# ORS § 86a.121: 86A.121 Cancellation of license or application

> Oregon · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_OR_T9_C86a_S86a.121

## Section

- **Citation:** ORS § 86a.121
- **Heading:** 86A.121 Cancellation of license or application
- **Jurisdiction:** Oregon
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** OR Code / Title 9 / Chapter 86a / Section 86a.121

## Text

(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).

## Nearby sections

- [ORS § 86a.095 86A.095 Short title](https://www.frixlaw.com/law-library/statutes/STATE_OR_T9_C86a_S86a.095.md)
- [ORS § 86a.100 86A.100 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_OR_T9_C86a_S86a.100.md)
- [ORS § 86a.103 86A.103 License required to engage in residential mortgage transactions as mortgage banker or mortgage broker](https://www.frixlaw.com/law-library/statutes/STATE_OR_T9_C86a_S86a.103.md)
- [ORS § 86a.106 86A.106 Procedures for licensing](https://www.frixlaw.com/law-library/statutes/STATE_OR_T9_C86a_S86a.106.md)
- [ORS § 86a.109 86A.109 Expiration of initial license](https://www.frixlaw.com/law-library/statutes/STATE_OR_T9_C86a_S86a.109.md)
- [ORS § 86a.112 86A.112 Licensees to keep records](https://www.frixlaw.com/law-library/statutes/STATE_OR_T9_C86a_S86a.112.md)
- [ORS § 86a.115 86A.115 Grounds for denying, suspending, conditioning or revoking license](https://www.frixlaw.com/law-library/statutes/STATE_OR_T9_C86a_S86a.115.md)
- [ORS § 86a.118 86A.118 Action against applicant or licensee for act or omission of associate](https://www.frixlaw.com/law-library/statutes/STATE_OR_T9_C86a_S86a.118.md)
- [ORS § 86a.121 86A.121 Cancellation of license or application](https://www.frixlaw.com/law-library/statutes/STATE_OR_T9_C86a_S86a.121.md)
- [ORS § 86a.124 86A.124 Supervisory authority of director over mortgage bankers, mortgage brokers and mortgage loan originators](https://www.frixlaw.com/law-library/statutes/STATE_OR_T9_C86a_S86a.124.md)
- [ORS § 86a.127 86A.127 Investigations](https://www.frixlaw.com/law-library/statutes/STATE_OR_T9_C86a_S86a.127.md)
- [ORS § 86a.130 86A.130 Enjoining violations](https://www.frixlaw.com/law-library/statutes/STATE_OR_T9_C86a_S86a.130.md)
- [ORS § 86a.133 86A.133 Procedures where assets or capital of mortgage banker or mortgage broker found impaired](https://www.frixlaw.com/law-library/statutes/STATE_OR_T9_C86a_S86a.133.md)
- [ORS § 86a.136 86A.136 Rules](https://www.frixlaw.com/law-library/statutes/STATE_OR_T9_C86a_S86a.136.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_OR_T9_C86a_S86a.121. Check the current official text before relying on it. Not legal advice.