Current through Register Vol. 63, No. 9, September 1, 2024
(1) The licensee must maintain a separate
individual account record for each loan made to any borrower showing:
(a) The loan number;
(b) The date of the loan;
(c) The name and address of the
borrower;
(d) A brief description
of the security, if any;
(e) The
agreed interest rate or rates and the amount of each charge, if any;
(f) The terms of repayment, including the
expiration date of the loan, and any modifications of the terms.
(g) The amount of each payment made on the
loan and in accordance with sections (2) and (3) of this rule, how the payment
is allotted to principal, interest and charges;
(h) The date of the final entry when the loan
is paid in full or otherwise finally settled or closed; and
(i) A clear, brief explanation of any other
entries that result in the reduction or addition to the principal balance or
interest.
(2) The
account record for a daily interest loan must show, for each loan payment
received:
(a) The amount, if any, applied to
interest;
(b) The date to which the
interest is paid;
(c) If payment is
insufficient to pay interest to date, the dollar amount short;
(d) The amount applied to principal, if any;
and
(e) The unpaid principal
balance of the loan, if any.
(3) The account record for a
precomputed-interest loan may comply with section (2) of this rule or it must
show, for each loan payment received:
(a) The
amount of the payment applied to installments, identifying which
installments;
(b) The amount
applied to any default charges; and
(c) The unpaid balance of the loan and
charges, if any.
(4)
When a licensee makes advances to perform covenants, the account record must
specify:
(a) The amount of the advance which
is added to the principal of the loan.
(b) A brief description of what the advance
is paying; and
(c) When the advance
is to purchase insurance coverage, the type and extent of coverage.
(5) All entries to the account
record made by the licensee must be accurate and posted by close of business on
the day the transaction occurred. If the licensee is unable to post a
transaction as required by this section, the posting when made must reflect the
actual date of the transaction.
Stat. Auth.: ORS
725.320 &
725.505
Stats. Implemented: ORS
725.330
