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ORS 646A.640 through ORS 646A.673 requires people to obtain a license from the Division of Financial Regulation if they engage in purchasing charged-off debt for the purpose of collecting it or hiring another to collect it. This license is separate from the collection agency license. A person who wants to act as both a debt buyer and a collection agency must have both a debt buyer license and a collection agency license.
Click here for information on the difference between the collection agency registration and debt buyer license.
All applications for an Oregon debt buyer license must be filed through the Nationwide Multistate Licensing System (NMLS). The NMLS website has
instructions on how to submit an application for Oregon, or any other state. NMLS has a
resources and support section that may be helpful, particularly for first-time users.
503-947-7300, option 3DFR.NDP.Licensing@dcbs.oregon.gov
An application for a debt buyer license submitted through the NMLS must meet all of the following requirements:
Every licensed debt buyer must maintain an errors and omissions insurance policy. These policies are valid for one year. As a result, each year, the licensee must upload to NMLS evidence that their policy has continued or a new policy ensuring coverage after the expiration of the previous policy. We will verify that the company has provided this prior to renewing the company’s license. Generally in September of each year, we will post a reminder deficiency in NMLS that the new policy or evidence of the continuation of an existing policy must be uploaded. If you upload a new policy, be sure to delete any old policy that is no longer valid for your company. If you upload a continuation certificate, do not delete the policy but please delete any old continuation certificates for periods that have passed. There are instructions on the NMLS explaining how to upload documents
If you receive this deficiency, but your policy is not yet due for renewal, please contact the Division using the contact information in the deficiency to have them review the deficiency for your company. If we find that there is a valid insurance policy uploaded in NMLS covering the company into the next year, we will remove the deficiency. You will need to remember to upload your new policy or continuation certificate when you renew or replace your policy.
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