Flashcards in Department of Consumer and Business Services Deck (16)
What are the 7 divisions of the DCBS?
1. Workers compensation Division
2. Oregon OSHA
3. Building code division
4. Insurance Division
5. Division of Finance and Corporate Securities
6. Division of Fiscal and business services
7. Information Management system
What is Oregon's largets regulatory agency?
What DOES the DCBS do?
The DCBS administers state laws and rules and protects consumers and workers in areas of workers’ compensation, occupational safety and health, financial services, insurance and building codes
What is the DCBS's mission?
Its mission is to protect and serve Oregon’s consumers and workers while supporting a positive business climate in the state.
What does the Director do?
provides the DCBS with overall leadership, policy direction and general supervision and coordination of all of its areas of responsibility.
In relating to the mortgage industry, the Division of Finance and Corporate Securities does what?
oversees the regulation and licensing of mortgage bankers, brokers and loan originators.
What is the mission of the Division of Finance and Corporate Securities?
to encourage the widest possible range of financial services, products and information for Oregonians, delivered in a safe, sound and equitable manner, free of fraud.
The Division of Finance and Corporate Securities has jurisdiction over what 3 key areas?
1. Banks and trusts
2. Non-depository institutions
Found in the Oregon Revised Statutes (ORS) of the Oregon Administrators Rule (OAR) is what and does what?
The Oregon Mortgage Lender and Mortgage Servicer Practices Act and gives authority to the Division of Finance and Corporate Securities for oversight of the mortgage industry.
The Mortgage Lender and Mortgage Servicer Practices Act was amended in 2009 to be compliant with Which Federal Act?
The SAFE Act
This became effective in 2010
The NMLS was developed and is maintained by what two offices?
1. The conference of state Bank Supervisors and
2. American Association of Residential Mortgage Regulators (AARMR)
What is the NMLS's main purpose?
It streamlines the licensing process for both regulatory agencies and the mortgage industry by establishing a single, centralized and standardized system for mortgage licensing.
The Director of this Department has final responsibility for supervising and controlling what 4 things?
1. all licensed loan originators, mortgage bankers, mortgage brokers and mortgage loan servicers:
residing or doing business in Oregon; and
engaged in any activity subject to the Mortgage Lender and Loan Servicer Practices Act.
2. Anyone who should be licensed as a loan originator, is licensed as a mortgage banker or broker, or is licensed or has an endorsement to act as a mortgage loan servicer in Oregon.
3. any person the Director exempts from mortgage licensing requirements but engages in mortgage activities.
4. a person whose license or endorsement has expired or has been withdrawn, canceled, suspended, conditioned or revoked.
The NMLS and/or Director are authorized to publish information about an LO's what?
1. employment information
2. public disciplinary and enforcement actions
The Director has authority to examine what persons? (5 points)
1. A licensed mortgage banker, broker or loan originator
2. A person that should be licensed as a mortgage
banker, broker or loan originator
3. A mortgage loan servicer
4. An exempt person
5. A person whose license has been withdrawn, canceled, suspended, revoked or has expired