Every licensee shall:
(1) Deliver to the borrower at the time any loan is made a statement in the English language showing in clear and distinct terms:
(a) The name and address of the borrower and of the licensee.
(b) The amount and the date of the loan and of its maturity or terms of payment.
(c) The rate of interest agreed upon or consideration to be charged therefor.
(d) The nature of the security for the loan, if a lien on personal property has been taken by chattel mortgage, bill of sale, collateral agreement or otherwise.
(2) Make available to the borrower upon request a plain and complete receipt for all payments made on account of any such loan at the time such payments are received by the licensee, specifying the amount applied to interest, if any, the date to which the interest is paid, the amount applied to principal, if any, and the unpaid principal balance of such loan, if any remains.
(3) Permit payment to be made in advance in any amount on any loan at any time.
(4) Upon repayment of the loan in full or upon renewal thereof, mark indelibly such obligation signed by the borrower with the word “Paid” or “Renewed.” In the case of repayment in full the licensee also shall do the following:
(a) To the extent and in the manner required by law, release any mortgage or security agreement that no longer secures a loan, and restore any security or collateral.
(b) Release any Uniform Commercial Code filing that no longer secures a loan, to the extent and in the manner required by ORS 79.0513.
(c) Return any assignment given by the borrower.
(d) Return to the borrower the canceled note evidencing the loan or alternatively, acknowledge in writing to the borrower that the loan has been repaid. [Amended by 1971 c.450 §4; 1973 c.428 §5; 1975 c.567 §3; 1987 c.650 §17; 2001 c.445 §182]
Section: Previous 725.340 725.342 725.345 725.347 725.349 725.350 725.355 725.360 725.370 725.380 725.385 725.390 725.395 725.400 725.410 NextLast modified: August 7, 2008