Chapter 350
Oregon Laws 2011
AN ACT
HB 2083
Relating to
the confidentiality of documents obtained during a mortgage lending
examination; amending ORS 86A.124; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
SECTION 1. ORS 86A.124, as amended by
section 20, chapter 863, Oregon Laws 2009, is amended to read:
86A.124. (1) The Director of
the Department of Consumer and Business Services has general supervision and
control over mortgage loan originators, mortgage bankers and mortgage brokers [residing or doing] that reside or do
business in this state and [engaged]
that engage in an activity that is subject to the provisions of ORS 86A.095
to 86A.198. The director may examine at any time mortgage bankers and
mortgage brokers and the records and activities connected with mortgage
bankers, mortgage brokers and mortgage loan originators [are subject to examination by the director at any time]. The
provisions of this section and of any other section of ORS 86A.095 to 86A.198
relating to examinations extend to a person that is or should have been
licensed as a mortgage loan originator under ORS 86A.200 to 86A.239 or licensed
as a mortgage banker or mortgage broker, a person exempted by rule from the
definitions of mortgage banker, mortgage broker or mortgage loan originator or
a person whose license has expired or has been withdrawn, canceled, suspended,
conditioned or revoked. The director may collect from the person the actual
expenses incurred in the examination.
(2)(a) A mortgage loan document the
director obtains as part of an examination under this section is exempt from
disclosure and is confidential for the purposes of ORS 705.137.
(b) This subsection does not prohibit
an individual from inspecting and requesting the director to disclose any of
the individual’s mortgage loan documents that the director obtained during the
course of an examination. The director shall authenticate the individual’s
identity before disclosing the mortgage loan documents to the individual.
SECTION 2. This 2011 Act being
necessary for the immediate preservation of the public peace, health and
safety, an emergency is declared to exist, and this 2011 Act takes effect on
its passage.
Approved by
the Governor June 16, 2011
Filed in the
office of Secretary of State June 16, 2011
Effective date
June 16, 2011
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