{"data":{"id":"us-or/ors-86a.227","jurisdiction":"us-or","citation":"ORS 86A.227","heading":"Corporate surety bond required; right of action; rules.","body":"(1) A person that employs a mortgage loan originator shall file with the Director of the Department of Consumer and Business Services a corporate surety bond that runs to the State of Oregon and that covers each mortgage loan originator the person employs. The corporate surety bond must be issued by a corporate surety or an insured institution, as defined in ORS 706.008, that is authorized to transact business in this state.\n      (2) The director by rule shall:\n      (a) Prescribe the form of the corporate surety bond;\n      (b) Require the person to maintain the corporate surety bond in an amount that reflects the dollar amount of the loans the person originated or in a minimum amount the director specifies; and\n      (c) Prescribe other requirements for the corporate surety bond as are necessary to accomplish the purposes of ORS 86A.200 to 86A.239.\n      (3) A right of action against the corporate surety bond required under this section exists to the same extent that a right of action exists under ORS 86A.151.\n      (4) The director may require the person to file a new corporate surety bond if an action is commenced against the corporate surety bond on file with the director. The person shall file a new corporate surety bond immediately if a recovery is obtained against the bond.","path":["02 - Business Organizations, Commercial Code","9. Mortgages and Liens","Chapter 86A — Mortgage Lending"],"source_url":"https://www.oregonlegislature.gov/bills_laws/ors/ors086A.html","current_through":"2025 Edition","vintage":"","retrieved_at":"2026-09-03T23:50:11Z","sha256":"f0adeb4a502188df93ab3c064a2cdde9c4ce9fe3e181ac73b59a0dde7b3133b9","source_id":"us-or","stale":false,"prev":"us-or/ors-86a.224","next":"us-or/ors-86a.230"},"notice":"GroundRules: Original legal text. Not legal advice."}