Oregon Statutes 725.010 – Definitions
As used in this chapter:
Terms Used In Oregon Statutes 725.010
- Consumer finance loan: means a loan or line of credit that is unsecured or secured by personal or real property and that has periodic payments and terms longer than 60 days. See Oregon Statutes 725.010
- Licensee: means a person licensed under this chapter. See Oregon Statutes 725.010
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1)(a) ‘Broker or facilitator’ means a person that conducts a business in which, for a fee or consideration, the person:
(A) Processes, receives or accepts for delivery to a lender an application for a consumer finance loan, individually or in conjunction or cooperation with another person;
(B) Accepts and delivers to a lender all or most of the proceeds of a payment made in connection with a consumer finance loan; or
(C) Assists in making a consumer finance loan in a material capacity other than as a lender.
(b) ‘Broker or facilitator’ does not include a mortgage broker, as that term is defined in ORS § 86A.100, a mortgage loan originator, as that term is defined in ORS § 86A.200, or an employee of a licensee.
(2) ‘Consumer finance loan’ means a loan or line of credit that is unsecured or secured by personal or real property and that has periodic payments and terms longer than 60 days.
(3) ‘Licensee’ means a person licensed under this chapter.
(4) ‘Nationwide Multistate Licensing System’ means a system that the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, or assignees of the Conference of State Bank Supervisors or the American Association of Residential Mortgage Regulators, develop and maintain for participating state agencies to use in licensing and registering mortgage loan originators, as defined in ORS § 86A.200, and other persons that provide nondepository financial services. [Amended by 1985 c.762 § 106; 1987 c.373 § 66; 1993 c.744 § 26; 2007 c.603 § 1; 2009 c.863 § 33; 2010 c.23 29,30; 2019 c.106 § 5]