ORS 725A.056
Loan disclosure requirements

  • receipt
  • procedure after full loan repayment

A licensee shall:

(1)

Deliver to the borrower at the time the licensee makes a loan a statement in the English language that shows in clear and distinct terms:

(a)

The borrower’s and the licensee’s names and addresses.

(b)

The amount of the loan, the date on which the licensee made the loan and the maturity of or payment terms for the loan.

(c)

The interest rate to which the licensee and borrower agreed and the consideration the licensee will charge for the loan.

(d)

The nature of the security for the loan, if the licensee has taken a lien on personal property by chattel mortgage, bill of sale, collateral agreement or otherwise.

(2)

Make available to the borrower upon request a plain and complete receipt for all payments the borrower made on a loan at the time the licensee receives the payments. The receipt must:

(a)

Specify the amount, if any, that the licensee applied toward interest;

(b)

Identify the date to which the interest is paid;

(c)

Specify the amount, if any, the licensee applied toward principal; and

(d)

State the unpaid principal balance for the loan, if a principal balance remains.

(3)

Permit a borrower at any time to pay any amount in advance on any loan.

(4)

Mark the word “Paid” or “Renewed” indelibly on the note, or on other evidence of the debt or obligation that bears the borrower’s signature, whenever the borrower pays the loan in full or renews the loan. If the borrower repays the loan in full, the licensee shall also:

(a)

Release a mortgage or security agreement that no longer secures the loan and restore any security or collateral, to the extent and in the manner required by law.

(b)

Release a Uniform Commercial Code filing that no longer secures the loan, to the extent and in the manner required under ORS 79.0513 (UCC 9-513. Termination statement).

(c)

Return any assignment the borrower gave.

(d)

Return to the borrower the canceled note or other evidence of the loan or, alternatively, acknowledge to the borrower in writing that the borrower has repaid the loan. [2010 c.23 §17]

Source: Section 725A.056 — Loan disclosure requirements; receipt; procedure after full loan repayment, https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html.

725A.010
Definitions
725A.012
Application
725A.020
Licensing requirement
725A.022
License application
725A.024
License application approval
725A.026
Grounds for disapproving license application
725A.028
License fee
725A.030
Annual report
725A.032
Business name and location
725A.034
License revocation and suspension
725A.036
License reinstatement
725A.038
License surrender
725A.040
Effect of license revocation, suspension or surrender
725A.050
Director’s power to examine or investigate
725A.052
Record keeping requirements
725A.054
Duty to report defalcation
725A.056
Loan disclosure requirements
725A.058
Dissemination of false, misleading or deceptive statement
725A.060
Prohibited conduct generally
725A.062
Prohibited conduct for title loan lender
725A.064
Prohibited conduct for payday loan lender
725A.080
Complaint and administrative remedy
725A.082
Cease and desist order
725A.084
Suspension or removal of officer or director of licensee
725A.086
Limitation of personal liability
725A.090
Loan tracking and counseling system
725A.092
Rules
725A.500
Definitions
725A.503
Prohibition on servicing student loan without license
725A.506
Application for licensing
725A.509
Duties of licensee
725A.512
Requirement to maintain liquidity, operating reserves and tangible net worth
725A.515
Required notifications from licensee to director
725A.518
Supervisory powers of director
725A.521
Required practices under federal student loan agreement
725A.524
Investigation of complaints
725A.527
Violations
725A.530
Ombudsman
725A.990
Penalties
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