretary of State.

(2) A licensee must notify the director at least 30 days before:

(a) Closing its principal place of business or a licensed branch;

(b) Opening a branch office that the licensee did not list in an application under OAR 441-895-0025;

(c) Changing registered agent. If a licensee fails to appoint or maintain a registered agent in this state or the registered agent cannot be found with reasonable diligence, the director shall be the agent of the servicer.

(3) A licensee must notify the director within 30 days following:

(a) The appointment, resignation or change in licensee's directors, members, officers, managers, partners, control persons or registered agent and provide the new address and title of any new director, member, officer, manager, partner, control person or registered agent.

(b) Any changes in the information required on the licensee application form under OAR 441-895-0005, including, but not limited to address changes, phone number changes, e-mail addresses, and other contact information;

(c) Any other material changes to information submitted in license application under OAR 441-895-0005.

(4) The director may require other information as necessary to determine whether a new application is required if a change of control or ownership of a licensee occurs. For purposes of this rule, a change in control or ownership includes:

(a) Acquisition of 10 percent or more of the stock in a corporation by a person or a group of persons, or the ability of a person or group acting in concert to elect a majority of the directors or otherwise effect a change in policy of the corporation;

(b) Acquisition of the licensee business, if the applicant is an unincorporated sole proprietorship;

(c) Acquisition by a managing partner of a limited partnership or a partner in a general partnership of 10 percent or more of the partnership interests in the general or limited partnership;

(d) Acquisition by a member or managing member in a limited liability company of a membership interest greater than or equal to 10 percent of the total membership interests in the limited liability company; and

(e) In the case of entities other than corporations or those listed in paragraphs (a) through (d) of this subsection, change in control shall mean any change in principals of the organization, whether active or passive.

(5) The director may request additional information regarding any of the occurrences outlined in this rule.

Or. Admin. Code § 441-895-0095

FSR 2-2022, adopt filed 06/27/2022, effective 7/1/2022

Statutory/Other Authority: Or Laws 2021, ch 651, secs 1-10

Statutes/Other Implemented: Or Laws 2021, ch 651, secs 2-10