OAR 441-820-0090: Cancellation of Debt Buyer License for Failure to Maintain Errors and Omissions Insurance

(1) The director may cancel the license of a debt buyer for failing to maintain errors and omissions insurance as required by 2017 Oregon Laws Ch. 625 and OAR 441-820-0080. The procedure for canceling a license under this rule is as follows: (a) Upon notification from the insurer of notice of intent to cancel the errors and omissions insurance, the director shall notify the debt buyer. This notice may be sent by setting a deficiency on the company’s license in the NMLS. (b) If an effective errors and omissions insurance policy is not submitted through the NMLS by 5 p.m. Pacific Time within thirty (30) calendar days after receiving the notice in subsection (a) of this rule the director shall cancel the license of the debt buyer. The cancellation of the debt buyer license shall be effective as of the errors and omissions insurance cancellation date. For the purposes of this rule, an effective errors and omissions insurance policy is one that commences no later than the cancellation date of the previous errors and omissions insurance policy. (2) A debt buyer whose license has been cancelled may obtain a debt buyer license in Oregon by submitting a new application.