Oregon Administrative Rules
Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION
Division 730 - CONSUMER FINANCE
Section 441-730-0260 - Advances to Perform Covenants
Universal Citation: OR Admin Rules 441-730-0260
Current through Register Vol. 63, No. 9, September 1, 2024
(1) Within a reasonable time after advancing any sum pursuant to ORS 725.340(3), the licensee must furnish the borrower a written statement showing:
(a) The amount of the sums advanced and, any
charges with respect to such sums advanced;
(b) Any revised payment schedule; and, if the
duties of the borrower performed by the licensee pertain to
insurance.
(c) A brief description
of the types of insurance paid for the by licensee.
(2) The amount advanced by the licensee may be added to the unpaid balance of the loan and may bear interest not to exceed the rate permitted by ORS 725.340(3). However, a licensee may not advance any sums under ORS 725.340(3) or add any such advances to the unpaid balance of a loan unless the borrower's loan contract provides for such advances and additions.
Stat. Auth.: ORS 725
Stats. Implemented: ORS 725.340(3)
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