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2017 Regular Session
At the request of: (at the request of Governor Kate Brown for Department of Consumer and Business Services)
Chief Sponsors:
Regular Sponsors:
Bill Title: Relating to residential mortgage loan servicers; and declaring an emergency.
Catchline/Summary: Requires certain persons that service residential mortgage loans in this state to obtain or renew license.
Specifies license application and renewal procedures and required fees. Prescribes duties of licensee and prohibits certain activities relating to negotiating or offering to negotiate modification of terms of residential mortgage loan. Requires licensee to maintain specified liquidity, operating reserves and net worth. Prescribes civil penalties against persons that engage in business as residential mortgage loan servicer without license. Permits Director of Department of Consumer and Business Services to remove member of licensee's governing body or licensee's officer under certain circumstances. Permits director to participate in multistate mortgage examinations under specified circumstances. Becomes operative January 1, 2018. Declares emergency, effective on passage.
Chapter Number: Chapter 636
Fiscal Impact: Budget Report Issued
Revenue Impact: Has Minimal Revenue Impact
Measure Analysis: Staff Measure Summary / Impact Statements
Current Location: Chapter Number Assigned
Current Committee:
Current Subcommittee:
Subsequent Referral(s):
Potential Conflicts of Interest/Vote Explanations: Potential Conflicts of Interest/Vote Explanation Documents
Measure History
Scheduled Events