OAR 441-820-0020: Deficiencies in Debt Buyer License Application

(1) If an applicant submits an application, filing, or amendment which is incomplete in any respect, the director will notify the applicant of the deficiencies through the NMLS. The applicant shall correct a deficiency associated with an application, filing, or amendment within 30 days of being notified of a deficiency. (2) A challenge submitted to the NMLS as set out in OAR 441-820-0030 shall halt the 30-day period of time for correcting deficiencies for the duration of the challenge process. (3) If the applicant fails to complete the application or respond to deficiencies within 30 days, the application will be considered abandoned. Any fees paid by the applicant under OAR 441-820-0070 will not be refunded due to abandonment. An applicant whose application is abandoned under this rule may reapply to obtain a debt buyer license.