OAR 575-070-0090
Default

(1)

A loan shall be judged to be in default when an installment is due and not paid within 120 days.

(2)

The holder of a note may exercise the right of offset against any maker or co-maker of defaulted loans under the conditions set forth by the laws of the State of Oregon. The maker or co-maker shall pay any charges for assistance in exercising the right of offset incurred by the holder of the note.

(3)

The maker or co-maker shall pay all charges incurred should the note(s) be referred to an outside collection agency.

(4)

The application of offsets to a defaulted loan shall not be credited to future payments nor be a substitute for regular monthly installments.

(5)

The prepayment of a portion of a defaulted loan shall not be credited to future payments nor be a substitute for regular monthly installments.

Source: Rule 575-070-0090 — Default, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=575-070-0090.

Last Updated

Jun. 8, 2021

Rule 575-070-0090’s source at or​.us