Interest on a loan may be computed on a daily basis using a 365-day factor. In determining the elapsed time to compute interest or a refund of interest, on such a loan, the maximum charge for each day must be 1/365th of the annual rate.

Statutory/Other Authority

ORS 725A.092

Statutes/Other Implemented

ORS 725A.062 & 725A.064

History

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