(1) In addition to the statement required by ORS 725A.056, the licensee must deliver the following to the borrower at the time a loan is made:
- (a) A written statement that payment in any amount may be made in advance at any time and, if the loan contains a prepayment penalty, the statement must comply with the notice required by ORS 82.160(1).
(b) A detailed schedule showing the manner in which the proceeds of the loan have been disbursed or are to be disbursed on behalf of the borrower, including:
- (A) Amounts applied to payment of the balance of an existing loan with the licensee;
- (B) Amounts paid to others as authorized and designated by the borrower;
- (C) Amounts paid for other identifiable charges the borrower has approved in writing;
- (D) Amounts retained for filing, releasing, recording, satisfaction, reconveyance, license, title transfer, and similar fees, itemizing the purpose of each fee; and
- (E) Amounts remaining that will be paid to the borrower.
- (c) When requested by the borrower, a copy of the security agreement signed by the borrower, together with any attached schedule of property pledged by the borrower.
- (2) When copies are requested by any other person obligated directly or contingently on the loan, the licensee must also deliver a copy of the statements and other documents required by ORS 725A.056 and section (1) of this rule to such other person. This is required whether the person is obligated as a maker, co-maker guarantor, accommodation maker, endorser, or otherwise.
- (3) The statement required by section (1) of this rule may include disclosures under applicable federal law that a licensee is required to make to the borrower at the time the loan is made.
- (4) The licensee must retain a copy of the statement of loan delivered to the borrower for at least two years after making a final entry on the loan records.
Statutory/Other Authority
ORS 725A.092
Statutes/Other Implemented
ORS 725A.052 & 725A.056
History
FCS 2-2012, f. & cert. ef. 7-23-12
FCS 7-2010, f. & cert. ef. 6-4-10