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WBK Industry News - State Regulatory Developments

New Oregon Debt Buyer License Now Available for Filing

The Oregon Department of Consumer and Business Services’ Division of Financial Regulation (Division) recently began accepting applications for the new Oregon Debt Buyer License through the NMLS.  Pursuant to Oregon House Bill (HB) 2356, persons engaged in purchasing charged-off debt for the purpose of collecting it or hiring another to collect it are required to obtain the Oregon Debt Buyer License by January 1, 2018.

The Oregon Debt Buyer License became available for filing through NMLS on November 1, 2017.  Pursuant to HB 2356, all persons required to obtain the Oregon Debt Buyer License must obtain an application by January 1, 2018.  However, according to guidance available on the Division’s website, the Division will not pursue enforcement of persons with pending applications on January 1, if the applicant adheres to the deadlines established by the division for responding to deficiencies.

More information regarding the Oregon Debt Buyer License requirement is available here.

The NMLS New Application Checklist for the Oregon Debt Buyer License is available here.