1. (1) A loan shall be judged to be in default when an installment is due and not paid within 120 days.
2. (2) The holder of a note may exercise the right of offset against any maker of defaulted loans under the conditions set for by the laws of the State of Oregon.
3. (3) The maker shall pay any charges for assistance in exercising the right of offset incurred by the holder of the note.
4. (4) The maker shall pay all charges incurred should the note(s) be referred to an outside collection agency and any other collection charges, including attorney's fees allowed by state law.
5. (5) The application of offsets to a defaulted loan shall not be credited to future payments nor be a substitute for regular monthly installments.
6. (6) The prepayment of a portion of a defaulted loan shall not be credited to future payment nor be a substitute for regular monthly installments.

Statutory/Other Authority

ORS 183.325 & 348 & OL 1993

Statutes/Other Implemented

ORS 348.105 - 348.117

History

OSAC 1-2015, f. & cert. ef. 12-18-15
SSC 6-1994, f. & cert. ef. 1-25-94
SSC 3-1992, f. & cert. ef. 2-28-92