- (1) When a loan contract is repayable in substantially equal and consecutive monthly installments of principal and interest combined, interest may be precomputed and added to the principal. Interest may be precomputed even though the first installment period is more or less than one month.
- (2) If the first installment period exceeds one month, the amount of the agreed monthly interest charge must be reduced for the first period by 1/30th of the amount for each extra day in the first period. If the first installment period is less than one month the amount of the agreed monthly interest charge must be reduced for the first period by 1/30th of the amount for each day that the first installment period is less than one month.
Statutory/Other Authority
ORS 725.320 & 725.505
Statutes/Other Implemented
ORS 725.340
History
FCS 6-2010, f. & cert. ef. 6-4-10
FCS 3-2009, f. & cert. ef. 6-2-09
FCS 2-2000, f. & cert. ef. 2-15-00
FCS 12-1988, f. 7-20-88, cert. ef. 8-1-88
BB 5-1982, f. 9-1-82, cert. ef. 9-15-82, Renumbered from 805-075-0110
BB 14, f. & cert. ef. 11-15-76