(1) The Director of the Department of Consumer and Business Services may disapprove an application submitted under ORS § 725A.022 and deny a license to the applicant if a person named in the application:

Terms Used In Oregon Statutes 725A.026

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Fraud: Intentional deception resulting in injury to another.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100

(a) Cannot meet financial obligations as the obligations mature, has liabilities that exceed assets or is in a financial condition that prevents the person from conducting business with safety to consumers;

(b) Engaged in dishonest, fraudulent or illegal practices or conduct in a business or profession;

(c) Failed to comply with or knowingly or repeatedly violated a provision of or a rule adopted under the Bank Act, ORS Chapter 723, 725 or 726 or ORS § 725A.010 to 725A.092 and 725A.990;

(d) Was convicted of a crime, an essential element of which is fraud;

(e) Is permanently or temporarily enjoined by a court of competent jurisdiction from engaging in or continuing a practice or conduct in connection with making payday loans, title loans or consumer loans; or

(f) Is subject to an order in which:

(A) The director imposed a fine or other civil penalty on the person under the Bank Act, ORS Chapter 723, 725 or 726 or ORS § 725A.010 to 725A.092 and 725A.990;

(B) The director removed the person from an office in an entity regulated under the Bank Act, ORS Chapter 723 or 725 or ORS § 725A.010 to 725A.092 and 725A.990; or

(C) A state or federal agency with authority over banking institutions, savings associations, credit unions or consumer finance companies, within a five-year period before the applicant submitted an application under ORS § 725A.022:

(i) Imposed a fine or other civil penalty on the person; or

(ii) Removed the person from an office in a state banking institution, a national bank, a state or federal savings association, a state or federal credit union or a consumer finance company.

(2) If the director denies a license to an applicant under this section, the director shall provide the applicant with a reasonable opportunity for a hearing under ORS Chapter 183. [2010 c.23 § 6]

 

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