Trade Regulation

ORS 646A.770
Definitions


As used in ORS 646A.770 (Definitions) to 646A.787 (Fiduciary responsibilities):

(1)

“Borrower” means an individual who enters into a finance agreement that is secured by a motor vehicle or who, in connection with purchasing or leasing a motor vehicle, incurs an obligation to pay money to a creditor under terms and conditions that are specified in a finance agreement.

(2)

“Creditor” means:

(a)

A person that:

(A)

Permits another person to defer or to pay in installments an amount due under a finance agreement that is secured by a motor vehicle; or

(B)

Otherwise extends credit to another person under a finance agreement that is entered into in connection with purchasing or leasing a motor vehicle; or

(b)

An assignee of a person described in paragraph (a) of this subsection.

(3)

“Evaluation period” means a period of at least 30 days after the date on which a borrower purchases a guaranteed asset protection waiver during which, if the borrower did not receive a benefit from the guaranteed asset protection waiver, the borrower may cancel the guaranteed asset protection waiver and receive a full refund of the purchase price.

(4)

“Finance agreement” means a contract or other agreement that is evidence of a borrower’s obligation to pay money to a creditor and that specifies the terms and conditions under which the borrower must repay the obligation.

(5)

“Guaranteed asset protection waiver” means a contractual provision of or an addendum to a finance agreement that is secured by a motor vehicle under the terms of which a creditor agrees to waive the creditor’s right to collect all or part of an amount due from a borrower under the terms of the finance agreement or to release a borrower from an obligation to pay the creditor an amount due under a finance agreement if the motor vehicle:

(a)

Suffers physical damage that is equivalent to a total loss; or

(b)

Is stolen and is not recovered.

(6)

“Insurer” means an insurer that is licensed, registered or otherwise authorized to transact insurance in this state.

(7)

“Motor vehicle” means a self-propelled or towed vehicle that is designed for personal or commercial use, such as an automobile, truck, motorcycle, recreational vehicle, all-terrain vehicle, snowmobile, camper, boat, personal watercraft or a trailer for a motorcycle, boat, camper or personal watercraft.

(8)

“Reimbursement insurance policy” means an insurance policy under the terms of which an insurer reimburses a creditor for an amount the creditor must waive under a guaranteed asset protection waiver. [2015 c.523 §1]
§§ 646A.600 to 646A.628

Law Review Citations

52 WLR 451 (2016)

§§ 646A.400 to 646A.418

(formerly 646.315 to 646.375)

Notes of Decisions

Where purchaser fails to provide notice of condition requiring repair, presumption does not arise that repair time exceeding 30 business days demonstrates inability of manufacturer to conform vehicle. Pavel v. Winnebago Industries, Inc., 127 Or App 16, 870 P2d 856 (1994)

Repair time exceeding 30 business days as evidence of inability to conform vehicle applies only to presently existing defect. Pavel v. Winnebago Industries, Inc., 127 Or App 16, 870 P2d 856 (1994)

Law Review Citations

19 WLR 329 (1983)


Source

Last accessed
Jun. 26, 2021