ORS 646.633 Action by prosecuting attorney prohibited without request of Director of Department of Consumer and Business Services

For purposes of this section, “state regulated lender” means:

A banking institution as defined in ORS 706.008;

A credit union as defined in ORS 723.006;

A person that is required to be licensed under ORS 725.045;

A pawnbroker, as defined in ORS 726.010, that is required to be licensed under ORS chapter 726;

A mortgage banker or mortgage broker, as those terms are defined in ORS 86A.100, that is required to be licensed under ORS 86A.095 to 86A.198; or

A mortgage loan originator that is required to be licensed under ORS 86A.200 to 86A.239.

A prosecuting attorney may not take action under ORS 646.618 or 646.632 with respect to an alleged unlawful practice under ORS 646.607 or 646.608 when the conduct involves loans or extensions of credit and was engaged in by a state regulated lender unless requested to do so by the Director of the Department of Consumer and Business Services. In any action requested to be taken by the director under this subsection, the director may elect to be named as a party to the proceeding or suit.

The Attorney General may not adopt rules under ORS 646.608 (4) with respect to conduct involving loans or extensions of credit that is engaged in by a state regulated lender except with the prior review and approval of the proposed rules by the director. The Attorney General may not adopt rules under ORS 646.608 (4) with respect to conduct involving loans or extensions of credit that is engaged in by a state regulated lender except as provided in this subsection.

As soon as practicable upon receipt, the Attorney General shall provide the director with copies of any complaint or other initial pleading or any judgment received under ORS 646.638 when the action involves the conduct of a state regulated lender.