OAR 441-730-0110
Accounting Records of Licensee


(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.

(3)

The receipt and disbursement of all charges charged or collected must be fully accounted for.

(4)

Each licensee must maintain a log of:

(a)

Loans made, listing each loan in sequence by number or date of loan and showing:

(A)

The amount of the loan;

(B)

The type of security taken;

(C)

The rate of interest charged; and

(D)

The types of insurance for which premium charges have been made in connection with the loan and which are payable by the borrower.

(b)

Loans prepaid in full by credit life insurance showing for each loan so paid;

(A)

The borrower’s name and account number;

(B)

The date of death of the borrower;

(C)

The date proof of death was received by the licensee; and

(D)

The disposition of the insurance proceeds with substantiating documents.

(c)

Any litigation initiated by the licensee showing for each proceeding:

(A)

The borrower’s name and account number;

(B)

The court where the proceeding is filed;

(C)

The date of filing; and

(D)

When applicable, the date, and terms of any disposition of the matter.

(d)

Information on files sent to a collection agency showing, for each file:

(A)

The borrower’s name, the account number;

(B)

The original date of the loan, the due date of the loan, or last renewal or extension;

(C)

The date the loan was sent to the collection agency;

(D)

The name of the collection agency; and

(E)

The date and amount of monies received from the collection agency.

(F)

A separate log of files sent to a collection agency need not be maintained provided the information is available in existing records at the time of examination.

(5)

Any public or private sale of repossessed property by a licensee must be made in good faith and in a commercially reasonable manner. If there is no recognized market for the property, such as a motor vehicle auction house or similar sales process that is commonly used to sell property of the kind repossessed by the licensee, prior to a private sale of repossessed property, the licensee must obtain, from persons who are not directly or indirectly related to the licensee, sufficient written bids to establish market value. The written bid must contain sufficient information to identify the property being bid on.

(6)

When a judgment is entered in a court proceeding initiated by a licensee on a loan, the licensee forthwith must place in the related loan file either:

(a)

A copy of the judgment entered in the proceeding; or

(b)

A statement verified by a representative of the licensee, detailing the essential provisions of the judgment.

Source: Rule 441-730-0110 — Accounting Records of Licensee, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=441-730-0110.

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 441-730-0110’s source at or​.us