Oregon § 725.360 Licensee duty toward borrowers

Oregon Statutes

§ 725.360 — Licensee duty toward borrowers

Oregon § 725.360

Vol.18

Title 54Credit Unions, Lending Institutions and Pawnbrokers

Ch. 725Consumer Finance

This text of Oregon § 725.360 (Licensee duty toward borrowers) is published on Counsel Stack Legal Research, covering Oregon primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Or. Rev. Stat. § 725.360 (2026).

Text

Every licensee shall:

(1)Deliver to the borrower at the time any loan is made a statement in the English language showing in clear and distinct terms:

(a)The name and address of the borrower and of the licensee.

(b)The amount and the date of the loan and of its maturity or terms of payment.

(c)The rate of interest agreed upon or consideration to be charged therefor.

(d)The nature of the security for the loan, if a lien on personal property has been taken by chattel mortgage, bill of sale, collateral agreement or otherwise.

(2)Make available to the borrower upon request a plain and complete receipt for all payments made on account of any such loan at the time such payments are received by the licensee, specifying the amount applied to interest, if any, the date to which the interest i

Free access — add to your briefcase to read the full text and ask questions with AI

Every licensee shall:
(1) Deliver to the borrower at the time any loan is made a statement in the English language showing in clear and distinct terms:
(a) The name and address of the borrower and of the licensee.
(b) The amount and the date of the loan and of its maturity or terms of payment.
(c) The rate of interest agreed upon or consideration to be charged therefor.
(d) The nature of the security for the loan, if a lien on personal property has been taken by chattel mortgage, bill of sale, collateral agreement or otherwise.
(2) Make available to the borrower upon request a plain and complete receipt for all payments made on account of any such loan at the time such payments are received by the licensee, specifying the amount applied to interest, if any, the date to which the interest is paid, the amount applied to principal, if any, and the unpaid principal balance of such loan, if any remains.
(3) Permit payment to be made in advance in any amount on any loan at any time.
(4) Upon repayment of the loan in full or upon renewal thereof, mark indelibly such obligation signed by the borrower with the word “Paid” or “Renewed.” In the case of repayment in full the licensee also shall do the following:
(a) To the extent and in the manner required by law, release any mortgage or security agreement that no longer secures a loan, and restore any security or collateral.
(b) Release any Uniform Commercial Code filing that no longer secures a loan, to the extent and in the manner required by ORS 79A.5130.
(c) Return any assignment given by the borrower.
(d) Return to the borrower the canceled note evidencing the loan or alternatively, acknowledge in writing to the borrower that the loan has been repaid.