Oregon Statutes - Chapter 725 - Consumer Finance; Title and Payday Loans - Section 725.385 - Duty to give notice of defalcation to law enforcement officer, director; audit.

(1) A director or officer of a licensee who has reason to believe that a defalcation has occurred at any office of the licensee shall give the information to the appropriate local, state or federal law enforcement officer having jurisdiction of the violation.

(2) A licensee shall notify the Director of the Department of Consumer and Business Services of any defalcation that occurs at any office of the licensee within five days after the discovery of the defalcation. When directed by the director to do so, the licensee shall cause an audit to be made of the business of the licensed office where the defalcation occurred, in accordance with the director’s instructions. [1979 c.88 §38; 1987 c.650 §18]

Section:  Previous  725.347  725.349  725.350  725.355  725.360  725.370  725.380  725.385  725.390  725.395  725.400  725.410  725.505  725.510  725.600  Next

Last modified: August 7, 2008