Or. Admin. Code § 441-860-0021

Current through Register Vol. 64, No. 1, January 1, 2025

Section 441-860-0021 - Biographical Information Required for Mortgage Banker or Mortgage Broker License Application

(1) Each of the following persons listed in section (2) of this rule shall submit a Form MU2 to the director through the Nationwide Mortgage Licensing System and Registry.

(2) This rule applies to:

(A) Any director, officer, and a shareholder with a direct or indirect ownership of greater than or equal to ten percent of outstanding shares of a corporate applicant;

(B) The owner, if the applicant is an unincorporated sole proprietorship;

(C) Each managing partner of a limited partnership or a partner in a general partnership with a partnership interest greater than or equal to ten percent of the total partnership interests in the general or limited partnership;

(D) A member or managing member in a limited liability company with an ownership interest greater than or equal to ten percent of the total membership interests in the limited liability company; and

(E) The person identified in ORS 86A.106(2) as having the requisite experience in the mortgage business, negotiating loans in a related business satisfactory to the director, or lending experience in a related business satisfactory to the director.

Or. Admin. Code § 441-860-0021

FCS 4-2012, f. & cert. ef 8-1-12

Stat. Auth.: ORS 86A.106, 86A.109, 86A.212

Stats. Implemented: ORS 86A.103, 86A.106, 86A.212