Oregon Senate Bill 485
Session 2021 Regular Session
Relating to student loan servicers; and declaring an emergency.
Became Law
Signed by Governor on Jul 27, 2021
Sponsors
2 Sponsors
Kathleen Taylor
Karin Power
First Action
Jan 11, 2021
Latest Action
Aug 20, 2021
Origin Chamber
Senate
Type
Bill
Bill Number
485
State
Oregon
Session
2021 Regular Session
Andrea Valderrama
Cosponsor
Dacia Grayber
Cosponsor
Jason Kropf
Cosponsor
Lisa Reynolds
Cosponsor
Wlnsvey Campos
Cosponsor
Motion Text
Rules suspended. Third reading. Carried by Taylor. Passed.
Senate Roll Call Votes
Art Robinson
No
Yes
Bill Kennemer
Yes
Yes
Yes
Deb Patterson
Yes
Dick Anderson
Yes
Absent
Yes
Kate Lieber
Yes
Kayse Jama
Yes
Yes
Yes
Yes
Sara Gelser Blouin
Yes
Yes
Summary
Requires certain persons that service student loans in this state to obtain or renew license. Specifies license application and renewal procedures, required fees and persons that are exempt from requirement.
Prescribes duties of licensee and requires licensee to maintain specified liquidity, operating reserves and tangible net worth.
Prescribes civil penalty against person that engages in business as student loan servicer without license.
Permits Director of Department of Consumer and Business Services to participate in multistate examinations under specified circumstances.
Becomes operative on July 1, 2022.
Declares emergency, effective on passage.
A-Engrossed
Senate Amendments to Introduced
Sort by most recent
08/20/2021
Senate
Effective date, July 27, 2021.
08/20/2021
Senate
Chapter 651, 2021 Laws.
07/27/2021
Senate
Governor signed.
07/01/2021
House
Speaker signed.
06/29/2021
Senate
President signed.
06/25/2021
House
Rules suspended. Third reading. Carried by Power. Passed.
06/25/2021
House
Second reading.
06/25/2021
House
Recommendation: Do pass.
06/24/2021
House
Referred to Ways and Means.
06/24/2021
House
Rules suspended. First reading. Referred to Speaker's desk.
06/24/2021
Senate
Vote explanation(s) filed by Heard.
06/24/2021
Senate
Rules suspended. Third reading. Carried by Taylor. Passed.
06/24/2021
Senate
Second reading.
06/23/2021
Senate
Recommendation: Do pass with amendments. (Printed A-Eng.)
06/21/2021
Senate
Work Session held.
06/16/2021
Senate
Returned to Full Committee.
06/16/2021
Senate
Work Session held.
06/13/2021
Senate
Assigned to Subcommittee On Transportation and Economic Development.
02/24/2021
Senate
Referred to Ways and Means by order of the President.
02/24/2021
Senate
Recommendation: Do Pass and be referred to Ways and Means.
02/11/2021
Senate
Work Session held.
02/02/2021
Senate
Public Hearing held.
01/19/2021
Senate
Referred to Labor and Business.
01/11/2021
Senate
Introduction and first reading. Referred to President's desk.
Sources
Record Created
Jan 11, 2021 3:18:48 PM
Record Updated
Aug 20, 2021 6:05:44 PM