Oregon § 86.150 Loan agreements and promissory notes to state maximum prepayment privilege penalty

Oregon Statutes

§ 86.150 — Loan agreements and promissory notes to state maximum prepayment privilege penalty

Oregon § 86.150

Vol.2

Title 9Mortgages and Liens

Ch. 86Mortgages; Trust Deeds

This text of Oregon § 86.150 (Loan agreements and promissory notes to state maximum prepayment privilege penalty) 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. § 86.150 (2026).

Text

(1)Any person making a loan having a loan period of more than three years secured by a mortgage or by a trust deed on real property located in this state shall, with respect to such loan, expressly and clearly state on the loan agreement and promissory note any maximum prepayment privilege penalty. The statement shall include the maximum prepayment penalty applicable for prepayment during the first year of the loan period and for each year thereafter.

(2)Violation of subsection (1) of this section with respect to a loan agreement or promissory note shall render any prepayment privilege penalty provision in the agreement void.

(3)“Loan agreement” as used in this section means a written document issued in connection with a particular loan which sets forth the terms upon which the loan wil

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(1) Any person making a loan having a loan period of more than three years secured by a mortgage or by a trust deed on real property located in this state shall, with respect to such loan, expressly and clearly state on the loan agreement and promissory note any maximum prepayment privilege penalty. The statement shall include the maximum prepayment penalty applicable for prepayment during the first year of the loan period and for each year thereafter.
(2) Violation of subsection (1) of this section with respect to a loan agreement or promissory note shall render any prepayment privilege penalty provision in the agreement void.
(3) “Loan agreement” as used in this section means a written document issued in connection with a particular loan which sets forth the terms upon which the loan will be made. “Loan agreement” does not include a mortgage or trust deed which secures a promissory note. Nothing in this section shall be deemed to require a lender to issue a loan agreement.
(4) This section does not apply to any loan agreement executed on or before September 13, 1967, or any loan not primarily for personal, family or household use.