An applicant that services a student loan under a contract with the United States Secretary of Education under 20 U.S.C. 1087f shall be granted a license automatically upon payment of the fee proscribed in OAR 441-895-0045 if they:

1. (1) Identify a registered agent in this state or appoint the director as the applicant’s registered agent; and
2. (2) Notify the director in writing within seven days after the date on which the contract with the United States Secretary of Education under 20 U.S.C. 1087f expires or terminates. At the expiration or termination of the contract, the licensee becomes subject to OAR 441-895-0005 and, to continue to service a student loan in this state, must meet the criteria within 30 days after the date on which the contract expires or terminates.

Statutory/Other Authority

Or Laws 2021, ch 651, secs 1-10

Statutes/Other Implemented

Or Laws 2021, ch 651, secs 2-10

History

FSR 2-2022, adopt filed 06/27/2022, effective 07/01/2022