(1) The Director of the Department of Consumer and Business Services may, by contract with a vendor or service provider or otherwise, develop and implement a system by means of which a lender may determine whether a consumer has an outstanding loan, the number of loans the consumer has outstanding, the dates on which the consumer entered into or renewed any loan contract subject to ORS 725.600 to 725.630 and any other information necessary to comply with the provisions of ORS 725.600 to 725.630. The director by rule may specify the form and contents of the system but shall ensure at a minimum that the information entered into or stored by the system is:
(a) Accessible to and usable by lenders and the director from any location in this state; and
(b) Secured against public disclosure, tampering, theft or unauthorized acquisition or use.
(2) The information in the system described in subsection (1) of this section is not subject to public inspection or disclosure and is not subject to discovery, subpoena or other compulsory process except in an action brought under this chapter.
(3) A vendor or service provider that operates or administers the system described in subsection (1) of this section may charge lenders a fee or fees for access to or use of the system in amounts that the director must approve by rule.
(4) If the system described in subsection (1) of this section is developed and implemented, lenders subject to ORS 725.600 to 725.630 shall enter or update information required by the system described in subsection (1) of this section within one business day after conducting any loan transaction that generates any of the information required by the system. The lender shall continue to enter and update the required information for any loans subject to ORS 725.600 to 725.630 that are outstanding or have not yet expired after the date on which the lender ceases making such loans. Within 10 business days after ceasing to make loans subject to ORS 725.600 to 725.630 the lender shall submit to the director for approval a plan for continuing compliance with this subsection. The director shall promptly approve or disapprove the plan and may require the lender to submit a new or modified plan that ensures compliance with this subsection.
(5) The director by rule shall establish requirements for the retention, archiving and deletion of information entered into or stored by the system described in subsection (1) of this section. [2007 c.472 §5]
Section: Previous 725.505 725.510 725.600 725.602 725.605 725.610 725.615 725.620 725.622 725.624 725.625 725.626 725.630 725.910 725.990 NextLast modified: August 7, 2008