Oregon Department of Consumer and Business Services Finance/Securities Statutes & Administrative Rules Update

Oregon Department of Consumer and Business Services sent this bulletin at 12/23/2011 02:31 PM PST

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Recent rules - permanent rules not yet posted to Secretary of State Web site:
Appraisal management companies - repeal: 441-674-0005, 441-674-0100, 441-674-0120, 441-674-0130, 441-674-0140, 441-674-0210, 441-674-0220, 441-674-0230, 441-674-0240, 441-674-0250, 441-674-0310, 441-674-0510, 441-674-0520, 441-674-0910, 441-674-0915, 441-674-0920

This rulemaking repeals the entire division of administrative rules that govern the registration and auditing of appraisal management companies (AMCs). In response to new federal standards for AMCs contained within the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 110-203), the Oregon Legislature passed legislation to transfer authority over AMCs from DCBS to the Oregon Appraiser Certification and Licensure Board. HB 2499 takes effect on January 1, 2012. Section 6 of the bill states that DCBS’ rules remain in effect until “superseded or repealed by rules” of the ACLB. On December 21, 2011, in a special board meeting, the ACLB voted to adopt rules on a temporary basis that implement the provisions of HB 2499. The rules adopted by the ACLB become effective as of January 1, 2012. In order to ensure continuity for regulated entities, the repeal of the rules contained in the notice will take effect as of January 1, 2012.
Debt management service provider - amend: 441-910-0000; repeal: 441-910-0092

During the 2009 regular session, the Legislature passed House Bill 2191 to govern the activities of debt management service providers. As part of the updated law, the Legislature placed statutory limits on the amount of fees that a registered debt management service provider could charge, including for counseling clients. During deliberations on the fee limits, the Legislature authorized a temporary, additional counseling fee that a registered debt management service provider may charge. In implementing the bill, the Department of Consumer and Business Services (DCBS) adopted rules clarifying under what circumstances a registered debt management service provider could charge the additional counseling fee. On January 1, 2012, the authority in statute for the additional counseling fee sunsets and will no longer be in force. Because the underlying authority for the rules will no longer be in force, DCBS is repealing these implementing rules. The repeal itself will be effective as of January 1, 2012.

Temporary administrative rules:
Mortgage lending - amend: 441-505-3046, 441-710-0540, 441-730-0246, 441-850-0042

Since 2008, Oregon law on nonjudicial foreclosures has required a trustee recording a notice of default with a county clerk to deliver to a homeowner a foreclosure notice form. The foreclosure notice form is written into state statute, but contains blanks for certain contact information that the sender must provide in the foreclosure notice. This contact information includes a statewide contact telephone number, the telephone numbers and a website address for the Oregon State Bar’s Lawyer Referral Service, and a website address for a directory of legal aid programs. The Department of Consumer and Business Services (DCBS) by law is required to provide the resource telephone contact numbers and website addresses the sender is to insert in completing the notice.

In 2009, the Oregon Legislature added new information on loan modification resources to the foreclosure warning form. Uncodified provisions of the law (Section 9) repealed, among other things, the new requirement to include information loan modification resources as of January 2, 2012. This rulemaking activity implements the sunset provision by removing the loan modification information required to be displayed on the foreclosure warning form. Because the sunset provision takes effect on January 2, 2012, failure to adopt rules promptly will result in serious prejudice to users receiving a foreclosure notice form and recipients filling out and providing a foreclosure notice form.