OR SB485 | 2021 | Regular Session

Status

Completed Legislative Action
Spectrum: Moderate Partisan Bill (Democrat 17-2)
Status: Passed on August 20 2021 - 100% progression
Action: 2021-08-20 - Effective date, July 27, 2021.
Text: Latest bill text (Enrolled) [PDF]

Summary

Requires certain persons that service student loans in this state to obtain or renew license. 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.

Tracking Information

Register now for our free OneVote public service or GAITS Pro trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

Title

Relating to student loan servicers; and declaring an emergency.

Sponsors


Roll Calls

2021-06-25 - House - House Third Reading (Y: 53 N: 2 NV: 0 Abs: 4) [PASS]
2021-06-24 - Senate - Senate Third Reading (Y: 22 N: 7 NV: 0 Abs: 1) [PASS]
2021-06-21 - Senate - Senate Committee Do pass with amendments. (Printed A-Eng.) (Y: 21 N: 1 NV: 0 Abs: 1) [PASS]
2021-02-11 - Senate - Senate Committee Do pass and requesting referral to Ways and Means (Y: 5 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2021-08-20SenateEffective date, July 27, 2021.
2021-08-20SenateChapter 651, 2021 Laws.
2021-07-27SenateGovernor signed.
2021-07-01HouseSpeaker signed.
2021-06-29SenatePresident signed.
2021-06-25HouseRules suspended. Third reading. Carried by Power. Passed. Ayes, 53; Nays, 2--Cate, Reschke; Excused, 3--Dexter, Smith G, Wilde; Excused for Business of the House, 1--Morgan.
2021-06-25HouseSecond reading.
2021-06-25HouseRecommendation: Do pass.
2021-06-24HouseReferred to Ways and Means.
2021-06-24HouseRules suspended. First reading. Referred to Speaker's desk.
2021-06-24SenateVote explanation(s) filed by Heard.
2021-06-24SenateRules suspended. Third reading. Carried by Taylor. Passed. Ayes, 22; Nays, 7--Boquist, Girod, Heard, Linthicum, Robinson, Thatcher, Thomsen; Excused, 1--Manning Jr.
2021-06-24SenateSecond reading.
2021-06-23SenateRecommendation: Do pass with amendments. (Printed A-Eng.)
2021-06-21SenateWork Session held.
2021-06-16SenateReturned to Full Committee.
2021-06-16SenateWork Session held.
2021-06-13SenateAssigned to Subcommittee On Transportation and Economic Development.
2021-02-24SenateReferred to Ways and Means by order of the President.
2021-02-24SenateRecommendation: Do Pass and be referred to Ways and Means.
2021-02-11SenateWork Session held.
2021-02-02SenatePublic Hearing held.
2021-01-19SenateReferred to Labor and Business.
2021-01-11SenateIntroduction and first reading. Referred to President's desk.

Oregon State Sources

TypeSource
Summaryhttps://olis.oregonlegislature.gov/liz/2021R1/Measures/Overview/SB485
Texthttps://olis.oregonlegislature.gov/liz/2021R1/Downloads/MeasureDocument/SB485/Introduced
Texthttps://olis.oregonlegislature.gov/liz/2021R1/Downloads/MeasureDocument/SB485/Senate%20Amendments%20to%20Introduced
Texthttps://olis.oregonlegislature.gov/liz/2021R1/Downloads/MeasureDocument/SB485/A-Engrossed
Texthttps://olis.oregonlegislature.gov/liz/2021R1/Downloads/MeasureDocument/SB485/Enrolled
Roll Callhttps://olis.oregonlegislature.gov/liz/2021R1/CommitteeReports/MajorityReport/31100
Roll Callhttps://olis.oregonlegislature.gov/liz/2021R1/CommitteeReports/MajorityReport/33124
Roll Callhttps://olis.oregonlegislature.gov/liz/2021R1/Measures/MeasureVotes?id=533515
Roll Callhttps://olis.oregonlegislature.gov/liz/2021R1/Measures/MeasureVotes?id=534092

Bill Comments

feedback