86A.121 Cancellation of license or application

(1) The Director of the Department of Consumer and Business Services may cancel an application or license if the director finds that the applicant or licensee:

(a) Has ceased to do business as a mortgage banker or mortgage broker;

(b) Has failed to maintain a corporate surety bond or irrevocable letter of credit required under ORS 86A.106 (Procedures for licensing) or 86A.227 (Corporate surety bond required) ; or

(c) Cannot be located after a reasonable search.

(2) A mortgage banker or mortgage broker may surrender a license by filing an application to surrender the license. Unless the director determines that the license should be suspended or revoked, the director shall allow the surrender subject to any conditions, limitations and restrictions the director may impose. [Formerly 59.875]

Source: Section 86A.121 — Cancellation of license or application; application to surrender license , https://www.­oregonlegislature.­gov/bills_laws/ors/ors86A.­html (accessed May 26, 2025).