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Can you summarize ORAR 441-735-0205?
PAYDAY AND TITLE LENDING > Limitation on Charging a Prepayment Penalty
Short Summary
A licensee may not charge a penalty for prepayment of all or part of the unpaid balance of a loan where: (1) The licensee has repossessed any collateral offered for the loan, sold the collateral and applied the proceeds of the sale towards the unpaid balance of the loan; (2) The licensee exercises an option contained in the loan agreement to require immediate repayment of all or part of the unpaid balance of the loan; or (3) The licensee demands repayment of all or part of the unpaid balance of the loan. Statutory/Other Authority: ORS 725A.092 Statutes/Other Implemented: ORS 725A.056 History: FCS 2-2012, f. & cert. ef. 7-23-12 FCS 7-2010, f. & cert. ef. 6-4-10
Jurisdiction
Oregon