Oregon Statutes 725A.515 – Required notifications from licensee to director
(1)(a) A licensee shall notify the Director of the Department of Consumer and Business Services in writing at least 30 days before the licensee:
Terms Used In Oregon Statutes 725A.515
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
(A) Relocates or closes the licensee’s principal place of business or a branch office in this state; or
(B) Opens a branch office that the licensee did not list in an application under ORS § 725A.506.
(b) In a notice under paragraph (a) of this subsection, the licensee shall list, as applicable:
(A) The new address to which the licensee relocates the licensee’s principal place of business or any branch office; and
(B) The address for any new branch office the licensee opens.
(2)(a) A licensee shall notify the director in writing not later than 30 days after:
(A) Any appointment, resignation or other change occurs in the licensee’s controllers, registered agents or managers; or
(B) Any material change occurs in the information that the licensee submitted in an application under ORS § 725A.506.
(b) The licensee shall provide in a notice under paragraph (a)(A) of this subsection the name, address and title of any new controller, registered agent or manager the licensee appoints.
(3)(a) A licensee shall notify the director in writing not later than 10 days after:
(A) Filing for bankruptcy or reorganization;
(B) A controller, registered agent or manager of the licensee becomes subject to an indictment that is related in any manner to the licensee’s activities;
(C) The licensee receives notice of a final order issued in this or another state that:
(i) Demands that the licensee cease and desist from any act;
(ii) Suspends or revokes a license or registration; or
(iii) Constitutes any other formal or informal regulatory action against the licensee;
(D) The licensee registers or changes and uses or operates under an assumed business name;
(E) The licensee ceases doing business or ceases servicing student loans; or
(F) Any other change in the licensee’s operations or governance occurs in a manner or with an effect that the director determines by rule is significant enough to warrant the licensee notifying the director.
(b) A licensee shall specify in a notice under paragraph (a)(C) of this subsection the reasons any final order sets forth for taking a regulatory action against the licensee.
(c) A licensee shall identify in a notice under paragraph (a)(E) of this subsection the location in which the licensee stores records related to student loan servicing in this state and shall provide the name and contact information for an individual with authority to provide access to the records.
(4) A licensee shall notify the director immediately if the licensee changes registered agents or if the name or address of the licensee’s registered agent in this state changes. In the notice, the licensee shall update the name and address of the registered agent. [2021 c.651 § 6]