OAR 441-730-0015
Licensee Lending Characteristics and Practices


(1)

A licensee, making loans under that license, must make a determination of the creditworthiness of a borrower based on the information about the borrower’s financial condition, such as his or her income, assets, debts, and financial obligations, and the nature and value of any collateral used to secure the loan for the majority of loans made under a consumer finance license.

(2)

A licensee must ensure that the majority of secured or unsecured loans made under a license have:

(a)

Periodic payments;

(b)

Terms longer than 60 days;

(c)

Loan underwriting; and

(d)

Full amortization.

(3)

A licensee must not:

(a)

Disguise any loan as an open-ended loan authorized under ORS 725.345 (Open-end loan plan) or 725.347 (Open-end credit card plan authorized) as a device or subterfuge to evade the requirements and prohibitions of this rule;

(b)

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;

(c)

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; or

(d)

Require a borrower, as a condition of making a loan under its license, to provide a postdated check or debit authorization for one or more future payments. However, if permitted by the licensee and at the discretion of the borrower, one or more postdated checks or debit authorizations may be delivered to a licensee to facilitate timely future payments.

Source: Rule 441-730-0015 — Licensee Lending Characteristics and Practices, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=441-730-0015.

441‑730‑0000
Statutory Authority
441‑730‑0010
Definitions
441‑730‑0015
Licensee Lending Characteristics and Practices
441‑730‑0025
License Applications
441‑730‑0026
Corporate Surety Bond for Consumer Finance Licensees Employing a Mortgage Loan Originator
441‑730‑0027
State Criminal Records Check
441‑730‑0030
Fees, Charges Licensees Pay the Director
441‑730‑0050
Notes and Agreements
441‑730‑0060
Loans Not to Be Payable on Demand
441‑730‑0070
Advertising Regulations
441‑730‑0080
Qualifications of Person in Charge of Licensed Office
441‑730‑0100
Licensee Officers and Directors
441‑730‑0110
Accounting Records of Licensee
441‑730‑0120
Account Record to Be Maintained for Each Loan
441‑730‑0125
Residential Borrower Files for Mortgage Loans
441‑730‑0130
Maintaining Index of Obligors
441‑730‑0140
Records and Files Required to Be Kept at Servicing Office
441‑730‑0150
Consolidating Sales Financing into Direct Loans
441‑730‑0160
Daily-Interest Computation
441‑730‑0170
Precomputed Interest
441‑730‑0180
Deferred Payment on Precomputed Loan
441‑730‑0200
Action on Precomputed Loan
441‑730‑0205
Limitation on Charging a Prepayment Penalty by Consumer Finance Licensees
441‑730‑0210
Recomputation of Interest on Delinquent Precomputed Loan
441‑730‑0220
Insurance Premium Charges
441‑730‑0230
Insurance Benefits Paid to Licensee
441‑730‑0240
Statement of Loan
441‑730‑0246
Contents of Foreclosure Notices
441‑730‑0250
Receipt to Be Furnished to Borrower Upon Request
441‑730‑0255
Payoff Information to be Furnished to Borrower Upon Request
441‑730‑0260
Advances to Perform Covenants
441‑730‑0280
Prohibited Provisions in Loan Contract Provisions
441‑730‑0320
Licensee Reporting
Last Updated

Jun. 8, 2021

Rule 441-730-0015’s source at or​.us