From the Desk of the Regulator

Oregon Licensing and Compliance Requirements

By Cornerstone SupportAugust 21, 2017
 

On August 2, 2017, the governor of Oregon signed into law a bill amending Oregon’s collection licensing and compliance statutes and creating new obligations for debt buyers.  Most of the new provisions will go into effect January 1, 2018.

Please consider the following:

  1. Debt buyers, including passive debt buyers, operating in Oregon will be required to obtain an Oregon collection agency license.  Debt buyers that are not already licensed should submit a license application to ensure they are in compliance with the new licensing requirements when they go into effect.
  2. The new law will require debt buyers and debt collectors to provide certain Oregon consumers documents proving the existence and assignment of the debt and the itemized account balance within 30 days of the consumer’s request.
  3. Similar to laws recently enacted in Colorado and Maine, debt buyers and collection law firms filing suit against Oregon consumers on the purchased debt will be required to include certain information and documentation to maintain a cause of action. For example, a lawsuit must establish the existence and assignment of the debt and itemize the account balance in the collection complaint.
  4. Collection agencies and debt buyers operating in Oregon will be subject to 30-day notification requirements upon the change of the company’s name, address, officers, directors, or managers, and 10-day notification requirements after entry of a regulatory action or consent order with another state.
  5. Oregon collection agencies must also maintain E&O insurance and will be prohibited from engaging in Oregon collection activity if E&O coverage lapses.

Is it time to look at E&O options for your company? Don’t settle – there are more options than you think. We would love to talk to you about Integrity First Insurance, our in-house insurance agency. Reach out to us here.

The new Oregon law also creates other new licensing and compliance requirements and obligations.  Debt collectors and debt buyers operating in Oregon should closely review the new law with their legal and compliance teams.

Review the enrolled bill here. 

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