ORS 82.170
Notice to borrower of lender authority to refuse to accept repayment prior to date for repayment in loan agreement

(1)

If a loan agreement authorizes the lender to refuse to accept repayment of the loan prior to the date provided for repayment in the loan agreement, the loan agreement shall contain in printing or writing of a size equal to at least 10-point bold or underlined type substantially the following notice:
Do not sign this loan agreement before you read it. This loan agreement authorizes the lender to refuse to accept repayment of the loan prior to the date provided for repayment in the loan agreement.

(2)

If a loan agreement does not contain a notice as required by subsection (1) of this section, a lender shall not refuse to accept repayment of the loan by the borrower prior to the date provided for repayment. [1973 c.611 §2; 1985 c.359 §2]

Source: Section 82.170 — Notice to borrower of lender authority to refuse to accept repayment prior to date for repayment in loan agreement, https://www.­oregonlegislature.­gov/bills_laws/ors/ors082.­html.

Notes of Decisions

Where plaintiff wishes to prepay 15-year promissory note and prepayment is prohibited for 10 years with prepayment penalty after 10-year period, since notice under this section and ORS 82.160 does not fully and accurately describe terms of note and no statutory requirement exists that tailor-made notice be drafted, notice under ORS 82.160 substantially complies with statutory scheme. Schnitzer v. State Farm Life Ins. Co., 96 Or App 409, 773 P2d 387 (1989)

Land sale contract providing for installment payment of purchase price is not agreement for loan of money and therefore not subject to prepayment notice requirement. Carey v. Lincoln Loan Company, 165 Or App 657, 998 P2d 724 (2000)

Green check means up to date. Up to date

Current through early 2024

§ 82.170’s source at oregon​.gov