Oregon Law
Law as of Jan 1, 2026
Chapter contents
86A.095Short title 86A.100Definitions 86A.103License required to engage in residential mortgage transactions as mortgage banker or mortgage broker 86A.106Procedures for licensing; experience required; certification; surety bond or letter of credit; fees; rules 86A.109Expiration of initial license; renewal; duration of renewed license; change in personnel; rules 86A.112Licensees to keep records; inspection; filing financial reports; rules 86A.115Grounds for denying, suspending, conditioning or revoking license 86A.118Action against applicant or licensee for act or omission of associate; exception 86A.121Cancellation of license or application; application to surrender license 86A.124Supervisory authority of director over mortgage bankers, mortgage brokers and mortgage loan originators; documents exempt from disclosure 86A.127Investigations; publicity with respect to violations; cease and desist order 86A.130Enjoining violations; fine; appointment of receiver; attorney fees; damages to private parties 86A.133Procedures where assets or capital of mortgage banker or mortgage broker found impaired; involuntary liquidation 86A.136Rules; financial statements 86A.139Notice of orders; hearings on orders 86A.142Judicial review of orders 86A.145Oaths and subpoenas in proceedings before director 86A.148Copies of documents; fees; rules; effect of certification 86A.151Liability of person that employs mortgage loan originator; recovery of damages; limitations on proceeding; action against bond or letter of credit; attorney fees 86A.154Fraud and deceit with respect to mortgage banker or mortgage broker business 86A.157Clients’ Trust Account; examination; deposit of funds; interest; rules 86A.160Notice to bank regarding Clients’ Trust Account 86A.163Prohibited advertisements 86A.166Designation of principal place of business; other offices; change of personnel; registered agent 86A.169Disclosure required before closing mortgage loan or mortgage banking loan 86A.172Advisory committee 86A.175Servicing or collecting mortgage banking loan or mortgage loan by mortgage banker or mortgage broker 86A.178Legislative findings regarding mortgage loan originators; prohibited practice 86A.179[Formerly 59.969; repealed by 2009 c.863 §36] 86A.180[Formerly 59.970; repealed by 2009 c.863 §36] 86A.183Prohibited conduct for mortgage bankers, mortgage brokers and mortgage loan originators; conditions affecting employment of mortgage loan originators 86A.186Mortgage loan originator criminal records checks; rules 86A.187[Formerly 59.973; repealed by 2009 c.863 §36] 86A.188[Formerly 59.975; repealed by 2009 c.863 §36] 86A.189[Formerly 59.977; repealed by 2009 c.863 §36] 86A.195Restrictions on negative amortization loans; verification of borrower income; prepayment penalties 86A.196Notice of reverse mortgage prohibition in homestead property tax deferral program; summary of terms of reverse mortgage in advertisement or solicitation; annual notice to person with reverse mortgage or to escrow agent, title insurance company or other agent; exception 86A.198Materials in languages other than English; requirements 86A.200Definitions 86A.203License and unique identifier for mortgage loan originator; requirements; exemptions; rules 86A.206Application for license; information and materials required for application; rules 86A.209Interim license; findings required 86A.212Findings required for issuing license; basis for denial; rules 86A.215Education and testing requirements for license; education and test providers 86A.218License renewal; expiration; reinstatement; rules 86A.221Continuing education requirements for mortgage loan originator; credit allowed 86A.224Denying, suspending, conditioning, revoking or declining to renew license; findings required; order; civil penalty; prohibited activity; criminal liability 86A.227Corporate surety bond required; right of action; rules 86A.230Contracts or agreements with Nationwide Mortgage Licensing System and Registry and other agencies; information sharing; confidentiality; reports of violations; rules 86A.233Production of records; investigations, examinations and subpoenas; possession of records; access to records; powers of director; prohibited activities 86A.236Prohibited activities 86A.239Display of license and unique identifier; rules; report of condition 86A.242Rules 86A.300Short title 86A.303Definitions 86A.306License requirement; applicability; exceptions; enforcement; rules 86A.309Application for license; requirements; waiver; fee; conditions for issuance and renewal and for denial, revocation or refusal; license term; rules 86A.312Licensee’s principal place of business; registered agent; assumed business name 86A.315Required liquidity, operating reserves and tangible net worth; compliance with federal standards as compliance with requirements; director’s powers to enforce compliance 86A.318Required notices to director; rules 86A.321Director’s supervisory authority; examinations; confidentiality 86A.324Duties of mortgage loan servicer; prohibited conduct; rules 86A.327Complaints; director’s power to investigate; confidentiality; exceptions 86A.330Violations; civil penalties; costs of investigation 86A.333Additional duties of licensee; required response to borrower’s request for information; account history 86A.336Suspension or removal of licensee’s director or officer 86A.339Additional duties of mortgage loan servicer; prohibited practices 86A.990Criminal penalties for violations of ORS 86A.095 to 86A.198 86A.992Civil penalties for violations of ORS 86A.095 to 86A.198

Chapter 86A — Mortgage Lending

ORS 86A.103 License required to engage in residential mortgage transactions as mortgage banker or mortgage broker

(1)

It is unlawful for any person to engage in residential mortgage transactions in this state as a mortgage banker or mortgage broker unless the person is licensed under ORS 86A.095 to 86A.198. A person who is a mortgage banker or mortgage broker under ORS 86A.100, but who does not engage in residential mortgage transactions in this state, is not required to obtain a license under ORS 86A.095 to 86A.198.

(2)

For purposes of this section, a person “engages in residential mortgage transactions in this state” when any act constituting the business of a mortgage banker or mortgage broker and involving a residential mortgage transaction originates from this state or is directed to and received in this state or when the real estate that is the subject of the activities of the mortgage banker or mortgage broker is located in this state.

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Online copy of the published ORS edition

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Provenance

Version history

2026-01-01

2025 Oregon Revised Statutes — official online source