Or. Admin. Code § 441-735-0280

Current through Register Vol. 63, No. 11, November 1, 2024

Section 441-735-0280 - Prohibited Provisions in Loan Contract Provisions

A licensee may not use a contract evidencing a loan that contains any of the following provisions:

(1) A hold harmless clause;

(2) A confession of judgment or other waiver of the right to notice and the opportunity to be heard in the event of suit or process;

(3) A provision in which the consumer agrees not to assert any claim or defense arising out of the contract against the licensee or any holder in due course; or

(4) An executory waiver or a limitation of exemption from attachment, execution, or other process on real or personal property held, owned by, or due to the consumer, unless the waiver applies solely to property subject to a security interest executed in connection with the loan.

Or. Admin. Code § 441-735-0280

FCS 7-2010, f. & cert. ef. 6-4-10; FCS 2-2012, f. & cert. ef. 7-23-12

Stat. Auth.: ORS 725A.060, 725A.062, & 725A.092

Stats. Implemented: ORS 725A.056