Senate Bill 1064
On March 11, 2008, Governor Ted Kulongoski signed into law Senate Bill 1064,
which expands enforcement over loan originators by allowing the Department
of Consumer and Business Services (DCBS) to ban or suspend loan originators
from engaging in dishonest or fraudulent practices. DCBS will maintain a registry
of loan originators and list complaints made against them as well as actions
taken. The bill also requires lenders to file an annual report with DCBS detailing
their lending activity.
The Department, in consultation with stakeholders, is developing rules and
timelines for the annual reports. A report on 2007 data is required and will
be due no earlier than August 30, 2008. The Department is in the process of
developing a form for the report to be completed online. We expect to have
the form available soon.
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