Current through Register Vol. 63, No. 9, September 1, 2024
(1)
The accounting records of a licensee must reflect a complete segregation of the
loan transactions from any other business in which the licensee may be
engaged.
(2) The licensee must
maintain separate control accounts or other acceptable records to reflect such
segregation for:
(a) Loans
receivable;
(b) Charges;
and
(c) Repossessed property and
sales of repossessed property.
(3) The licensee must fully account for
receipt and disbursement of all charges charged or collected.
(4) Each licensee must maintain a log of:
(a) Loans made, listing each loan in sequence
by number or date of loan and showing:
(A)
The amount of the loan;
(B) The
type of security taken;
(C) The
rate of interest charged; and
(D)
The types of insurance for which premium charges have been made in connection
with the loan and which are payable by the borrower.
(c) Any litigation initiated by the licensee
showing for each proceeding:
(A) The
borrower's name and account number;
(B) The court where the proceeding is
filed;
(C) The date of filing;
and
(D) When applicable, the date,
and terms of any disposition of the matter.
(d) Information on files sent to a collection
agency showing, for each file:
(A) The
borrower's name, the account number;
(B) The original date of the loan, the due
date of the loan, or last renewal or extension;
(C) The date the loan was sent to the
collection agency;
(D) The name of
the collection agency; and
(E) The
date and amount of monies received from the collection agency.
(F) A separate log of files sent to a
collection agency need not be maintained provided the information is available
in existing records at the time of examination.
(6) When a judgment is entered in a court
proceeding initiated by a licensee on a loan, the licensee forthwith must place
in the related loan file either:
(a) A copy
of the judgment entered in the proceeding; or
(b) A statement verified by a representative
of the licensee, detailing the essential provisions of the judgment.
(7) Licensees who make both title
and payday loans must maintain separate logs for each type of loan.
Stat. Auth.: ORS
725A.092
Stats. Implemented: ORS
725A.052
