The Oregon Department of Consumer and Business Services (Department) recently adopted rules governing advertising, titled “Modernizing visible license requirement for compatibility with Nationwide Multistate Licensing.” The rules become effective on January 1, 2020.
The new rules affect the following license types: Consumer Finance, Mortgage Lender, Mortgage Servicer, and Payday/Title Lender. The rules impact the requirement for such licensees to post an annual company license and any branch licenses in a public space at the licensed location(s). Specifically, the new rules will enable licensees to satisfy this requirement by displaying a Department-issued form with their NMLS number and license information at their licensed location. Websites only need to prominently display the NMLS number, not a license or form. The new form will not require updating unless there is a change to the licensee’s name or license type(s).