Oregon Statutes - Chapter 646A - Trade Regulation - Section 646A.260 - Required disclosures.

(1) Before any agreement is entered into, or before any money is paid by a consumer, whichever occurs first, the credit services organization shall provide the consumer with written disclosure of the information described in subsection (2) of this section. The credit services organization shall maintain on file for a period of two years an exact copy of the disclosure statement, personally signed by the consumer, acknowledging receipt of a copy of the disclosure statement.

(2) The disclosure statement referred to in subsection (1) of this section shall include:

(a) A complete and accurate statement of the consumerís rights to review any file on the consumer maintained by any consumer reporting agency, as provided under the Federal Fair Credit Reporting Act, 15 U.S.C. 1681 et seq.

(b) A statement that the consumer may review the consumerís file under paragraph (a) of this subsection at no charge if the request is made to the credit reporting agency within 30 days after receiving notice that credit has been denied.

(c) The approximate price the consumer will be charged by the credit reporting agency to review the consumerís file maintained by the credit reporting agency.

(d) A complete and detailed description of the services to be performed by the credit services organization for the consumer and the total amount the consumer will have to pay, or become obligated to pay, for the services.

(e) A statement detailing the existence and purpose of the surety bond or irrevocable letter of credit as described in ORS 646A.258, and describing the procedure for commencing an action on the bond or irrevocable letter of credit.

(f) The name and address of the surety company or insured institution that issued the bond or irrevocable letter of credit.

(g) A statement that a written, signed agreement is necessary between the parties. [Formerly 646.390]

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Last modified: August 7, 2008