(a) Request or require a person that employs a mortgage loan originator or that under the provisions of ORS 86A.200 to 86A.239 should employ a mortgage loan originator to produce, for the director’s examination and use, books, accounts, records, files, documents or other information or evidence;
(b) Investigate or examine an applicant or a licensed mortgage loan originator and review the applicant’s or licensed mortgage loan originator’s:
(A) History of criminal, civil and administrative proceedings, enforcement actions, arrests or other information related to the applicant’s or licensed mortgage loan originator’s compliance with state and federal law, rules or regulations; and
(B) Personal history and experience, including information obtained from credit reports from a consumer reporting agency, as defined in 15 U.S.C. 1681a(f) or from a consumer reporting agency that compiles and maintains files on consumers on a nationwide basis, as defined in 15 U.S.C. 1681a(p);
(c) Direct, subpoena, examine, compel the attendance of, administer oaths and affirmations to, and request production of books, accounts, records, files, documents or other information or evidence from witnesses and persons that are subject to regulation under ORS 86A.200 to 86A.239; and
(d) Interview and take and preserve testimony concerning business practices and operations from the applicant’s or licensed mortgage loan originator’s officers, principals, mortgage loan originators, employees, agents and customers or independent contractors associated with the applicant or licensed mortgage loan originator.
(2)(a) The director may, with reference to documents, materials or records described in subsection (1) of this section:
(A) Take possession of, sequester, control or restrict access to the documents, materials or records; or
(B) Designate a person to take exclusive charge of the documents, materials or records in the location in which the documents, materials or records are usually kept.
(b) At a time in which the director has taken an action described in paragraph (a) of this subsection, a person may not, without the director’s permission or a court order, remove or attempt to remove the documents, materials or records from the director’s possession or control or from the location in which the documents, materials or records are kept under the exclusive charge of the person the director designates.
(c) A person who owns or has a right to possess or control the documents, materials or records may have access necessary to conduct the person’s ordinary business, unless the director reasonably believes that the documents, materials or records have been or are at risk of alteration or destruction for the purposes of concealing a violation of ORS 86A.200 to 86A.239.
(3) In carrying out the purposes of this section, the director may:
(a) Retain attorneys, accountants or other professionals or specialists to conduct investigations, audits or examinations or assist in conducting investigations, audits or examinations;
(b) Agree with other government agencies or officials to share resources, information, methods, procedures, documents, records, materials and information obtained in the course of investigations, audits, examinations and related activities;
(c) Purchase, share, use or employ analytical systems, methods or software available from public or private sources;
(d) Accept and rely upon the results of or reports concerning investigations, audits, examinations or proceedings conducted by other government agencies or officials in this state or in other states; and
(e) Accept, use and incorporate in the director’s findings, reports, orders or other actions audit reports from an independent certified public accountant.
(4) The director’s authority under this section applies to a person who is subject to regulation under ORS 86A.200 to 86A.239, whether or not the person is licensed as a mortgage loan originator.
(5) An applicant or licensed mortgage loan originator shall:
(a) Make available to the director at the director’s request books, accounts, records, files and other documents relating to the applicant’s or licensed mortgage loan originator’s business operations and practices; and
(b) Prepare, compile and deliver to the director reports, accounting compilations, lists and data concerning loan transactions and other information the director requires to carry out the purposes of ORS 86A.200 to 86A.239.
(6) A person subject to investigation, audit or examination under this section may not knowingly withhold, abstract, remove, mutilate, destroy or conceal books, accounts, records, computer records, files, documents or other information or evidence that is subject to the director’s authority under this section. [2009 c.863 §11]
Structure 2021 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 086A - Mortgage Lending
Section 86A.100 - Definitions.
Section 86A.112 - Licensees to keep records; inspection; filing financial reports; rules.
Section 86A.115 - Grounds for denying, suspending, conditioning or revoking license.
Section 86A.121 - Cancellation of license or application; application to surrender license.
Section 86A.127 - Investigations; publicity with respect to violations; cease and desist order.
Section 86A.136 - Rules; financial statements.
Section 86A.139 - Notice of orders; hearings on orders.
Section 86A.142 - Judicial review of orders.
Section 86A.145 - Oaths and subpoenas in proceedings before director.
Section 86A.148 - Copies of documents; fees; rules; effect of certification.
Section 86A.154 - Fraud and deceit with respect to mortgage banker or mortgage broker business.
Section 86A.157 - Clients’ Trust Account; examination; deposit of funds; interest; rules.
Section 86A.160 - Notice to bank regarding Clients’ Trust Account.
Section 86A.163 - Prohibited advertisements.
Section 86A.178 - Legislative findings regarding mortgage loan originators; prohibited practice.
Section 86A.186 - Mortgage loan originator criminal records checks; rules.
Section 86A.198 - Materials in languages other than English; requirements.
Section 86A.200 - Definitions.
Section 86A.209 - Interim license; findings required.
Section 86A.212 - Findings required for issuing license; basis for denial; rules.
Section 86A.215 - Education and testing requirements for license; education and test providers.
Section 86A.218 - License renewal; expiration; reinstatement; rules.
Section 86A.221 - Continuing education requirements for mortgage loan originator; credit allowed.
Section 86A.227 - Corporate surety bond required; right of action; rules.
Section 86A.236 - Prohibited activities.
Section 86A.239 - Display of license and unique identifier; rules; report of condition.
Section 86A.303 - Definitions.
Section 86A.306 - License requirement; applicability; exceptions; enforcement; rules.
Section 86A.312 - Licensee’s principal place of business; registered agent; assumed business name.
Section 86A.318 - Required notices to director; rules.
Section 86A.321 - Director’s supervisory authority; examinations; confidentiality.
Section 86A.324 - Duties of mortgage loan servicer; prohibited conduct; rules.
Section 86A.327 - Complaints; director’s power to investigate; confidentiality; exceptions.
Section 86A.330 - Violations; civil penalties; costs of investigation.
Section 86A.336 - Suspension or removal of licensee’s director or officer.
Section 86A.339 - Additional duties of mortgage loan servicer; prohibited practices.
Section 86A.990 - Criminal penalties for violations of ORS 86A.095 to 86A.198.
Section 86A.992 - Civil penalties for violations of ORS 86A.095 to 86A.198.