Oregon Statutes 646A.643 – License requirement to engage in debt buying; exemptions
(1) Except as provided in subsection (2) of this section, a person may not engage in debt buying in this state unless the person obtains or renews a license under ORS § 646A.646.
Terms Used In Oregon Statutes 646A.643
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(2)(a) A person need not obtain or renew a license under subsection (1) of this section if the person is:
(A) A financial institution, as defined in ORS § 706.008;
(B) A mortgage banker or a mortgage broker, both terms as defined in ORS § 86A.100;
(C) A person that has a license the Director of the Department of Consumer and Business Services issued under ORS § 725.140;
(D) A company that the director has authorized to transact trust business in this state under ORS § 709.005;
(E) A debt management service provider, as defined in ORS § 697.602;
(F) An attorney who is authorized to practice law in this state, if the attorney engages in debt buying only incidentally in the practice of law; or
(G) A person that the director exempts from the requirement by rule or order after determining that the public interest does not require the person to obtain a license.
(b) This subsection does not exempt a person from the requirement set forth in subsection (1) of this section if the person engages in business or conducts an activity outside the scope of the person’s license, registration or authorization to transact business in this state. [2017 c.625 § 4]