1. (1) Each of the following persons listed in section (2) of this rule shall submit a Form MU2 to the director through the Nationwide Mortgage Licensing System and Registry.

2. (2) This rule applies to:

   1. (A) Any director, officer, and a shareholder with a direct or indirect ownership of greater than or equal to ten percent of outstanding shares of a corporate applicant;
   2. (B) The owner, if the applicant is an unincorporated sole proprietorship;
   3. (C) Each managing partner of a limited partnership or a partner in a general partnership with a partnership interest greater than or equal to ten percent of the total partnership interests in the general or limited partnership;
   4. (D) A member or managing member in a limited liability company with an ownership interest greater than or equal to ten percent of the total membership interests in the limited liability company; and
   5. (E) The person identified in ORS 86A.106(2) as having the requisite experience in the mortgage business, negotiating loans in a related business satisfactory to the director, or lending experience in a related business satisfactory to the director.

Statutory/Other Authority

ORS 86A.106, 86A.109 & 86A.212

Statutes/Other Implemented

ORS 86A.103, 86A.106 & 86A.212

History

FCS 4-2012, f. & cert. ef 8-1-12