1. (1) When the borrower requests a receipt for a payment on a loan for which interest is to be computed on a daily basis, the receipt must specify:

   1. (a) The amount applied to interest, if any;
   2. (b) The date to which the interest is paid, or the dollar amount short, if payment is insufficient to pay interest to date;
   3. (c) The amount applied to principal, if any; and
   4. (d) The unpaid principal of such loan, if any.

2. (2) When a borrower requests a receipt for a payment on a loan that is contracted for interest to be precomputed, the receipt must specify:

   1. (a) The amount of the payment applied to the loan and any default charges; and
   2. (b) The amount of the unpaid balance of the loan and charges, if any.

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