OAR 441-730-0120
Account Record to Be Maintained for Each Loan

(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.

(2)

The account record for a daily interest loan must show, for each loan payment received:

(a)

The amount, if any, applied to interest;

(b)

The date to which the interest is paid;

(c)

If payment is insufficient to pay interest to date, the dollar amount short;

(d)

The amount applied to principal, if any; and

(e)

The unpaid principal balance of the loan, if any.

(3)

The account record for a precomputed-interest loan may comply with section (2) of this rule or it must show, for each loan payment received:

(a)

The amount of the payment applied to installments, identifying which installments;

(b)

The amount applied to any default charges; and

(c)

The unpaid balance of the loan and charges, if any.

(4)

When a licensee makes advances to perform covenants, the account record must specify:

(a)

The amount of the advance which is added to the principal of the loan.

(b)

A brief description of what the advance is paying; and

(c)

When the advance is to purchase insurance coverage, the type and extent of coverage.

(5)

All entries to the account record made by the licensee must be accurate and posted by close of business on the day the transaction occurred. If the licensee is unable to post a transaction as required by this section, the posting when made must reflect the actual date of the transaction.

Source: Rule 441-730-0120 — Account Record to Be Maintained for Each Loan, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=441-730-0120.

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 441-730-0120’s source at or​.us