1. (1) An exemption is created under ORS 709.030(4) from the trust company certificate of authority and deposit requirements for:

   1. (a) A non-Oregon institution or extranational institution when the entities are involved in any activity described in section (2) of this rule; and
   2. (b) A non-Oregon institution or extranational institution that indirectly engages in any activity covered in section (2) of this rule because of its beneficial interest in a pool of notes secured by real estate mortgages or trust deeds.

2. (2) The exemption applies to:

   1. (a) The taking, acquiring, holding and enforcement of notes secured by real estate mortgages or trust deeds or making commitments to purchase such notes;
   2. (b) The foreclosing of mortgages and trust deeds in the courts of this state, acquiring the mortgaged property, holding and operating the property for a period not exceeding five years or disposal of the property.

Statutory/Other Authority

ORS 709.030(4)(g)

Statutes/Other Implemented

ORS 709.030(4)(g)

History

FSR 5-2020, minor correction filed 03/23/2020, effective 03/23/2020
FCS 9-2009, f. 9-15-09, cert. ef. 9-25-09
FCS 6-2007, f. & cert. ef. 10-22-07
FCS 1-1998, f. & cert ef. 3-31-98