ORS 83.565
Finance charge computed by actuarial method

  • requirements
  • notice

(1)

Notwithstanding any other provision of ORS 83.510 (Definitions for ORS 83.510 to 83.680) to 83.680 (Waiver of provisions of ORS 83.510 to 83.680) and 83.820 (Consumer paper) to 83.895 (Effect of seller’s failure to provide notice), a motor vehicle dealer, in a retail installment contract, may contract for and charge, receive and collect a finance charge computed by the actuarial method.

(2)

When a retail installment contract provides for a finance charge computed by the actuarial method:

(a)

The retail installment contract may provide for any other charge, cost or fee allowed under ORS 83.510 (Definitions for ORS 83.510 to 83.680) to 83.680 (Waiver of provisions of ORS 83.510 to 83.680) and 83.820 (Consumer paper) to 83.895 (Effect of seller’s failure to provide notice), in addition to the finance charge.

(b)

The amount to be disclosed as the finance charge and used as the finance charge component of the other amounts disclosed pursuant to ORS 83.510 (Definitions for ORS 83.510 to 83.680) to 83.680 (Waiver of provisions of ORS 83.510 to 83.680) and 83.820 (Consumer paper) to 83.895 (Effect of seller’s failure to provide notice) shall be the amount of the finance charge to be paid assuming all payments are made exactly as agreed.

(c)

The retail installment contract for the sale of a mobile home may provide that the holder may refuse to accept prepayments of less than the entire amount owed under the retail installment contract if the prepayments:

(A)

Are tendered on dates other than a specified date each month; and

(B)

Are not in amounts equal to the principal portion of one or more of the earliest unmatured monthly installments.

(d)

The contract shall contain the following notice in printing or writing of a size equal to at least 10-point bold type, in lieu of the notice required by ORS 83.520 (Form and contents of retail installment contract) (2)(c):
Do not sign this contract before you read it or if it contains any blank space, except that:

(1)

If delivery of the motor vehicle or mobile home is to be made to you after this contract is signed, the serial number or other identifying information and the due date of the first installment may be filled in at the time of delivery; and

(2)

If the name of the financing agency is not known at the time the contract is executed, the name of the financing agency may be inserted in the contract on or about the date the name of the financing agency is known.
You are entitled to a copy of this contract.
You have the right to pay in advance the full amount due and if you do so you may save a portion of the finance charge.

(e)

The refund credit provisions of ORS 83.620 (Voluntary prepayment by buyer) shall not apply. [1981 c.910 §4; 1995 c.519 §5; 2001 c.117 §8]

Source: Section 83.565 — Finance charge computed by actuarial method; requirements; notice, https://www.­oregonlegislature.­gov/bills_laws/ors/ors083.­html.

83.010
Definitions for ORS 83.010 to 83.190 83.020
Retail installment contract requirements 83.030
Contents of contract 83.040
Subsequent purchases under original contract 83.050
Contracts completed by mail and based on catalog of seller 83.060
Filling blanks 83.070
Delivery of copy of contract to buyer 83.080
Informing buyer of service charge and right to prepay 83.090
Service charge 83.095
Service charge computed by actuarial method 83.100
Extra charges 83.110
Insurance 83.120
Receipts 83.130
Voluntary prepayment by buyer 83.140
Consolidation of purchases with prior contract 83.150
Unenforceable contract provisions 83.160
Waiver of ORS 83.010 to 83.190 83.170
Effect of violation of ORS 83.010 to 83.190 by seller 83.180
Enforcement of ORS 83.010 to 83.190 83.190
Civil penalties 83.510
Definitions for ORS 83.510 to 83.680 83.520
Form and contents of retail installment contract 83.530
Filling blanks 83.540
Delivery of copy of contract to buyer 83.560
Finance charge 83.565
Finance charge computed by actuarial method 83.580
Insurance 83.590
Delinquency and collection charges 83.600
Schedule of payments 83.610
Delivery to buyer of instrument indicating full payment 83.620
Voluntary prepayment by buyer 83.630
Extension of scheduled due date 83.635
Acceptance of retail installment contract by lender 83.650
Effect of negotiation of notes on rights against motor vehicle dealer 83.660
Acceleration provision 83.670
Unenforceable contract provisions 83.680
Waiver of provisions of ORS 83.510 to 83.680 83.710
Definitions for ORS 83.710 to 83.750 83.715
Telephone solicitation sale 83.720
Cancellation of home solicitation sale 83.730
Written agreement or offer to purchase 83.740
Duties of seller upon cancellation of sale or revocation of offer to purchase 83.750
Rights and duties of buyer upon cancellation of sale or revocation of offer to purchase 83.811
Exemption from certain disclosure requirements for motor vehicle dealer or retail seller 83.813
Exemption from certain disclosure requirements for assignee of retail installment contract 83.820
Consumer paper 83.850
Definitions for ORS 83.850 and 83.860 83.860
Applicability of claims and defenses of borrower or lessee when loan made or lease funded in close connection with sale or retail lease 83.875
Definitions for ORS 83.875, 83.880, 83.890 and 83.895 83.880
Sale of motor vehicles, goods or services as time sale rather than loan 83.885
Sale of motor vehicles, personal property or services for business or commercial purposes as time sale rather than loan 83.890
Notice required in contract when seller intends to transfer contract 83.895
Effect of seller’s failure to provide notice 83.990
Penalties
Green check means up to date. Up to date

Current through early 2024

§ 83.565’s source at oregon​.gov