Or. Admin. Code § 441-730-0260

Current through Register Vol. 64, No. 1, January 1, 2025

Section 441-730-0260 - Advances to Perform Covenants

(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.

Or. Admin. Code § 441-730-0260

BB 14, f. & ef. 11-15-76; BB 5-1982, f. 9-1-82, ef. 9-15-82; Renumbered from 805-075-0180; FCS 13-2001, f. & cert. ef. 12-27-01; FCS 6-2010, f. & cert. ef. 6-4-10

Stat. Auth.: ORS 725

Stats. Implemented: ORS 725.340(3)