OAR 441-730-0240
Statement of Loan

(1)

In addition to the statement required by ORS 725.360 (Licensee duty toward borrowers)(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 (Notice to borrower of penalty for repayment prior to date for repayment in loan agreement)(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.

(2)

When copies are requested by any other person obligated directly or contingently on the loan, the licensee shall also deliver a copy of the statements and other documents required by ORS 725.360 (Licensee duty toward borrowers)(1) and section (1) of this rule to such other person whether the person is obligated as a maker, co-maker guarantor, accommodation maker, endorser or otherwise.

(3)

The statement required by section (1) of this rule may include disclosures under applicable federal law that a licensee is required to make to the borrower at the time the loan is made.

(4)

The licensee shall retain a copy of the statement of loan delivered to the borrower for at least two years after final entry has been made on the loan records.

Source: Rule 441-730-0240 — Statement of Loan, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=441-730-0240.

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 441-730-0240’s source at or​.us