The Oregon Department of Consumer and Business Services Division of Financial Regulation has recently released Bulletin No. DFR 2023-3 to identify the most common notice and filing issues/deficiencies and to remind producers and applicants of their responsibility to timely furnish the division with complete, accurate, and truthful information in all filings. Westmont is sharing with you, since this aligns with requirements across many of the states.
The key highlights are as follows:
- Failure to timely furnish the division with complete, accurate, and truthful information may result in the director taking an adverse action against a producer or applicant, including but not limited to refusal to issue a license, suspending or revoking an existing license, or assessing civil penalties.
- The following is a list of common notice and filing issues and deficiencies noted by division staff:
- Failure to provide a direct phone number that allows staff to contact the individual. For example, using a phone number that connects to a call center instead of a direct phone line;
- Using a generic or shared email address (e.g., firstname.lastname@example.org) instead of the individual’s direct email address;
- Failing to notify the division within 30 days of changes in producer and applicant address or contact information;
- Failing to notify the division within 30 days if an individual receives a notification of a Regulatory Information Retrieval System (RIRS) violation or notice of a criminal case;
- Failing to provide a prompt and truthful response to an inquiry from the director of the Department of Consumer and Business Services in the time and manner specified;
- Applications that are incomplete, misleading, or contain information that is materially untrue;
- Applicants that submit more than one application with different responses, especially responses that misrepresent misdemeanor/felony convictions declared on a prior filing.
For any questions related to the above referenced bulletin in Oregon, please contact Westmont Associates!