Laws and rules

New Rules

New rules are posted on this page for six months after they are final.

Click on a rule title below for details.

Insurance regulation

Amend: OAR 836-010-0011

This rule updates the Certificate of Compliance sample form required as a part of each rate and form filing. The form sample is currently an exhibit within OAR 836-010-0011, this rulemaking removes the exhibit from the rule and places it on the Division of Financial Regulation website. In addition, this rule updates the form to correct the reference of the Oregon Insurance Division to the Division of Financial Regulation in order to reflect the official name change that occurred in January of 2016. Currently, a rulemaking is necessary to replace references to the Oregon Insurance Division with the Division of Financial Regulation because this form is an exhibit within the rule. This rulemaking allows for future updates to the form to be carried out without having a formal rulemaking process.

Adopted: August 4, 2017

Effective: September 11, 2017

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Adopt: OAR 836-053-0011

Amend: OAR 836-053-0013

This rule establishes the requirement that the standard bronze health benefit plan be HSA eligible, in order to promote consumer choice. The rule brings the standard bronze and standard silver plans into compliance with federal law by amending the exhibits for the plans for plan years beginning on or after January 1, 2018, to meet federal minimum actuarial value (AV) requirements. The rule further clarifies that the insurer or health care service contractor shall clearly indicate on any applicable plan and benefits template or other plan or product specific filing document that the plan is HSA eligible.

Adopted: July 26, 2017

Effective: July 26, 2017

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Exhibits

Amend: OAR 836-011-0000

This rulemaking prescribes, for reporting year 2016, the required forms for the annual and supplemental financial statements required of insurers and health care service contractors under ORS 731.574, as well as the necessary instructions for completing the forms.

This rulemaking repeals and replaces the current unexpired temporary rule of the same number.

Adopted: April 20, 2017

Effective: April 27, 2017

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Repeal: OAR 836-014-0400

In 2002, the department learned of difficulties in the construction contractors market. Contractors, required to have general liability insurance were having difficulty obtaining coverage. The department determined that there was a likelihood of consumer harm if contractors were unable to acquire general liability insurance coverage to support their license. The department and the Construction Contractors Board (CCB) formed a work-group to develop possible solutions. The work-group developed an outline for the Market Assistance Plan (MAP) website. The website was hosted by the CCB from 2004 until 2016.

During discussions about the website, the department and CCB, in conjunction with an advisory committee, determined that the site was outdated and might not be continuing to serve the purpose for which it was first developed. The department determined that the market for general liability coverage for contractors is now well developed. This repeal is necessary to remove the rule related to the successful, but now unnecessary, market assistance plan related to construction contractor general liability coverage.

Adopted: April 14, 2017

Effective: April 14, 2017

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Amend: OAR 836-053-0015

ORS 743B.020 requires the Department to adopt by rule the method for determining whether an employer is a small employer for purposes of group health benefit plans. ORS 743B.005 links the definition of "small employer" to a federal definition that currently defines a small employer as an employer having at least one but not more than 50 employees, but allows the department to further modify that definition in accordance with guidance issued by three federal agencies. The federal law also includes an option that allows states to define small employer as an employer with 1 to 100 employees.

The Department defines small employers in OAR 836-053-0015 as those with "an average of at least one but not more than 50 employees on business days during the preceding calendar year and who employs at least one employee on the first day of the plan year." This definition is applicable from January 1, 2016 through December 31, 2017.

The amendments would abolish the sunset provision and maintain the current definition of small employer indefinitely.

Adopted: March 9, 2017

Effective: March 9, 2017

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Exhibits

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Financial institutions regulation

Amend: OAR 441-035-0080, 441-035-0090, 441-035-0120, 441-035-0130, 441-035-0140, 441-035-0150

In January of 2015, the division adopted rules allowing Oregon small businesses to raise capital without having to register their securities. Businesses can take advantage of the exemption from registration if the offering is conducted entirely within the borders of the state and adheres to specific advertising restrictions based on the Securities and Exchange Commission's (SEC) Rule 147. On April 20, 2017, a new rule, Rule 147A, became effective. Rule 147A allows issuers to advertise offerings to residents of the state in which the issuer has its primary place of business even if that advertisement reaches residents in other states. Incidental advertising is permitted so long as sales are restricted to in-state residents only and particular disclosures are contained in the advertisement. Rule 147A made a number of changes to modernize the rules governing intrastate offerings. The changes to the federal rules leave Oregon with more stringent requirements than those at the federal level. The division is proposing these temporary rules in order to avoid confusion amongst issuers who may believe that changes at the federal level automatically carry down to Oregon's intrastate offering rules. Issuers that do not comply with Oregon's rules risk losing access to the Oregon exemption ultimately resulting in selling unregistered securities. The sale of unregistered securities can result in investor lawsuits and civil penalties. Without this temporary rule Oregon issuers could be prejudiced.

Adopted: July 12, 2017

Effective: July 12, 2017

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Amend: OAR 441-745-0000, 441-745-0300, 441-745-0310, 441-745-0330

These rules establish the process by which money transmitter licensees and applicants submit applications, renewals, and other information through the Nationwide Multistate Licensing System and Registry (NMLS). Currently, licensed money transmitters and applicants submit registration materials by paper documentation. The department found the current registration system needed greater efficiency and a capacity to facilitate uniformity for multi-state entities. The NMLS creates efficiencies for the industry, consumers, and department as a replacement for the current system. These proposed rules modify and clarify the licensing and application procedures to make the use of the NMLS mandatory. This includes all registration and renewal activity, including surety bonds, for money transmitters to the NMLS. These proposed rules are necessary to enact a uniform application process resulting in greater efficiencies to the state and industry.

Adopted: April 14, 2017

Effective: April 14, 2017

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Amend: OAR 441-810-0020, 441-810-0030, 441-810-0040, 441-810-0050, 441-810-0080

These rules establish the process by which collection agency registrants and applicants submit applications, renewals, and other information through the Nationwide Multistate Licensing System and Registry (NMLS). Currently, registered collection agencies and applicants submit registration materials by paper documentation. The department found the current registration system needed for greater efficiency and to facilitate uniformity for multi-state entities. The NMLS creates efficiencies for the industry, consumers, and department as a replacement for the current system. These proposed rules modify and clarify the registration and application procedures to make the use of the NMLS mandatory. This includes all registration and renewal activity for collection agencies to the NMLS. These proposed rules are necessary to enact a uniform application process resulting in greater efficiencies to the state and industry.

Adopted: April 14, 2017

Effective: April 14, 2017

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Amend: OAR 441-910-0010, 441-910-0030, 441-910-0050, 441-910-0055

These rules establish the process by which registrants and applicants for a debt management service provider submit applications, renewals, and other information through the Nationwide Mortgage Licensing System and Registry (NMLS). Currently, registered debt management service providers and applicants submit registration materials by paper documentation. The department found the current registration system needed for greater efficiency and to facilitate uniformity for multi-state entities. The NMLS creates efficiencies for the industry, consumers, and department as a replacement for the current system. These proposed rules modify and clarify the registration and application procedures to make the use of the NMLS mandatory. This includes all registration and renewal activity, including surety bonds, for debt management service providers to the NMLS. These proposed rules are necessary to enact a uniform application process resulting in greater efficiencies to the state and industry.

ORS 697.612 exempts non-profit entities that provide advice, assistance, instructional materials in return for a fee reasonably calculated to pay the cost of making the advice, assistance, or material available. Currently the rules cap reasonably fees at $25. The department has learned that the current $25 cap is too low to reasonably cover the cost of those services and it is impacting the availability of credit repair services in Oregon. These proposed rules would add a requirement that credit repair organizations comply with the federal Credit Repair Organizations Act, and remove the reference to the non-profit credit repair organization fee.

Adopted: April 14, 2017

Effective: April 14, 2017

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Amend: OAR 441-505-3090, 441-505-3030

Please note that this rulemaking involves two parts: OAR 441-505-3090 and 441-505-3030. In 2012, the Department of Consumer and Business Services (DCBS or department) adopted OAR 441-505-3090 permitting Oregon chartered banks to act, as an intermediary, in customer-driven interest rate swap transactions and to pledge bank assets as collateral for such transactions. In 2015, the legislature amended ORS 708A.010 to clarify that Oregon banks could engage, as principal or agent, in activities permissible for national banks. The proposed changes to OAR 441-505-3090 simply update the rule to accommodate the legislative changes to ORS 708A.010 and, under the department's wildcard authority contained in ORS 706.795, expressly provide authority for Oregon chartered banks to pledge collateral to counterparties in connection with swap transactions.

This rulemaking further addresses when Oregon commercial banks may use an evaluation rather than an appraisal to establish the market value of other real estate owned. With respect to OAR 441-505-3030, ORS 708A.175 (3) and (4) require Oregon chartered commercial banks to use appraisals that are current at the time the banks acquire real property to satisfy a lien on a real estate loan. Collectively, property acquired under ORS 708A.175(3) and (4) is known as Other Real Estate Owned (OREO). Unlike Oregon commercial banks, national banks may use an evaluation rather than an appraisal to establish the market value of OREO when its value is less than $250,000. 12 C.F.R. § 34.43. The proposed changes to OAR 441-505-3030 will enhance and maintain competition between Oregon chartered commercial banks and national banks by allowing Oregon banks to use evaluations determine the fair market value of OREO under similar circumstances. Where the value of the property is over $250,000, the proposed changes also give banks three months time following the date the property is acquired as OREO to obtain an appraisal.

Adopted: February 1, 2017

Effective: February 1, 2017

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Amend: OAR 441-500-0020

Under the Oregon Bank Act, the Director of the Department of Consumer and Business Services (DCBS or department) may assess financial institutions a fee under a schedule adopted by rule. In adopting the schedule, the Director takes into consideration three factors: the amount of other moneys available for the director to use in performing the director's duties, the costs the director will incur in performing the director's duties in the year in which the director will collect the fee, and the amount the director needs to establish and maintain a reasonable emergency fund. ORS 706.530. Under long-standing administrative policy, the department interprets the meaning of the term "reasonable emergency fund" as requiring the set-aside of two to four quarters of operating costs.

The department's fee schedule developed under the terms of the statute assesses financial institutions a base fee, and then a variable fee determined by multiplying all assets by a fractional number. The department divides the schedule into tiers in order to equitably assess financial institutions fees based on the institution's size. In 2016, the department adopted a temporary rule that increased assessment rates by five percent and also extended the due date for the fees by 15 days to provide banks and trust companies additional time to pay the revised assessment. The department revised its regulations to make fees more equitable and to ensure that Oregon chartered banks and trust companies pay fees that reasonably reflect the costs of supervision. The changes to fee assessments under the proposed rule incorporate the five percent increase under the temporary rule and raises the assessment by 2.5 percent for a total increase of approximately 7.5 percent. Operating revenue for the banking program is calculated on the average assets of Oregon based institutions, based on quarterly Call Reports of Condition and Income filed with the applicable federal supervisory agency for the calendar year immediately preceding the due date of the fee assessment. Since 2010, the revenue for the banking program has dropped significantly due to the declining number of Oregon state-chartered banks. As a consequence, and despite best efforts to control expenses, between FY 2009 and FY 2014, expenses have exceeded revenues every year except in FY 2012 when the banking program intentionally left examiner positions vacant and received higher than normal amounts of risk-based assessment premiums due to the large number of banks that required more supervision based on their less-than-satisfactory ratings. The revised fees are not being used to pay for an expansion of the banking program or to cover the cost of any special pay increases to banking program employees; rather, the increase in fees will help to cover the ongoing expenses of the banking program.

Adopted: February 1, 2017

Effective: February 1, 2017

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Amend: OAR 441-025-0005, 441-025-0121, 441-025-0020, 441-025-0050, 441-035-0005, 441-035-0030, 441-035-0045, 441-049-1001, 441-049-1011, 441-049-1051, 441-175-0002, 441-175-0020, 441-175-0030

Repeal: OAR 441-025-0010, 441-035-0040, 441-035-0270

This proposed rulemaking makes technical changes to several rules addressing new statutory sections at the state and federal levels. The rules propose repealing the "exchange exemption" and relying on the federal rules regarding exchanges. The proposed rules remove references to Standard and Poor's Manual which ceased publication in May 2016. In order to provide adequate options for broker-dealers and salespersons utilizing the "manual exemption" provided for in ORS 59.025(5) these rules propose adding the OTCQX and OTCQB Markets to the manual exemption for equity security offerings. The proposed rulemaking also makes changes to the registration requirements for SEC Rule 701 employee benefit stock option plans. The proposed rules would repeal the registration requirement, annual renewal, and salesperson licensing fees and establish a notice filing. The proposed rules also raise filing and renewal fees for investment company portfolios and reduce the fees related to broker-dealer salesperson registration renewals. The proposed rules are consistent with the intent of Oregon Revised Statute Chapter 59 to ensure licensing of individuals engaged in brokering or selling securities to the public.

Adopted: January 31, 2017

Effective: February 1, 2017

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Amend: OAR 441-730-0026, 441-860-0020, 441-860-0025, 441-860-0050, 441-885-0010

The Department of Consumer and Business Services has been working toward full utilization of the Nationwide Mortgage Licensing System and Registry's (NMLS) features. The NMLS released the first phase allowing for the electronic submission of surety bonds in January 2016. The feature will be fully available, and licensees will be able to electronically submit surety bonds to the Director of the Department through NMLS, by the end of 2016. Requiring electronic submission of the surety bond will make it easier for consumers to access the bond information and will streamline the mortgage licensing process. Currently, the surety bond is the only piece of paper that is still required for the mortgage licensing process. The proposed rules also remove the grace period after a bond is cancelled that was meant to provide time for new bonds to be sent through the U.S. mail. This protects consumers by reducing the period during which a mortgage loan originator may originate loans without the protection of a bond. Because NMLS can be used to quickly notify, and continually remind, licensees of their bond status licensees will receive more effective notice regarding their bonds.

Adopted: January 31, 2017

Effective: April 1, 2017

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Agency Mailing / Interested Party List:

If you are interested in receiving notices of all Division of Financial Regulation administrative rule changes, please sign-up via the link below and select "Proposed Rules" and "Recently Adopted Rules"

Email notification

This electronic notification service is used to send notifications of all administrative rule changes per ORS 183.335(8). Please note each subscriber must keep their subscription choices and email address up to date to ensure they receive the appropriate notices.

If you have questions or if you need to request hard copy notices, you may contact Karen Winkel via email at Karen.j.winkel@oregon.gov.

Key links

Oregon Revised Statutes​​​​​