Oregon changes surety bond renewal date for consumer finance companies that employ MLOs

consumer finance companies

Division 860 of the The Oregon Administrative Rules has been updated to change the renewal date for surety bonds posted by consumer finance companies that employ mortgage loan originators (MLOs).

The change alters the previous requirement that these surety bonds expire and must be renewed in conjunction with mortgage loan originators’ license renewals. The new requirement is as follows.

“(2) A corporate surety bond under this rule must be renewed or replaced each calendar year, concurrently with the license renewal of any mortgage loan originators employed by the consumer finance company. The corporate surety bond shall be delivered to the director by December 1 of each calendar year but may be made effective as of December 31 of each calendar year. In no case shall any applicant, mortgage banker or mortgage broker subject to this rule reduce the amount of a corporate surety bond before October 1 of each calendar year.”

To put it simply, this change means that the surety bond must be filed with the Director of the Department of Consumer and Business Services by December 1 of each calendar year.

If you’re a consumer finance professional, now is the perfect time to renew your Oregon surety bond. To begin the renewal process, simply call 1 (800) 308-4358 to speak with an expert surety specialist. Your account manager will shop your bond around with a number of underwriting markets to find the best rate possible for your bond renewal. If you choose to proceed with the bonding process, your bond will be issued as soon as your payment is received, and you’ll have your bond in your hands in plenty of time to meet the new December 1 deadline.