OAR 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.

Source: Rule 441-730-0160 — Daily-Interest Computation, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=441-730-0160.

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 441-730-0160’s source at or​.us