justicedao/ipfs_state_laws huggingface dataset:
441-730-0160 Daily-Interest Computation (1) When interest on a loan is computed on a daily basis using a 360-day factor, the maximum charge for each day must be 1/30 of the monthly rate. In determining the elapsed time to compute interest on any such loan, each calendar month shall be treated as containing 30 days. However, when the period for which interest is computed includes the last day of the month: (a) If the month has 31 days, the 31st day must be ignored: (b) If the month is February, two days must be added to the period, except in leap year when only one day may be added. (2) Interest on a loan may be computed on a daily basis using a 365-day factor or, in a leap year, a 366-day factor. In determining the elapsed time to compute interest or a refund of interest, on such a loan, the maximum charge for each day must be 1/365th of the annual rate, except in a leap year when the maximum charge for each day must be 1/366th of the annual rate. Statutory/Other Authority: ORS 725.320 & 725.505 Statutes/Other Implemented: ORS 725.340 History: FCS 6-2010, f. & cert. ef. 6-4-10 FCS 2-2004, f. & cert. ef. 8-5-04 FCS 2-2001, f. 1-22-01, cert. ef. 3-22-01 FCS 2-2000, f. & cert. ef. 2-15-00 BB 14-1976, f. & cert. ef. 11-15-76, Renumbered from 805-075-0105
441-730-0170 Precomputed Interest (1) When a loan contract is repayable in substantially equal and consecutive monthly installments of principal and interest combined, interest may be precomputed and added to the principal. Interest may be precomputed even though the first installment period is more or less than one month. (2) If the first installment period exceeds one month, the amount of the agreed monthly interest charge must be reduced for the first period by 1/30th of the amount for each extra day in the first period. If the first installment period is less than one month the amount of the agreed monthly interest charge must be reduced for the first period by 1/30th of the amount for each day that the first installment period is less than one month. Statutory/Other Authority: ORS 725.320 & 725.505 Statutes/Other Implemented: ORS 725.340 History: FCS 6-2010, f. & cert. ef. 6-4-10 FCS 3-2009, f. & cert. ef. 6-2-09 FCS 2-2000, f. & cert. ef. 2-15-00 FCS 12-1988, f. 7-20-88, cert. ef. 8-1-88 BB 5-1982, f. 9-1-82, cert. ef. 9-15-82, Renumbered from 805-075-0110 BB 14, f. & cert. ef. 11-15-76
441-730-0180 Deferred Payment on Precomputed Loan (1) When unpaid installments are deferred as provided by ORS 725.340(2)(b), the licensee must give the borrower written evidence of the agreed deferral showing: (a) The amount of the deferral charge; (b) The new due date of the first deferred installment; and (c) The new due date of the final deferred installment of the loan. (2) The licensee must also note the due date of the final deferred installment and the amount of the deferral charge on the borrower's account record. Statutory/Other Authority: ORS 725.505 Statutes/Other Implemented: ORS 725.340(2) History: FCS 6-2010, f. & cert. ef. 6-4-10 FCS 3-2009, f. & cert. ef. 6-2-09 FCS 2-2001, f. 1-22-01, cert. ef. 3-22-01 BB 5-1982, f. 9-1-82, cert. ef. 9-15-82, Renumbered from 805-075-0120 BB 3-1978, f. 5-16-78, cert. ef. 7-1-78 BB 14-1976, f. & cert. ef. 11-15-76
441-730-0200 Action on Precomputed Loan; Rebate Required (1) When a licensee brings an action against a borrower on a precomputed loan, if the action comes to judgment prior to the due date of the final installment, the licensee must tender a rebate to the borrower of interest unearned as of the date of the judgment. The rebate must be computed in accordance with ORS 725.340(2)(c) as if the loan were prepaid in full on the date of the judgment. (2) Rebate of any deferral charge must be determined on the US Actuarial Rule. (3) Licensees may collect prejudgment interest awarded by the court, but may not estimate interest based upon an estimate of the judgment date. Statutory/Other Authority: ORS 725.320 & 725.505 Statutes/Other Implemented: ORS 725.340 History: FCS 6-2010, f. & cert. ef. 6-4-10 FCS 3-2009, f. & cert. ef. 6-2-09 FCS 13-2001, f. & cert. ef. 12-27-01 FCS 2-2000, f. & cert. ef. 2-15-00 FCS 12-1988, f. 7-20-88, cert. ef. 8-1-88 BB 5-1982, f. 9-1-82, cert. ef. 9-15-82, Renumbered from 805-075-0130 BB 3-1978, f. 5-16-78, cert. ef. 7-1-78 BB 14-1976, f. & cert. ef. 11-15-76
441-730-0205 Limitation on Charging a Prepayment Penalty by Consumer Finance Licensees A licensee may not charge a penalty for prepayment of all or part of the unpaid balance of a loan where: (1) A licensee refinances a loan they own. (2) The licensee has repossessed any collateral offered for the loan, sold the collateral and applied the proceeds of the sale towards the unpaid balance of the loan. (3) The licensee forecloses on property and applies any proceeds realized from the foreclosure toward the unpaid balance of the loan. (4) The licensee exercises an option contained in the loan agreement to require immediate repayment of all or part of the unpaid balance of the loan. (5) All or part of the loan balance is repaid with insurance benefits resulting from the death of the borrower. (6) The licensee demands repayment of all or part of the unpaid balance of the loan. (7) The loan is a home equity line of credit or an unsecured line of credit. Statutory/Other Authority: ORS 725.320 & 725.505 Statutes/Other Implemented: ORS 725.360 History: FCS 6-2010, f. & cert. ef. 6-4-10 FCS 3-2009, f. & cert. ef. 6-2-09 FCS 2-2001, f. 1-22-01, cert. ef. 3-22-01 FCS 2-2000, f. & cert. ef. 2-15-00
441-730-0210 Recomputation of Interest on Delinquent Precomputed Loan If two or more installments of a precomputed loan are delinquent, the licensee may elect to recompute interest and other charges. A recomputation shall be made at the agreed interest rate, or at the APR, from the date the loan was made, on actual unpaid balances, until the date the loan is paid in full. When such an election is made, the licensee shall recompute the interest charges from the date of the loan to the date of the election by applying every payment received prior to the election first to interest and then to the unpaid principal as of the date the payment was received. Recomputed interest so received is in lieu of the precomputed interest, including any deferral charges, and default charges which accrued prior to the date of the election. Statutory/Other Authority: ORS 725.505 Statutes/Other Implemented: ORS 725.340 History: FCS 3-2009, f. & cert. ef. 6-2-09 BB 5-1982, f. 9-1-82, cert. ef. 9-15-82, Renumbered from 805-075-0135 BB 3-1978, f. 5-16-78, cert. ef. 7-1-78 BB 14-1976, f. & cert. ef. 11-15-76
441-730-0220 Insurance Premium Charges; Refunds If a loan contract is prepaid in full by cash, renewal, refinancing, or a new loan, one month or more before the final installment due date, the licensee shall refund to the borrower that proportion of the credit life and credit health insurance premium collected which the sum of the monthly balances scheduled to follow the installment date nearest the date of prepayment in full bears to the sum of all scheduled monthly balances, as computed in accordance with the rule commonly know as the “rule of seventy-eights.” However, a licensee is not required to make a refund if the unearned insurance premium is less than $2 and the loan is prepaid in full by cash. Statutory/Other Authority: ORS 725 Statutes/Other Implemented: ORS 725.340 History: BB 5-1982, f. 9-1-82, ef. 9-15-82, Renumbered from 805-075-0145 BB 14-1976, f. & ef. 11-15-76
441-730-0230 Insurance Benefits Paid to Licensee (1) When a death claim settlement is made on a borrower’s account and the credit life insurance premium charged was based on the total of installments contracted, including both principal and anticipated interest, the licensee shall credit the borrower’s account or estate in an amount not less than the total of all installments including both principal and unearned interest which were insured and scheduled to follow the date of the borrower’s death. The licensee is entitled to accrue interest for not to exceed 30 days after proof of death is received by the licensee or until the date the insurance check is received, whichever is first to occur. A copy of the insurance check shall be retained in the file for auditing purposes. (2) If premium charges for other types of credit life and credit health insurance have been charged to the account of the deceased borrower, the unearned charges shall also be credited to the borrower’s account or estate from date of death. Statutory/Other Authority: ORS 725 Statutes/Other Implemented: ORS 725.340 History: BB 5-1982, f. 9-1-82, ef. 9-15-82, Renumbered from 805-075-0150 BB 14-1976, f. & ef. 11-15-76
441-730-0240 Statement of Loan (1) In addition to the statement required by ORS 725.360(1), the licensee shall, at the time each loan is made, deliver to the borrower: (a) A written statement that payment in any amount may be made in advance at any time and, if the loan contains a prepayment penalty, the statement shall comply with the notice required by ORS 82.160(1). (b) A detailed schedule showing the manner in which the proceeds of the loan have been disbursed or are to be disbursed on behalf of the borrower, including: (A) Amounts applied to payment of the balance of an existing loan with the licensee; (B) Amounts paid to others as authorized and designated by the borrower; (C) Amounts paid for insurance premiums, itemizing the types of insurance that the borrower has approved in writing and, if the coverage of any policy is less than the principal balance or the full term of the loan, state the balance and term covered. (D) Amounts paid for other identifiable charges the borrower has approved in writing; (E) Amounts retained for filing, releasing, recording, satisfaction, reconveyance, license, title transfer, and similar fees, itemizing the purpose of each fee; and (F) Amounts remaining that will be paid to the borrower. (c) When requested by the borrower, a copy of the security agreement, trust deed, or mortgage signed by the borrower, together with any attached schedule of property pledged by the borrower. (2) When copies are requested by any other person obligated directly or contingently on the loan, the licensee shall also deliver a copy of the statements and other documents required by ORS 725.360(1) and section (1) of this rule to such other person whether the person is obligated as a maker, co-maker guarantor, accommodation maker, endorser or otherwise. (3) The statement required by section (1) of this rule may include disclosures under applicable federal law that a licensee is required to make to the borrower at the time the loan is made. (4) The licensee shall retain a copy of the statement of loan delivered to the borrower for at least two years after final entry has been made on the loan records. Statutory/Other Authority: ORS 725 Statutes/Other Implemented: ORS 725.330, 725.340 & 725.360 History: FCS 13-2001, f. & cert. ef. 12-27-01 FCS 6-2001(Temp), f. 6-29-01, cert. ef. 7-1-01 thru 12-25-01 BB 5-1982, f. 9-1-82, cert. ef. 9-15-82, Renumbered from 805-075-0170 BB 3-1978, f. 5-16-78, cert. ef. 7-1-78 BB 14-1976, f. & cert. ef. 11-15-76
441-730-0246 Contents of Foreclosure Notices The sender of a notice form required by ORS 86.737 must enter in the form and format adopted by this rule: (1) The statewide telephone contact number for handling consumer queries as 800-SAFENET (800-723-3638); (2) The telephone number of the Oregon State Bar’s Lawyer Referral Service as 503-684-3763; (3) The Oregon State Bar’s Lawyer Referral Service toll-free number as 800-452-7636; (4) The website address of the Oregon State Bar as: http://www.osbar.org; (5) The website address for the organization providing more information and a directory of legal aid programs as http://www.oregonlawhelp.org (6) The toll-free consumer mortgage foreclosure information number as 800-SAFENET (800-723-3638); and (7) Information on federal loan modification programs as http://www.makinghomeaffordable.gov/. Statutory/Other Authority: ORS 86.737 Statutes/Other Implemented: ORS 86.737 History: FCS 13-2011(Temp), f. & cert. ef. 12-15-11 thru 6-12-12 FCS 9-2008, f. 10-15-08, cert. ef. 10-16-08; FCS 6-2009(Temp), f. 8-21-09 thru 2-17-10; FCS 11-2009, f. 12-2-09, cert. ef. 12-7-09; FCS 6-2010, f. & cert. ef. 6-4-10
441-730-0250 Receipt to Be Furnished to Borrower Upon Request (1) When the borrower requests a receipt for a payment on a loan for which interest is to be computed on a daily basis, the receipt shall specify: (a) The amount applied to interest, if any; (b) The date to which the interest is paid, or the dollar amount short, if payment is insufficient to pay interest to date; (c) The amount applied to principal, if any; and (d) The unpaid principal of such loan, if any. (2) When a borrower requests a receipt for a payment on a loan that is contracted for interest to be precomputed, the receipt shall specify: (a) The amount of the payment applied to the loan and any default charges; and (b) The amount of the unpaid balance of the loan and charges, if any. Statutory/Other Authority: ORS 725.505 Statutes/Other Implemented: ORS 725.360 History: FCS 3-2009, f. & cert. ef. 6-2-09 FCS 13-2001, f. & cert. ef. 12-27-01 FCS 2-2001, f. 1-22-01, cert. ef. 3-22-01 BB 5-1982, f. 9-1-82, cert. ef. 9-15-82, Renumbered from 805-075-0175 BB 14-1976, f. & cert. ef. 11-15-76
441-730-0255 Payoff Information to be Furnished to Borrower Upon Request (1) When a borrower requests the payoff information on a loan and specifies a payoff date, the licensee must promptly, but in no case later than three business days, provide the requested information. (2) When a borrower does not specify a payoff date, the licensee must calculate the payoff amount for a date no later than 10 days after the date of the request, and the amount must be provided within three business days of the borrower’s request. When a licensee provides a payoff amount, it must also advise the borrower, verbally or in writing, that interest will continue to accrue past the payoff date if the loan is not paid in full. Statutory/Other Authority: ORS 725.505 Statutes/Other Implemented: ORS 725.360 History: FCS 6-2010, f. & cert. ef. 6-4-10 FCS 3-2009, f. & cert. ef. 6-2-09 FCS 5-2006, f. & cert. ef. 12-21-06
441-730-0260 Advances to Perform Covenants (1) Within a reasonable time after advancing any sum pursuant to ORS 725.340(3), the licensee must furnish the borrower a written statement showing: (a) The amount of the sums advanced and, any charges with respect to such sums advanced; (b) Any revised payment schedule; and, if the duties of the borrower performed by the licensee pertain to insurance. (c) A brief description of the types of insurance paid for the by licensee. (2) The amount advanced by the licensee may be added to the unpaid balance of the loan and may bear interest not to exceed the rate permitted by ORS 725.340(3). However, a licensee may not advance any sums under ORS 725.340(3) or add any such advances to the unpaid balance of a loan unless the borrower's loan contract provides for such advances and additions. Statutory/Other Authority: ORS 725 Statutes/Other Implemented: ORS 725.340(3) History: FCS 6-2010, f. & cert. ef. 6-4-10 FCS 13-2001, f. & cert. ef. 12-27-01 BB 5-1982, f. 9-1-82, cert. ef. 9-15-82, Renumbered from 805-075-0180 BB 14-1976, f. & cert. ef. 11-15-76
441-730-0280 Prohibited Provisions in Loan Contract Provisions A licensee may not use a contract evidencing a loan that contains any of the following provisions: (1) A hold harmless clause; (2) A confession of judgment or other waiver of the right to notice and the opportunity to be heard in the event of suit or process; (3) A provision in which the consumer agrees not to assert any claim or defense arising out of the contract against the licensee or any holder in due course. (4) An executory waiver or a limitation of exemption from attachment, execution, or other process on real or personal property held, owned by, or due to the consumer, unless the waiver applies solely to property subject to a security interest executed in connection with the loan. Statutory/Other Authority: ORS 725.505 Statutes/Other Implemented: ORS 725.360 History: FCS 6-2010, f. & cert. ef. 6-4-10 FCS 3-2009, f. & cert. ef. 6-2-09 FCS 13-2001, f. & cert. ef. 12-27-01 FCS 6-2001(Temp), f. 6-29-01, cert. ef. 7-1-01 thru 12-25-01 FCS 4-2001, f. & cert. ef. 3-27-01 FCS 2-2001, f. 1-22-01, cert. ef. 3-22-01
441-730-0320 Licensee Reporting (1) Licensees are required to file their annual report by March 31 of each year. Licensees must also provide known information on any felony conviction, or any conviction involving theft or fraud, of any executive officer, director, managing partner, or the manager of any office location that occurred during the reporting period that had not already been reported to the director. This applies to: (a) A new qualified person or office manager; (b) A new experienced person; (c) Material changes in business plan; or (d) Any criminal conviction entered against any person named in the application. (2) In addition, a consumer finance licensee employing one or more mortgage loan originators shall file a report of condition with the National Mortgage Licensing System and Registry of the consumer finance licensee’s business and operations in Oregon related to residential mortgage transactions. The report shall be filed within 45 days following the end of each calendar quarter. Statutory/Other Authority: ORS 725.505 & 86A.242 Statutes/Other Implemented: ORS 725.190 & 86A.239 History: FSR 1-2020, minor correction filed 03/19/2020, effective 03/19/2020 FCS 4-2012, f. & cert. ef 8-1-12 FCS 6-2010, f. & cert. ef. 6-4-10 FCS 3-2010, f. 3-18-10, cert. ef. 3-22-10 FCS 3-2009, f. & cert. ef. 6-2-09 FCS 5-2006, f. & cert. ef. 12-21-06 FCS 2-2001, f. 1-22-01, cert. ef. 3-22-01
441-735-0000 Statutory Authority; Purpose OAR 441-735-0000 to 441-735-0320 are adopted pursuant to the rulemaking authority granted the director by ORS 725A.092. These rules are considered necessary to assure the proper conduct of the business regulated and to protect the public. Statutory/Other Authority: ORS 725A.092 Statutes/Other Implemented: ORS 725A.092 History: FCS 2-2012, f. & cert. ef. 7-23-12 FCS 7-2010, f. & cert. ef. 6-4-10
441-735-0010 Definitions (1) "Annual percentage rate” or “APR” means the annual percentage rate that every licensee is required to disclose to any credit customer in accordance with the Truth In Lending Act, 15 U.S.C. 1601 et seq., and Regulation Z, 12 C.F.R. Part 1026. (2) "Borrower" means a natural person. (3) "Charges" means any one or more of the fees, premiums or other charges described by ORS 725A.062, 725A.082, and 725A.092, and other items charged to a borrower's account; but the term does not include interest or deferral charges. (4) "Director" means the Director of the Department of Consumer and Business Services. (5) "Extension" has the same meaning as "renewal" as defined in section (11) of this rule. (6) “Finance charge” means the cost of consumer credit as a dollar amount. It includes any charge payable directly or indirectly by the consumer and imposed directly or indirectly by the creditor as an incident to or a condition of the extension of credit. It does not include any charge of a type payable in a comparable cash transaction. (7) "License" means a payday loan license or title loan license issued under ORS 725A.024. (8) “Legally qualified in this state” means a business is qualified to conduct business in this state, having made the appropriate filings with the Secretary of State. (9) "Person" means a natural person or an organization, including a corporation, partnership, proprietorship, association, limited liability company or cooperative. (10) "Renewal" of a loan means granting a borrower the right to postpone repayment of a payday loan or a title loan. (11) "Roll-over" has the same meaning as "renewal" as defined in section (10) of this rule. (12) "Same day transaction" means a payday loan or title loan made on the same day that a previous payday loan or title loan is paid-off and will be treated as a "renewal" defined in section (10) of this rule. Statutory/Other Authority: 2010 Or Laws ch. 23 & §27 Statutes/Other Implemented: 2010 Or Laws ch. 23 §§1, 5, 27 & and 32 History: FCS 2-2012, f. & cert. ef. 7-23-12 FCS 7-2010, f. & cert. ef. 6-4-10
441-735-0015 Title Loan Licensee Lending Practices A title loan licensee may not: (1) Retain the title to the vehicle used as security on a loan for more than thirty business days before submitting the application to be recorded as a lien-holder on the title or taking other commercially reasonable steps to be added as a security interest holder of the vehicle; (2) Unreasonably withhold documents on a loan secured by a borrower’s vehicle for more than three business days if the loan is paid by certified or guaranteed funds. Statutory/Other Authority: 2010 Or Laws ch. 23 & §27 Statutes/Other Implemented: 2010 Or Laws ch. 23, §§5 & 15 History: FCS 2-2012, f. & cert. ef. 7-23-12 FCS 7-2010, f. & cert. ef. 6-4-10
441-735-0025 License Applications (1) For purposes of the investigation described in ORS 725A.024 an applicant for a license must submit the application form prescribed by the director, signed by an authorized owner or officer of the applicant. (2) An applicant, including a person that currently has a payday loan license or title loan license, must provide the employment history for the proposed manager of the licensed office for the five years immediately preceding the date of the application. A licensee employing a new manager may be required to submit a resume to meet the requirements of this section. (3) A person that is not currently licensed to make payday loans or title loans must submit: (a) The employment history for all executive officers, owners, directors, or managing partners. A resume may be required to meet this requirement. At least one-half of the executive officers, owners, directors, or managing partners must have verifiable recent lending experience; (b) A business plan, including but not limited to: (A) Financial and operational history of the applicant, if any; (B) Copies of any loan documents proposed to be used; (C) A description of the types of loans and the percentage of the different types of loans the applicant proposes to make, the length of the loans the applicant proposes to make, the interest rates or range of rates the applicant proposes to charge, and any other business activities the licensee will engage in at the location; and (D) Funding sources for the loans, including third-party financial institutions. (4) For purposes of ORS 725A.024 and this rule, the filing date of an application is the date the application is complete. An application will be deemed complete on the date that: (a) All required fees have been paid; and (b) All fully completed documents that are part of an application or required to be submitted by this rule have been received. (5) An application for licensing is deemed abandoned if: (a) The director has had one or more incomplete documents as part of an application for a minimum of 60 days; and (b) The applicant has not responded within 30 days following a written notice from the director requesting submission of all fees, documents, or information necessary to make the application complete. (6) An applicant whose application has been abandoned may reapply by submitting a new application including new fees. Statutory/Other Authority: ORS 725A.012, 725A.022, 725A.024 & 725A.092 Statutes/Other Implemented: ORS 725A.022 & 725A.024 History: FCS 2-2012, f. & cert. ef. 7-23-12 FCS 7-2010, f. & cert. ef. 6-4-10