2021 Oregon Revised Statutes
Chapter 086A - Mortgage Lending
Section 86A.224 - Denying, suspending, conditioning, revoking or declining to renew license; findings required; order; civil penalty; prohibited activity; criminal liability.

(a) A licensed mortgage loan originator violates a provision of ORS 86A.200 to 86A.239 or a rule or order the director issues under ORS 86A.200 to 86A.239;
(b) The director makes a finding under ORS 86A.212 or 86A.218 that the director believes justifies a decision to deny or decline to renew a mortgage loan originator’s license;
(c) An applicant makes a false statement or a material misstatement of fact on an application for a mortgage loan originator’s license or a licensed mortgage loan originator makes a false statement or a material misstatement of fact on an application to renew a mortgage loan originator’s license; or
(d) A person who is not exempted from the requirement to obtain a mortgage loan originator’s license under ORS 86A.203 (2) conducts business as a mortgage loan originator without applying for and receiving a mortgage loan originator’s license under ORS 86A.206 and 86A.212.
(2) The director, subject to ORS chapter 183, may order a person that is subject to regulation under ORS 86A.200 to 86A.239 to:
(a) Cease and desist immediately or permanently from violating a provision of ORS 86A.200 to 86A.239 or from an act or practice related to mortgage loan origination that the director deems harmful to a consumer or to the public;
(b) Stop or suspend business related to mortgage loan origination;
(c) Pay restitution to a consumer or another person that the director finds suffered harm from the person’s acts, omissions, practices or operations or as a result of the person’s violation of a provision of ORS 86A.200 to 86A.239; or
(d) Take or refrain from taking an action the director deems necessary to comply with ORS 86A.200 to 86A.239.
(3)(a) The director, in accordance with ORS 183.745, may impose a civil penalty in an amount not to exceed $5,000 for each separate instance of a violation of or failure to comply with the provisions of ORS 86A.200 to 86A.239 or a rule or order the director adopted or issued under ORS 86A.200 to 86A.239.
(b) Every violation described in paragraph (a) of this subsection is a separate offense that is subject to a separate penalty. Each day in which the same violation occurs is a separate violation. A violation that continues for more than one day is a continuing violation that is subject to a maximum penalty of $20,000.
(4)(a) A person may not knowingly:
(A) Violate a provision of ORS 86A.203;
(B) Fail to comply with an order the director issues under this section;
(C) Fail to produce records at the director’s request under ORS 86A.233;
(D) Employ a device, scheme or artifice to defraud or engage in an act, practice or course of business that operates or would operate as a fraud or deceit;
(E) Make an untrue statement of a material fact or omit from a statement a material fact that would make the statement not misleading in light of the circumstances under which the person makes the statement; or
(F) Make or file or cause to be made or filed with the director a statement, report or document that the person knows is false in a material respect or matter.
(b) A person who takes an action described in paragraph (a) of this subsection commits a Class C felony. [2009 c.863 §8]

Structure 2021 Oregon Revised Statutes