ORS 180.540
Review of consumer contracts for conformity with plain language standards
(1)
Except as provided in subsection (2) of this section, a seller or extender of credit may submit to the Department of Justice a consumer contract issued by the seller or extender of credit for the purpose of obtaining review of the consumer contract for the consumer contract’s compliance with plain language standards in ORS 180.545 (Plain language standards).(2)
For the purpose of obtaining a review of a consumer contract for the consumer contract’s compliance with plain language standards in ORS 180.545 (Plain language standards), if a consumer contract:(a)
Is an insurance policy, the seller or extender of credit issuing the policy may submit the policy to the Director of the Department of Consumer and Business Services.(b)
Is an agreement for a loan or other extension of credit in which the extender of credit is an insured institution, as defined in ORS 706.008 (Additional definitions for Bank Act), the extender of credit under the agreement may submit the agreement to the Director of the Department of Consumer and Business Services.(c)
Is an agreement for a loan or other extension of credit in which the extender of credit is a credit union, as that term is defined in ORS 723.006 (“Credit union” defined), or a licensee under ORS chapter 725, the extender of credit under the agreement may submit the agreement to the Director of the Department of Consumer and Business Services.(3)
For purposes of this section, a consumer contract is a written contract made in the course of a consumer transaction to the value of $50,000, excluding interest or finance charges, in which the contract involves any of the following, primarily for personal, family or household use:(a)
Real estate, goods or services as defined in ORS 646.605 (Definitions for ORS 336.184 and 646.605 to 646.652).(b)
Any extension of credit, including the lending of money. [1985 c.587 §§1,6,9; 1997 c.631 §421; 2009 c.541 §5]
Source:
Section 180.540 — Review of consumer contracts for conformity with plain language standards, https://www.oregonlegislature.gov/bills_laws/ors/ors180.html.
Up to date