Oregon Administrative Rules
Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION
Division 735 - PAYDAY AND TITLE LENDING
Section 441-735-0205 - Limitation on Charging a Prepayment Penalty
Universal Citation: OR Admin Rules 441-735-0205
Current through Register Vol. 63, No. 9, September 1, 2024
A licensee may not charge a penalty for prepayment of all or part of the unpaid balance of a loan where:
(1) The licensee has repossessed any collateral offered for the loan, sold the collateral and applied the proceeds of the sale towards the unpaid balance of the loan;
(2) The licensee exercises an option contained in the loan agreement to require immediate repayment of all or part of the unpaid balance of the loan; or
(3) The licensee demands repayment of all or part of the unpaid balance of the loan.
Stat. Auth.: ORS 725A.092
Stats. Implemented: ORS 725A.056
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