Oregon Administrative Rules
Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION
Division 730 - CONSUMER FINANCE
Section 441-730-0150 - Consolidating Sales Financing into Direct Loans
Universal Citation: OR Admin Rules 441-730-0150
Current through Register Vol. 63, No. 9, September 1, 2024
(1) A licensee shall not make a direct loan to pay off a retail installment contract owned by or assigned to the licensee if the loan bears a higher APR than that borne by the contract unless the loan is of substantial benefit to the borrower. A substantial benefit would exist in circumstances including, but not limited to one or more of the following:
(a) The retail installment contract is in
default two installments or more;
(b) The amount of the individual installments
payable on the direct loan will be lower than the amount of the individual
installment being paid on the contract;
(c) The direct loan pays off one or more
obligations in addition to the retail installment contract;
(d) The principal amount of the direct loan
exceeds the sum of the unpaid installments on the retail installment contract
by not less than 20 percent of the sum of the unpaid installments, or by $200,
whichever is less.
(2) As used in this rule, "retail installment contract" has the meaning given the term by ORS 83.010 and 83.510.
Stat. Auth.: ORS 725.505
Stats. Implemented: ORS 725.320
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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