A licensee may not charge a penalty for prepayment of all or part of the unpaid balance of a loan where:
- (1) The licensee has repossessed any collateral offered for the loan, sold the collateral and applied the proceeds of the sale towards the unpaid balance of the loan;
- (2) The licensee exercises an option contained in the loan agreement to require immediate repayment of all or part of the unpaid balance of the loan; or
- (3) The licensee demands repayment of all or part of the unpaid balance of the loan.
Statutory/Other Authority
ORS 725A.092
Statutes/Other Implemented
ORS 725A.056
History
FCS 2-2012, f. & cert. ef. 7-23-12
FCS 7-2010, f. & cert. ef. 6-4-10