Chapter 725A — Short-Term Loans and Student Loan Servicing

ORS 725A.518 Supervisory powers of director; examination of licensee; charge for costs of examination; multistate cooperation; rules

(1)

The Director of the Department of Consumer and Business Services has general supervisory authority over:

(a)

Each licensee in this state;

(b)

Any person that services a student loan in this state, if the person is subject to ORS 725A.500 to 725A.530 or if the director

required the person to obtain a license under ORS 725A.503 (3); and

(c)

Any person that had a license that the director withdrew, canceled, suspended, conditioned or revoked, if the person continues to service a student loan.

(2)(a)

The authority described in subsection

(1)

of this section includes the authority to examine a licensee or a person described in subsection (1) of this section at any time.

(b)

The director may charge and collect from a licensee or a person the director examines under this section the costs the director incurs in conducting the examination.

(3)

In order to conduct an examination under this section, the director may:

(a)

Retain attorneys, accountants or other professionals and specialists as examiners, auditors or investigators.

(b)

Enter into agreements or relationships with other government officials or regulatory associations to share resources, to use and create standardized methods, procedures, documents, databases, records, information or evidence, to reduce the director’s regulatory burden or to improve efficiency.

(c)

Participate in multistate examinations that the Conference of State Bank Supervisors or the federal Consumer Financial Protection Bureau schedules and conducts. In conducting an examination under this paragraph, the director shall follow the protocol that the conference or bureau establishes for the examination.

(d)

Accept and rely on examination or investigation reports from other government officials in this or another state.

(4)

Books, accounts, papers, records, files, correspondence, contracts and agreements, disclosures, documentation and other information, material or evidence the director obtains in an examination under this section is confidential and subject to the provisions of ORS 705.137, except that a borrower may request to inspect material related to the borrower’s student loan that the director by rule specifies is available for inspection. The director shall authenticate the borrower’s identity before disclosing any material to the borrower.

(5)

The director may adopt rules for the purpose of implementing ORS 725A.500 to 725A.530. (Required Practices, Prohibitions and Enforcement)