Oregon Administrative Rules
Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION
Division 730 - CONSUMER FINANCE
Section 441-730-0220 - Insurance Premium Charges; Refunds

Universal Citation: OR Admin Rules 441-730-0220
Current through Register Vol. 63, No. 9, September 1, 2024

If a loan contract is prepaid in full by cash, renewal, refinancing, or a new loan, one month or more before the final installment due date, the licensee shall refund to the borrower that proportion of the credit life and credit health insurance premium collected which the sum of the monthly balances scheduled to follow the installment date nearest the date of prepayment in full bears to the sum of all scheduled monthly balances, as computed in accordance with the rule commonly know as the "rule of seventy-eights." However, a licensee is not required to make a refund if the unearned insurance premium is less than $2 and the loan is prepaid in full by cash.

Stat. Auth.: ORS 725

Stats. Implemented: ORS 725.340

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