reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0070 - Advertising Regulations

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 licensee or other person must not, in any advertisement printed, displayed,
			 published, distributed, or broadcasted, including on the Internet, by the
			 licensee or on the licensee's behalf include any reference to the supervision
			 of the business of the licensee by this state or any department or official of
			 this state, except the phrase "licensed under the Oregon Consumer Finance Act"
			 or "subject to state regulation" or both.
(2) A licensee or other person must not, in
			 any advertisement printed, displayed, published, distributed, broadcast,
			 including on the Internet, by the licensee or on the licensee's behalf, use any
			 name other than the name under which the license is issued.
(3) A licensee must retain a copy of all
			 advertising for the period beginning with the date of the last examination in a
			 designated licensed office, or with the prior approval of the director, at
			 another location until an examiner has reviewed the material.
(4) Notwithstanding the provisions of
			 sections (1) and (2) of this rule:
(a) A
			 licensee that makes and closes the majority of loans in a licensed location
			 must prominently post their license in a manner conspicuous to the public;
			 or
(b) If a licensee makes and
			 closes the majority of loans electronically, they must prominently post their
			 license on their website and at their licensed location in a manner conspicuous
			 to the public.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0080 - Qualifications of Person in Charge of Licensed Office

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A loan licensee must not place any person
			 in charge of a licensed office unless the person has a thorough understanding
			 of ORS chapter 725 and these rules.
(2) A licensee must place the experienced
			 person as described in OAR 441-730-0025(2)  in its licensed office.
(3) Notwithstanding section (2) of this rule,
			 if the licensee holds a license for more than one location or if the
			 experienced person described in OAR 441-730-0025(2)  is employed outside of
			 Oregon, the licensee may place a qualified person with no less than one year's
			 traditional lending experience in charge of each licensed office provided the
			 experienced person described in OAR 441-730-0025(2)  supervises the lending
			 operations of each location.
(4) At
			 the request of the applicant and in the sole discretion of the director,
			 education, extensive training or other business experience may be substituted
			 for the one year of relevant lending experience required in section (3) of this
			 rule.
(5) Unless a licensee
			 requires all loan underwriting decisions be forwarded to an experienced person
			 at another location or uses a formalized grading system, a licensee must employ
			 or place a qualified person as described in this rule at each licensed office
			 to be in charge of and oversee the lending operations of the office. A licensee
			 must provide the director with a current resume for any new manager employed or
			 placed at a licensed office within 30 days of the date of their
			 employment.
Stat. Auth.: ORS
				  725.505
Stats. Implemented: ORS
				  725.140,
				  725.310 &
				  725.330
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0100 - Licensee Officers and Directors

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
(a) A
			 licensee may add a new executive officer, owner, director, or managing partner
			 at any time after the licensee has been granted a license if after the addition
			 at least one-half of the executive officers, owners, directors, or managing
			 partners can demonstrate verifiable recent lending experience in banking,
			 consumer finance, or mortgage lending as required by OAR
			 441-730-0025.
(b) If a licensee
			 adds a new executive officer, director, partial owner, or managing partner
			 under this section, the licensee must provide a current resume for such new
			 persons demonstrating verifiable recent lending experience in banking, consumer
			 finance, or mortgage lending to the director within 30 days of their
			 appointment or selection.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0110 - Accounting Records of Licensee

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 The accounting records of a licensee must reflect a complete segregation of the
			 loan transactions from any other business in which the licensee may be
			 engaged.
(2) The licensee must
			 maintain separate control accounts or other acceptable records to reflect such
			 segregation for:
(a) Loans
			 receivable;
(b) Charges;
			 and
(c) Repossessed property and
			 sales of repossessed property.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0120 - Account Record to Be Maintained for Each Loan

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The licensee must maintain a separate
			 individual account record for each loan made to any borrower showing:
(a) The loan number;
(b) The date of the loan;
(c) The name and address of the
			 borrower;
(d) A brief description
			 of the security, if any;
(e) The
			 agreed interest rate or rates and the amount of each charge, if any;
(f) The terms of repayment, including the
			 expiration date of the loan, and any modifications of the terms.
(g) The amount of each payment made on the
			 loan and in accordance with sections (2) and (3) of this rule, how the payment
			 is allotted to principal, interest and charges;
(h) The date of the final entry when the loan
			 is paid in full or otherwise finally settled or closed; and
(i) A clear, brief explanation of any other
			 entries that result in the reduction or addition to the principal balance or
			 interest.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0125 - Residential Borrower Files for Mortgage Loans

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In addition to any records required to be
			 kept under OAR 441-730-0110  and 441-730-0120, a consumer finance company that
			 makes or offers to make a residential mortgage loan must ensure that the
			 following are prepared and maintained in the loan file:
(a) A summary of the key terms of the
			 approval of the loan;
(b) A copy of
			 each residential mortgage loan application with the signature and the unique
			 identifier of the mortgage loan originator who took or received the
			 application, who offered to negotiate or negotiated the loan, or who closed the
			 loan;
(c) A copy of all
			 documentation relied upon in making the loan decision;
(d) A copy of the borrower executed note and
			 executed trust deed;
(e) A copy of
			 all correspondence with the borrower in writing or in a format easily converted
			 to writing;
(f) A copy of the good
			 faith estimate prepared under Regulation X,   24 C.F.R. Part 3500   and translated
			 as applicable to comply with ORS
			 86A.198;
(g) If required to be prepared for the
			 residential mortgage transaction, a copy of the final credit report, or the
			 report relied upon for the loan decision, if other than the final credit
			 report, received on the borrower including documentation of borrower payment
			 history;
(h) If required to be
			 prepared for the Oregon residential mortgage transaction, a copy of any
			 disclosure required by Regulation Z,  12 C.F.R. Part 226  and translated as
			 applicable to comply with ORS
			 86A.198, including, but not
			 limited to, the Truth in Lending disclosure statement;
(i) A copy of the final HUD-1 settlement
			 statement required by 24 C.F.R. Part 3500; and
(j) A copy of the statement that notifies the
			 borrower that loan documents associated with the transaction will be in English
			 and that advises the borrower to obtain appropriate assistance, with any
			 necessary translations as required by ORS
			 86A.195.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0130 - Maintaining Index of Obligors

Current through Register Vol. 63, No. 7, July 1, 2024
A licensee must maintain in each of its licensed offices an
				alphabetical index or other index system approved by the director, of every
				person obligated, directly or contingently, on a loan serviced at that
				office.
Stat. Auth.: ORS 725
Stats. Implemented: ORS
				  725.330
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0140 - Records and Files Required to Be Kept at Servicing Office; Copies of Loans Transferred; Centralized Accounting Office Exception

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A licensee must maintain the accounting
			 records and loan files for active loans at the licensed office where the loans
			 are serviced.
(2) Whenever an
			 active loan is for any reason transferred to another licensed office in this
			 state, the licensee must retain in the transferring office an exact copy of the
			 individual account record and supporting legal documents.
(3) Whenever an active loan is for any reason
			 transferred to another licensed office, the licensee must retain in the
			 transferring office an exact copy of the account record to which has been added
			 the date of transfer and the name and address of the new location of the
			 account. However, if a bulk sale or similar transfer of loans not in the
			 ordinary course of business is made to another licensed office, the licensee
			 may, with the prior approval of the director, make other provisions for the
			 retention of copies of records and files and for the examination of accounts in
			 the receiving office.
(4) Whenever
			 a licensee sends an active loan to another licensed location, the licensee must
			 retain the original record or an exact copy of the account record in the
			 originating office.
(5)
			 Notwithstanding sections (1) through (4) of this rule, a licensee may, with the
			 prior approval of the director, maintain the accounting records and loan files
			 for active loans at a location other than the servicing office if:
(a) The other location is established by the
			 licensee to provide centralized accounting for one or more licensed
			 offices;
(b) Off-site maintenance
			 of the records and files will not hinder prompt servicing of the loans by the
			 servicing offices;
(c) The
			 director, and any duly appointed examiners or agents of the director, have the
			 right of free access to the records and files of the licensee at the other
			 location; and
(d) The other
			 location provides adequate security for the licensee's records and
			 files.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0150 - Consolidating Sales Financing into Direct Loans

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A licensee shall not make a direct loan
			 to pay off a retail installment contract owned by or assigned to the licensee
			 if the loan bears a higher APR than that borne by the contract unless the loan
			 is of substantial benefit to the borrower. A substantial benefit would exist in
			 circumstances including, but not limited to one or more of the following:
(a) The retail installment contract is in
			 default two installments or more;
(b) The amount of the individual installments
			 payable on the direct loan will be lower than the amount of the individual
			 installment being paid on the contract;
(c) The direct loan pays off one or more
			 obligations in addition to the retail installment contract;
(d) The principal amount of the direct loan
			 exceeds the sum of the unpaid installments on the retail installment contract
			 by not less than 20 percent of the sum of the unpaid installments, or by $200,
			 whichever is less.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0160 - Daily-Interest Computation

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0170 - Precomputed Interest

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Stat. Auth.: ORS
				  725.320 &
				  725.505
Stats. Implemented: ORS
				  725.340
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0180 - Deferred Payment on Precomputed Loan

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0200 - Action on Precomputed Loan; Rebate Required

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Stat. Auth.: ORS
				  725.320 &
				  725.505
Stats. Implemented: ORS
				  725.340
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0205 - Limitation on Charging a Prepayment Penalty by Consumer Finance Licensees

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Stat. Auth.: ORS
				  725.320 &
				  725.505
Stats. Implemented: ORS
				  725.360
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0210 - Recomputation of Interest on Delinquent Precomputed Loan

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Stat. Auth.: ORS
				  725.505
Stats. Implemented: ORS
				  725.340
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0220 - Insurance Premium Charges; Refunds

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Stat. Auth.: ORS 725
Stats. Implemented: ORS
				  725.340
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0230 - Insurance Benefits Paid to Licensee

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Stat. Auth.: ORS 725
Stats. Implemented: ORS
				  725.340
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0240 - Statement of Loan

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0246 - Contents of Foreclosure Notices

Current through Register Vol. 63, No. 7, July 1, 2024
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 [File Link Not Available];
(5) The website address for the organization
			 providing more information and a directory of legal aid programs as
			 http://www.oregonlawhelp.org [File Link Not Available]
(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/ [File Link Not
			 Available].
Stat. Auth.: ORS
				  86.737
Stats. Implemented: ORS
				  86.737
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0250 - Receipt to Be Furnished to Borrower Upon Request

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0255 - Payoff Information to be Furnished to Borrower Upon Request

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Stat. Auth.: ORS
				  725.505
Stats. Implemented: ORS
				  725.360
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0260 - Advances to Perform Covenants

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0280 - Prohibited Provisions in Loan Contract Provisions

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Stat. Auth.: ORS
				  725.505
Stats. Implemented: ORS
				  725.360
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 730 - CONSUMER FINANCE › Section 441-730-0320 - Licensee Reporting

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0000 - Statutory Authority; Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Stat. Auth.: ORS
				  725A.092
Stat. Implemented. ORS
				  725A.092
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0010 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Stat. Auth.: 2010 Or Laws ch. 23,§27
Stats. Implemented: 2010 Or Laws ch. 23 §§1, 5,27,
				  and 32
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0015 - Title Loan Licensee Lending Practices

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Stat. Auth.: 2010 Or Laws ch. 23, §27
Stats. Implemented: 2010 Or Laws ch. 23, §§5
				  &15
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0025 - License Applications

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0030 - Fees, Charges Licensees Pay the Director

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The license fees under ORS
			 725A.028 are:
(a) $750 for an initial application for each
			 location to be licensed; and
(b)
			 $750 for renewal of each licensed location, due and payable on January 1 of
			 each calendar year.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0050 - Notes and Agreements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) All
			 forms of notes and agreements pertaining to loans and security for loans used
			 by a licensee must be so worded that they comply with all provisions of ORS
			 725A.010 through
			 725A.990 and these
			 rules.
(2) Any forms or agreements
			 required or authorized by federal statute or regulation, and in compliance with
			 those statutes or regulations are considered in compliance with and authorized
			 by ORS 725A.010 through
			 725A.990.
Stat. Auth.: ORS
				  725A.092
Stats. Implemented: ORS
				  725A.092
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0060 - Loans Not to Be Payable on Demand; Exception

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Except as provided by section (2) of this
			 rule, a loan must not be made payable on demand.
(2) A loan may provide that, if there is a
			 default under the note or collateral security agreement, the loan may become
			 due and payable immediately or on demand.
Stat. Auth.: ORS
				  725A.092
Stats. Implemented: ORS
				  725A.060
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0070 - Advertising Regulations

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 licensee or other person must not, in any advertisement printed, displayed,
			 published, distributed, or broadcasted, including on the Internet, by the
			 licensee or on the licensee's behalf include any reference to the supervision
			 of the business of the licensee by this state or any department or official of
			 this state, except the phrase "subject to state regulation."
(2) A licensee or other person must not, in
			 any advertisement printed, displayed, published, distributed, broadcast,
			 including on the Internet, by the licensee or on the licensee's behalf, use any
			 name other than the name under which the license is issued.
(3) A licensee must retain a copy of all
			 advertising for the period beginning with the date of the last examination in a
			 designated licensed office, or with the prior approval of the director, at
			 another location until an examiner has reviewed the material.
(4) Notwithstanding the provisions of
			 sections (1) and (2) of this rule:
(a) A
			 licensee that makes and closes the majority of loans in a licensed location
			 must prominently post their license in a manner conspicuous to the public;
			 or
(b) If a licensee makes and
			 closes the majority of loans electronically, they must prominently post their
			 license on their website and at their licensed location in a manner conspicuous
			 to the public.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0080 - Qualifications of Person in Charge of Licensed Office

Current through Register Vol. 63, No. 7, July 1, 2024
A licensee must not place any person in charge of a licensed
				office unless the person has a thorough understanding of ORS
				725A.010 -
				725A.990 and these
				rules.
Stat. Auth.: ORS
				  725A.092
Stats. Implemented: ORS
				  725A.024
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0100 - Licensee Officers and Directors

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
(a) A
			 licensee may add a new executive officer, owner, director, or managing partner
			 at any time after the licensee has been granted a license if after the addition
			 at least one-half of the executive officers, owners, directors, or managing
			 partners can demonstrate verifiable recent lending as required by ORS
			 725A.092.
(b) If a licensee adds a new executive
			 officer, director, partial owner, or managing partner under this section, the
			 licensee must provide a current resume for such new persons demonstrating
			 verifiable recent lending experience to the director within 30 days of their
			 appointment or selection.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0110 - Accounting Records of Licensee

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 The accounting records of a licensee must reflect a complete segregation of the
			 loan transactions from any other business in which the licensee may be
			 engaged.
(2) The licensee must
			 maintain separate control accounts or other acceptable records to reflect such
			 segregation for:
(a) Loans
			 receivable;
(b) Charges;
			 and
(c) Repossessed property and
			 sales of repossessed property.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0120 - Account Record to Be Maintained for Each Loan

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The licensee must maintain a separate
			 individual account record for each loan made to any borrower showing:
(a) The loan number;
(b) The date of the loan;
(c) The name and address of the
			 borrower;
(d) A brief description
			 of the security, if any;
(e) The
			 agreed interest rate or rates and the amount of each charge, if any;
(f) The terms of repayment, including the
			 expiration date of the loan, and any modifications of the terms.
(g) The amount of each payment made on the
			 loan and in accordance with sections (2) and (3) of this rule, how the payment
			 is allotted to principal, interest and charges;
(h) The date of the final entry when the loan
			 is paid in full or otherwise finally settled or closed; and
(i) A clear, brief explanation of any other
			 entries that result in the reduction or addition to the principal balance or
			 interest.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0130 - Index of Obligors to Be Maintained

Current through Register Vol. 63, No. 7, July 1, 2024
A licensee must maintain an alphabetical index, or other system
				approved by the director, of every person obligated, directly or contingently,
				on a loan that is serviced at that office in each of its licensed
				offices.
Stat. Auth.: ORS
				  725A.092
Stats. Implemented: ORS
				  725A.052
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0140 - Records and Files Required to Be Kept at Servicing Office; Copies of Loans Transferred; Centralized Accounting Office Exception

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A licensee must maintain the accounting
			 records and loan files for active loans at the licensed office where the loans
			 are serviced.
(2) Whenever an
			 active loan is for any reason transferred to another licensed office in this
			 state, the licensee must retain in the transferring office an exact copy of the
			 individual account record and supporting legal documents.
(3) Whenever an active loan is for any reason
			 transferred to another licensed office, the licensee must retain in the
			 transferring office an exact copy of the account record to which has been added
			 the date of transfer and the name and address of the new location of the
			 account. However, if a bulk sale or similar transfer of loans not in the
			 ordinary course of business is made to another licensed office, the licensee
			 may, with the prior approval of the director, make other provisions for the
			 retention of copies of records and files and for the examination of accounts in
			 the receiving office.
(4) Whenever
			 the licensee sends an active loan to a collection agency, the licensee must
			 retain in the originating office the original record or an exact copy of the
			 account record.
(5) Notwithstanding
			 sections (1) through (4) of this rule, a licensee may, with the prior approval
			 of the director, maintain the accounting records and loan files for active
			 loans at a location other than the servicing office if:
(a) The other location is established by the
			 licensee to provide centralized accounting for one or more licensed
			 offices;
(b) Off-site maintenance
			 of the records and files will not hinder prompt servicing of the loans by the
			 servicing offices;
(c) The
			 director, and any duly appointed examiners or agents of the director, have the
			 right of free access to the records and files of the licensee at the other
			 location; and
(d) The other
			 location provides adequate security for the licensee's records and
			 files.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0160 - Daily-Interest Computation

Current through Register Vol. 63, No. 7, July 1, 2024
Interest on a loan may be computed on a daily basis using a
				365-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.
Stat. Auth.: ORS
				  725A.092
Stats. Implemented: ORS
				  725A.062 &
				  725A.064
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0165 - Unfair or Deceptive Practices

Current through Register Vol. 63, No. 7, July 1, 2024
A licensee must not disguise the terms or provisions of any
				loan as a device or subterfuge to evade the requirements and fees and interest
				authorized by ORS 725A.010 through
				725A.990. Such conduct will be
				deemed a violation of ORS
				725A.010,
				725A.062, and
				725A.064, and dishonest,
				fraudulent, or illegal practices under ORS
				725A.082.
Stat. Auth.: ORS
				  725A.092
Stats. Implemented: ORS
				  725A.010,
				  725A.026, &
				  725A.062
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0205 - Limitation on Charging a Prepayment Penalty

Current through Register Vol. 63, No. 7, July 1, 2024
A licensee may not charge a penalty for prepayment of all or
				part of the unpaid balance of a loan where:
(1) 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;
(2) 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; or
(3) The licensee demands repayment of all or
			 part of the unpaid balance of the loan.
Stat. Auth.: ORS
				  725A.092
Stats. Implemented: ORS
				  725A.056
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0240 - Statement of Loan

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In addition
			 to the statement required by ORS
			 725A.056, the licensee must
			 deliver the following to the borrower at the time a loan is made:
(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 must 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 other identifiable
			 charges the borrower has approved in writing;
(D) Amounts retained for filing, releasing,
			 recording, satisfaction, reconveyance, license, title transfer, and similar
			 fees, itemizing the purpose of each fee; and
(E) Amounts remaining that will be paid to
			 the borrower.
(c) When
			 requested by the borrower, a copy of the security agreement signed by the
			 borrower, together with any attached schedule of property pledged by the
			 borrower.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 735 - PAYDAY AND TITLE LENDING › Section 441-735-0250 - Receipt to Be Furnished to Borrower Upon Request

Current through Register Vol. 63, No. 7, July 1, 2024
(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 must 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.