OAR 441-860-0021: Biographical Information Required for Mortgage Banker or Mortgage Broker License Application

(1) Each of the following persons listed in section (2) of this rule shall submit a Form MU2 to the director through the Nationwide Mortgage Licensing System and Registry. (2) This rule applies to: (A) Any director, officer, and a shareholder with a direct or indirect ownership of greater than or equal to ten percent of outstanding shares of a corporate applicant; (B) The owner, if the applicant is an unincorporated sole proprietorship; (C) Each managing partner of a limited partnership or a partner in a general partnership with a partnership interest greater than or equal to ten percent of the total partnership interests in the general or limited partnership; (D) A member or managing member in a limited liability company with an ownership interest greater than or equal to ten percent of the total membership interests in the limited liability company; and (E) The person identified in ORS 86A.106(2) as having the requisite experience in the mortgage business, negotiating loans in a related business satisfactory to the director, or lending experience in a related business satisfactory to the director.