(2) An applicant for a license, or a managing partner, director, executive officer or other individual that occupies a similar position or performs similar functions for the applicant, shall have, during the five years immediately preceding the time of application, not less than three years’ experience in the mortgage business, three years’ experience negotiating loans in a related business satisfactory to the director or three years’ equivalent lending experience in a related business satisfactory to the director.

(3) If a license is issued to a person other than an individual, at least one managing partner, director, executive officer or other individual that occupies a similar position or performs similar functions for the person shall, at all times during the term of the license, satisfy the experience requirement described in subsection (2) of this section.

(4) An applicant for a license that is not subject to the requirement set forth in ORS 86A.227 shall file with the director a corporate surety bond or irrevocable letter of credit that is approved by the director in an amount the director specifies by rule, that runs to the State of Oregon and that is issued by an insured institution as defined in ORS 706.008.

(5) The total amount of the corporate surety bond or irrevocable letter of credit for a single applicant under subsection (4) of this section shall be not less than $50,000. The director by rule shall require the sum of the corporate surety bond or irrevocable letter of credit to reflect the dollar amount of the loans that the mortgage banker or mortgage broker originates.

(6) If the application, surety bond or irrevocable letter of credit and fees are in order and the director is satisfied that the application should not be denied upon one or more of the grounds specified in ORS 86A.115, 86A.118 or 86A.121, the director shall license the mortgage banker or mortgage broker.

(7) A licensee shall amend the license application and, if necessary, increase the amount of the corporate surety bond or irrevocable letter of credit described in subsection (5) of this section when there are material changes in the information contained in the original application.

(8) An applicant for a license under this section or a licensee who applies to renew a license under ORS 86A.109 shall certify to the director in a form and manner the director specifies by rule that the applicant or licensee has independently verified that every individual the applicant or licensee hired or intends to hire as a mortgage loan originator:

(a) Meets the requirements set forth in ORS 86A.200 to 86A.239;

(b) Has undergone a state criminal records check in accordance with ORS 86A.186; and

(c) Is covered, if applicable, by a corporate surety bond as provided in ORS 86A.227.

(9) The director shall:

(a) Charge and collect fees for initial and renewal license applications.

(b) Set by rule all fees required under this section. The director shall set the fees to reflect amounts sufficient to meet the costs of administering ORS 86A.095 to 86A.198, including amounts sufficient to establish and maintain a reasonable emergency fund.

(c) Set by rule the amounts of corporate surety bonds and irrevocable letters of credit required under this section.

(10) The fees under this section are not refundable except for fees that the director determines by rule are refundable. [Formerly 59.850]