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Statutes and Administrative Rules


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Five-year rule reviews
Proposed administrative rules
Recent rules - permanent rules not yet posted to Secretary of State Web site
Temporary administrative rules

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Banks

Administration and Enforcement of Banking Laws Generally ORS Chapter 706
Bank Holding Companies; Financial Holding Companies ORS Chapter 715
Branch Banking; Automated Teller Machines ORS Chapter 714
Fees, names, and enforcement authority ORS Chapter 705 (705.610-705.642)
Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency ORS Chapter 711
Organization to Conduct Banking Business; Stockholders, Directors and Officers ORS Chapter 707
Out-of-State Banks and Extranational Institutions ORS Chapter 713
Regulation of Institutions Generally ORS Chapter 708A
Savings banks ORS Chapter 716
Definitions; annual assessments/fees OAR Chapter 441, Div. 500
  441-500-0020(4)
Risk-based assessment chart
General provisions OAR Chapter 441, Div. 505
Rulemaking and general procedures OAR Chapter 441, Div. 001

Check-cashing businesses

Collection Agencies; Check-Cashing Businesses; Debt Consolidating Agencies ORS Chapter 697 (697.500 to 697.555)
Check-Casher Rules OAR Chapter 441, Div. 755

Collection agencies

Collection Agencies; Check-Cashing Businesses; Debt Consolidating Agencies ORS Chapter 697 (697.005 to 697.095)
Collection agencies OAR Chapter 441, Division 810

Commodity transactions (Securities program)

Commodity transactions ORS Chapter 645
Commodity transactions (Securities program) OAR Chapter 441, Div. 300

Consumer finance

Consumer finance ORS Chapter 725
Consumer finance OAR Chapter 441, Div. 730

Credit unions

Credit unions ORS Chapter 723
Definitions, fees, membership, supervision, investments, powers, reserves OAR Chapter 441, Div. 710
Share drafts, corporate credit union, member business loans OAR Chapter 441, Div. 720

Debt management service providers

Debt management service providers ORS Chapter 697
Definitions, Registration, Renewal, Update Filings, Fees Business Activities, Records; Reports OAR Chapter 441, Div. 910
Appendix A to OAR 441-910-0099 Examples of allowable fees

Franchise transactions (Securities program)

Franchise transactions ORS Chapter 650
Franchise transactions OAR Chapter 441, Div. 325

Identity theft

Identity Theft ORS Chapter 646A 646A.600 to 646A.628
Definitions, Expenses of Providing Notification, Use of Social Security Number, Safeguarding of Personal Information OAR Chapter 441, Div. 646

Irreducible fund cemeteries

Irreducible fund cemeteries ORS Chapter 97 97.665

Manufactured structures dealer

Manufactured structure dealers and dealerships ORS Chapter 446 (446.661 through 446.995)
Dealer licensing OAR Chapter 441, Div. 446

Money transmitters

Money transmitters ORS Chapter 717
Money transmitters OAR Chapter 441, Div. 745

Mortgage lending

Mortgage lending ORS Chapter 86A
Custody of client funds OAR Chapter 441, Div. 875
License cancellation OAR Chapter 441, Div. 885
Licensing OAR Chapter 441, Div. 860
Loan originators OAR Chapter 441, Div. 880
Public records, fees, opinion requests, rulemaking OAR Chapter 441, Div. 850
Records and reports requirements OAR Chapter 441, Div. 865
Unethical practices OAR Chapter 441, Div. 870

Pawnbrokers

Pawnbrokers ORS Chapter 726
Pawnbrokers OAR Chapter 441, Div. 740

Payday and title lending

Payday and title lending ORS Chapter 725A
Payday and title lending rules OAR Chapter 441, Div. 735

Prearranged funeral plans and endowment care

Endowment cemetery care ORS Chapter 97 (97.810)
Prearrangement sales and preconstruction sales ORS Chapter 97 (97.923)
Prearranged funeral plans and endowment care OAR Chapter 441, Div. 930

Securities

Commodity transactions ORS Chapter 645
Franchise transactions ORS Chapter 650
Securities Regulation ORS Chapter 59
Books and records requirements OAR Chapter 441, Div. 195
Conditions of registration OAR Chapter 441, Div. 85
Denial, withdrawal or conditioning of exemptions OAR Chapter 441, Div. 45
Exempt securities OAR Chapter 441, Div. 25
Exempt transactions OAR Chapter 441, Div. 35
Federal covered securities OAR Chapter 441, Div. 49
Fraud and Deceit with Respect to Securities or Securities Business OAR Chapter 441, Div. 135
General provisions OAR Chapter 441, Div. 11
License cancellation, withdrawal OAR Chapter 441, Div. 225
License denial, suspension, or revocation OAR Chapter 441, Div. 205
Licensing (Broker-dealer, investment advisor, and individuals) OAR Chapter 441, Div. 175
Renewal of securities registration OAR Chapter 441, Div. 75
Securities registration OAR Chapter 441, Div. 65

Trusts

Regulation of Trust Business ORS Chapter 709
Definitions; annual assessments/fees OAR Chapter 441, Div. 500

 

Five-year rule reviews

OAR 441-755-0000 to 755-0310 (Check Cashing)
OAR 441-505-1160 (Trust Company Financial Statements)

Proposed administrative rules

Corrects administrative rule filing governing mortgage lending activities that occurred in August 2014 - amend: 441-860-0085, 441-860-0090; renumber: 441-875-0075 to 441-870-0075
On September 16, 2014, the Department of Consumer and Business Services adopted numerous changes to the administrative rules governing mortgage lending, though implementation of the rules was delayed until January 1, 2015. Unfortunately, the department inadvertently omitted citations to two amended rules that revised bonding calculations from the original notice, even though the original statement of need and fiscal impact addressed them. Additionally, the original notice proposed the adoption of OAR 441-875-0075 – which deemed filing false reports of condition as a dishonest, fraudulent or illegal practice or conduct – though the rule was meant to be codified in chapter 441, division 870. This limited rulemaking activity only gives formal notice of amendments to 441-860-0085 and 441-860-0090, as well as renumbering 441-875-0075 to 441-870-0075.
Securities - adopt: 441-035; amend: 441-035-0005
Title III of the Jumpstart Our Business Startups Act (JOBS Act), enacted in 2012, created a federal exemption for equity crowdfunding. Federal rules under the JOBS exemption have not yet been finalized. Under the federal intrastate exemption, Oregon may enact its own exemption from securities registration for purely domestic offerings unrelated to federal law. ORS 59.035(15) provides that the Director of the Department of Consumer and Business Services may create transactional exemptions for securities through rule. This proposed rulemaking establishes an exemption for small amounts raised by Oregon small businesses through a "community public offering" or what is generally referred to as "crowdfunding." The proposed rules place certain substantive restrictions on Oregon businesses relying on the exemption, such as individual investor and total offering caps. The rulemaking activity also requires disclosures be given to prospective investors and places restrictions on general advertising of the securities to the public.

 

Recent permanently adopted rules:

Money transmitter - Amend: 441-745-0340 - effective October 17, 2014
The rule reduces the hourly examination fee payable by money transmitters to the hourly fee set in statute. In 2008, the Division of Finance and Corporate Securities updated hourly examination fees to be consistent throughout its programs. During the process, the hourly fee for money transmitter examinations was raised. The authorizing statute sets the hourly fee for an examiner at $60. The division performs very few examinations of money transmitters because most are out-of-state businesses.
Mortgage lending - adopt: 441-875-0075; amend: 441-850-0005, 441-850-0035, 441-860-0020, 441-860-0040, 441-860-0045, 441-860-0050, 441-860-0070, 441-860-0130, 441-865-0020, 441-865-0025, 441-865-0030, 441-870-0080, 441-875-0030, 441-875-0040, 441-880-0200, 441-880-0210, 441-880-0215, 441-880-0300, 441-880-0310, 441-880-0315 - effective January 1, 2015
In 2008, Congress passed the Secure and Fair Enforcement for Mortgage Licensing Act. The Act, more commonly known as the S.A.F.E. Act, required states to license individuals that take applications and negotiate terms for residential mortgage loans as mortgage loan originators. To implement this new federal licensing requirement, Congress encouraged the states to establish a Nationwide Mortgage Licensing System (NMLS) to provide a comprehensive licensing database. Because of the close supervision of mortgage loan originators by their employers, most states also license mortgage lending business through NMLS. These permanent rules are adopted to ensure that Oregon business licensees may continue to efficiently do business through the NMLS system. Furthermore, because the regulation of mortgage lending businesses has evolved since passage of the S.A.F.E. Act, these rules make minor changes to definitions, application submissions, bonding calculations, reporting requirements, and testing.
Securities - adopt: 441-025-0120, 441-025-0121, 441-025-0122, 441-025-0123, 441-025-0124, 441-025-0125, 441-025-0126
In 2014, the Legislature enacted Senate Bill 1520. This act exempts renewable energy cooperative corporations from registering membership shares or capital stock as securities. The Legislature conditioned this exemption on any rules adopted by the Director of the Department of Consumer and Business Services. This proposed rulemaking places certain substantive restrictions on a renewable energy cooperative corporations relying on this exemption, such as restrictions on the amount of raised money from non-accredited investors. The rulemaking activity also requires two disclosures be given to prospective members: a general disclosure that discusses the workings of the renewable energy cooperative corporation and risks associated with developing renewable energy generations facilities, and a specific disclosure discussing the risks endemic to a specific project.

 

Temporary administrative rules:

Pawnbrokers - suspend: 441-740-0015
These temporary rules suspend 441-740-0015, which allows pawnbrokers to pass through a "reasonable" fee for the preparation and posting of a notice through certified mail. In 2014, House Bill 4011 amended statutory language that a pledgor would bear postal costs and could be assessed a reasonable fee by a pawnbroker for preparing a notice to be delivered by certified mail. HB 4011 removed the requirement for certified mail and shifted the cost of postage from the pledgor to the pawnbroker. In order to comply with the new language of ORS 726.400 (5), the division must suspend the rule pending the process to permanently repeal the rule.

 

Resources:

Statutes: This links to the general Oregon Revised Statues Web site. It provides search and index functions as well as an overview to the Oregon Revised Statutes.

Rules: This is a general link to the Div. of Finance and Corporate Securities Rules as posted on the Secretary of State's Oregon State Archives Web site. Search and index functions available.