A title loan licensee may not:
- (1) Retain the title to the vehicle used as security on a loan for more than thirty business days before submitting the application to be recorded as a lien-holder on the title or taking other commercially reasonable steps to be added as a security interest holder of the vehicle;
- (2) Unreasonably withhold documents on a loan secured by a borrower’s vehicle for more than three business days if the loan is paid by certified or guaranteed funds.
Statutory/Other Authority
2010 Or Laws ch. 23 & §27
Statutes/Other Implemented
2010 Or Laws ch. 23, §§5 & 15
History
FCS 2-2012, f. & cert. ef. 7-23-12
FCS 7-2010, f. & cert. ef. 6-4-10