(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.
(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]
Structure 2021 Oregon Revised Statutes
Volume : 18 - Financial Institutions, Insurance
Chapter 725A - Short-Term Loans and Student Loan Servicing
Section 725A.010 - Definitions.
Section 725A.012 - Application.
Section 725A.020 - Licensing requirement.
Section 725A.022 - License application; contents; fee; rules.
Section 725A.026 - Grounds for disapproving license application.
Section 725A.028 - License fee; other fees; rules.
Section 725A.030 - Annual report; contents; penalty; rules.
Section 725A.032 - Business name and location.
Section 725A.034 - License revocation and suspension.
Section 725A.036 - License reinstatement; fee.
Section 725A.038 - License surrender.
Section 725A.050 - Director’s power to examine or investigate; costs.
Section 725A.054 - Duty to report defalcation; audit.
Section 725A.056 - Loan disclosure requirements; receipt; procedure after full loan repayment.
Section 725A.060 - Prohibited conduct generally.
Section 725A.062 - Prohibited conduct for title loan lender.
Section 725A.064 - Prohibited conduct for payday loan lender.
Section 725A.080 - Complaint and administrative remedy.
Section 725A.082 - Cease and desist order.
Section 725A.084 - Suspension or removal of officer or director of licensee.
Section 725A.090 - Loan tracking and counseling system; rules; fees.
Section 725A.500 - Definitions.
Section 725A.509 - Duties of licensee; assumed business name.
Section 725A.515 - Required notifications from licensee to director.
Section 725A.530 - Ombudsman; duties; report to Legislative Assembly.