(1) Except as provided in subsection (2) of this section, a seller or extender of credit may submit to the Department of Justice any consumer contract issued by the seller or extender of credit for the purpose of obtaining review of the consumer contract for its compliance with plain language standards in ORS 180.545.
(2) For the purpose of obtaining a review of a consumer contract for its compliance with plain language standards in ORS 180.545, if a consumer contract:
(a) Is an insurance policy, the seller or extender of credit issuing the policy may submit it to the Director of the Department of Consumer and Business Services.
(b) Is an agreement for a loan or other extension of credit in which the extender of credit is an insured institution, as defined in ORS 706.008, the extender of credit under the agreement may submit the agreement to the Director of the Department of Consumer and Business Services.
(c) Is an agreement for a loan or other extension of credit in which the extender of credit is a savings association or federal association, as those terms are defined in ORS 722.004, a credit union, as that term is defined in ORS 723.006, or a licensee under ORS chapter 725, the extender of credit under the agreement may submit the agreement to the Director of the Department of Consumer and Business Services.
(3) For purposes of this section, a consumer contract is a written contract made in the course of a consumer transaction to the value of $50,000, excluding interest or finance charges, in which the contract involves any of the following, primarily for personal, family or household use:
(a) Real estate, goods or services as defined in ORS 646.605.
(b) Any extension of credit, including the lending of money. [1985 c.587 §§1,6,9; 1997 c.631 §421]
Note: 180.540 to 180.555 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 180 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
Section: Previous 180.435 180.440 180.445 180.450 180.455 180.510 180.520 180.540 180.545 180.550 180.555 180.600 180.610 180.620 180.630 NextLast modified: August 7, 2008