Like any corporation, the board of directors appointed to direct and control the overall affairs of a banking institution (i.e., certain state-chartered banks) meets according to the terms of the institution's bylaws or articles of incorporation. However, unlike other corporations, the Oregon Bank Act (ORS chapters 706 to 716) specifies the default frequency of board meetings. Prior to 2013, boards of directors of baking institutions met at least once a month. Banking institutions could obtain approval from the Director of the Department of Consumer and Business Services to meet once every calendar quarter. In 2013, the Legislature adopted changes to the Oregon bank Act through the passage of HB 2070. Among the changes in the bill, the Bank Act now requires the Director of the Department of Consumer and Business Services to set the frequency of board meetings by rule. This proposed rulemaking activity sets the minimum number of regularly-scheduled meetings as four times per year, with flexibility by the Director to require additional meetings if needed to meet the unique situation of a particular banking institution.
Recent rules - permanent rules not yet posted to Secretary of State Web site:
The statewide toll-free telephone contact number currently included in foreclosure notices for handling consumer queries and for consumers to receive mortgage foreclosure information has changed. The new toll free number is 1-855-480-1950.
Currently, all securities salespersons, regardless of whether they are employed by a broker-dealer or represent an issuer or owner of securities must submit a complete, multi-state securities application form as part of their salesperson licensing application. The application requires more information than is likely necessary to license salespersons in Oregon who only represent an issuer or owner of securities. This proposed rulemaking activity would grant the department the flexibility to offer those salespersons representing an issuer or owner an option to use a state-specific, streamlined application form.
In 2013, the Legislature enacted House Bill 3482 which in part exempted individuals licensed as manufactured structure dealers from having to obtain a mortgage loan originator license. This proposed rulemaking activity addresses three issues with the bill that needed further clarification. First, the proposed rules would limit the exemption to one limited manufactured structure dealer licensee per park, but allow sales by full manufactured structure dealer licensees not affiliated with the limited manufactured structure dealer. Second, the proposed rules would clarify that a manufactured structure dealer may engage the services of a licensed or registered mortgage loan originator to offer or negotiate loans on the licensee's behalf once statutory caps were met. Finally, the rules would apply the statutory caps on the number of loans a licensee may hold to loans made on or after the operative date of Oregon's implementation of the federal S.A.F.E. Act, which was July 31, 2010.
This temporary rule clarifies that pawnbrokers shall offer a grace period on all first time pledge loans, specifically those in the amount of $500 or less. At present, pawnbrokers provide a grace period by statute for first time pledge loans in excess of $500. Industry has a long-standing practice of offering a 30-day grace period on all pledge loans, regardless of the amount. An ambiguity exists as to whether the 30-day grace period exists on first time pledge loans in the amount of $500 or below. As consumers may be harmed by the ambiguity, and industry does not have clear guidance as to how to apply grace periods, the division has opted to adopt this rule. A temporary rule is necessary because there is an immediate harm to consumers if the ambiguity is used to omit a grace period on loans of $500 or less.
Statutes: This links to the general Oregon Revised Statues Web site. It provides search and index functions as well as an overview to the Oregon Revised Statutes.
Rules: This is a general link to the Div. of Finance and Corporate Securities Rules as posted on the Secretary of State's Oregon State Archives Web site. Search and index functions available.