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Possible Discovery Item - Debt Buyer Qualification Insurance Oregon

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We have all seen the discovery question; Show proof JDB is authorized to do business in (State) 

For the most part it's usually superfluous but it might work in a few instances.  However, looking at the ORS statues for debt buyers in Oregon I found: 

  • 441-820-0070 Fees for Debt Buyers
  • 441-820-0090 Cancellation of Debt Buyer License                                               
  • 441-820-0080 Errors & Omissions Insurance Oregon                                                     
  • 441-820-0110 Debt Buyers Licensee Responsibilities

Some of these ORS rules apply more to mortgage debt buyers but may have some requirements for Credit Card Debt Buyers. Other states may have something similar. 

The fees in Oregon (A fee happy greedy state) is $450.00 if not paid it would appear they can't legally collect. They are allowed 30 days to renew which might stall the complaint. The requirement for debt buyers to have omissions and errors insurance could have some real impact if correctly worded. These probably apply more to mortgage brokers and insurance sales brokers but the word debt buyer may be all encompassing.


Further reading:

Rule 441-820-0090
Cancellation of Debt Buyer License for Failure to Maintain Errors and Omissions Insurance

(1) The director may cancel the license of a debt buyer for failing to maintain errors and omissions insurance as required by 2017 Oregon Laws Ch. 625 and OAR 441-820-0080 (Errors and Omissions Insurance). The procedure for canceling a license under this rule is as follows: (a) Upon notification from the insurer of notice of intent to cancel the errors and omissions insurance, the director shall notify the debt buyer. This notice may be sent by setting a deficiency on the company’s license in the NMLS. (b) If an effective errors and omissions insurance policy is not submitted through the NMLS by 5 p.m. Pacific Time within thirty (30) calendar days after receiving the notice in subsection (a) of this rule the director shall cancel the license of the debt buyer. The cancellation of the debt buyer license shall be effective as of the errors and omissions insurance cancellation date. For the purposes of this rule, an effective errors and omissions insurance policy is one that commences no later than the cancellation date of the previous errors and omissions insurance policy. (2) A debt buyer whose license has been cancelled may obtain a debt buyer license in Oregon by submitting a new application.
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