ORS 725A.026 Grounds for disapproving license application

The Director of the Department of Consumer and Business Services may disapprove an application submitted under ORS 725A.022 and deny a license to the applicant if a person named in the application:

Cannot meet financial obligations as the obligations mature, has liabilities that exceed assets or is in a financial condition that prevents the person from conducting business with safety to consumers;

Engaged in dishonest, fraudulent or illegal practices or conduct in a business or profession;

Failed to comply with or knowingly or repeatedly violated a provision of or a rule adopted under the Bank Act, ORS chapter 723, 725 or 726 or ORS 725A.010 to 725A.092 and 725A.990;

Was convicted of a crime, an essential element of which is fraud;

Is permanently or temporarily enjoined by a court of competent jurisdiction from engaging in or continuing a practice or conduct in connection with making payday loans, title loans or consumer loans; or

Is subject to an order in which:

The director imposed a fine or other civil penalty on the person under the Bank Act, ORS chapter 723, 725 or 726 or ORS 725A.010 to 725A.092 and 725A.990;

The director removed the person from an office in an entity regulated under the Bank Act, ORS chapter 723 or 725 or ORS 725A.010 to 725A.092 and 725A.990; or

A state or federal agency with authority over banking institutions, savings associations, credit unions or consumer finance companies, within a five-year period before the applicant submitted an application under ORS 725A.022:

Imposed a fine or other civil penalty on the person; or

Removed the person from an office in a state banking institution, a national bank, a state or federal savings association, a state or federal credit union or a consumer finance company.

If the director denies a license to an applicant under this section, the director shall provide the applicant with a reasonable opportunity for a hearing under ORS chapter 183.