Oregon Statutes 697.612 – Registration requirement; exceptions
(1) A person that has not registered with the Director of the Department of Consumer and Business Services under ORS § 697.632 may not engage in business in this state in the course of which the person:
Terms Used In Oregon Statutes 697.612
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- public body: means state government bodies, local government bodies and special government bodies. See Oregon Statutes 174.109
- Trustee: A person or institution holding and administering property in trust.
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(a) Performs a debt management service; or
(b) Receives money or other valuable consideration or expects to receive money or other valuable consideration for:
(A) Soliciting or receiving an application from a consumer for a debt management service;
(B) Forwarding or providing a completed application for a debt management service to a debt management service provider;
(C) Referring a consumer to another debt management service provider, if the person is a debt management service provider;
(D) Providing a consumer’s name, address or other information that identifies the consumer to a debt management service provider for the purpose of arranging the provision of a debt management service; or
(E) Providing advice, assistance, instruction or instructional material concerning a debt management service to a consumer.
(2) A debt management service provider registered under ORS § 697.632 may negotiate on a consumer’s behalf for a reasonable alternative repayment schedule or to reduce a claim described in 11 U.S.C. § 502 if the debt management service provider is a nonprofit budget and credit counseling agency approved in accordance with 11 U.S.C. § 111.
(3) Subsection (1) of this section does not apply to:
(a) An employee of a debt management service provider, if the debt management service provider is registered under ORS § 697.632.
(b) An attorney licensed or authorized to practice law in this state, if the attorney provides a debt management service only incidentally in the practice of law.
(c) A financial institution or a trust company, both as defined in ORS § 706.008.
(d) A consumer finance company licensed under ORS Chapter 725.
(e) An escrow agent licensed under ORS § 696.505 to 696.590 to the extent that the escrow agent is acting to close an escrow, as defined in ORS § 696.505, is engaging in activity related to a collection escrow, as defined in ORS § 696.505, or is serving as a trustee of a trust deed in accordance with ORS § 86.713. This paragraph does not apply if the escrow agent:
(A) Assists an unregistered debt management service provider that is not exempt from registration under this subsection in performing a debt management service; or
(B) Provides escrow services to a consumer in accordance with a debt management services plan executed by an unregistered debt management services provider that is not exempt from registration under this subsection.
(f) A mortgage banker or mortgage broker licensed under ORS § 86A.095 to 86A.198 or a mortgage loan originator, as defined in ORS § 86A.100.
(g) A broker-dealer registered with the United States Securities and Exchange Commission or the United States Commodity Futures Trading Commission, if the broker-dealer is subject to and acts in accordance with regulations promulgated by either commission.
(h) A consumer reporting agency, as defined in 15 U.S.C. § 1681a(f).
(i) A public body, as defined in ORS § 174.109.
(j) A person that is obeying or acting in accordance with a court order.
(k) An accredited educational institution or program that offers or performs a debt management service without receiving money or other valuable consideration, if the institution or program performs the debt management service as an incidental part of a class or a duty the institution or program provides regularly.
(L) A nonprofit budget and credit counseling agency approved in accordance with 11 U.S.C. § 111 that:
(i) Provides only an individual or group briefing, as described in 11 U.S.C. § 109(h), or an instructional course concerning personal financial management, as described in 11 U.S.C. § 111; and
(ii) Does not receive or offer to receive funds from a consumer for the purpose of distributing the funds among the consumer’s creditors in full or partial payment of the consumer’s debts.
(m) A nonprofit entity that provides advice, assistance, instruction or instructional materials to a consumer in return for a fee that is reasonably calculated to pay the cost of making the advice, assistance, instruction or instructional materials available.
(n) An organization or a counselor approved by the United States Department of Housing and Urban Development under 12 U.S.C. § 1701x. [1983 c.17 § 3; 2009 c.604 § 2; 2009 c.863 § 41; 2013 c.444 § 2]
[1959 c.635 § 2; 1969 c.334 § 1; 1975 c.761 § 1; repealed by 1981 c.631 § 2]
[1959 c.635 § 3; repealed by 1981 c.631 § 2]
[1983 c.17 § 4; 1997 c.631 § 525; repealed by 2009 c.604 § 27]
[1959 c.635 § 4; 1973 c.827 § 80; repealed by 1981 c.631 § 2]
[1959 c.635 § 5; repealed by 1981 c.631 § 2]