Or. Admin. Code § 441-730-0110 - Accounting Records of Licensee
(1)
The accounting records of a licensee must reflect a complete segregation of the
loan transactions from any other business in which the licensee may be
engaged.
(2) The licensee must
maintain separate control accounts or other acceptable records to reflect such
segregation for:
(a) Loans
receivable;
(b) Charges;
and
(c) Repossessed property and
sales of repossessed property.
(3) The receipt and disbursement of all
charges charged or collected must be fully accounted for.
(4) Each licensee must maintain a log of:
(a) Loans made, listing each loan in sequence
by number or date of loan and showing:
(A) The
amount of the loan;
(B) The type of
security taken;
(C) The rate of
interest charged; and
(D) The types
of insurance for which premium charges have been made in connection with the
loan and which are payable by the borrower.
(b) Loans prepaid in full by credit life
insurance showing for each loan so paid;
(A)
The borrower's name and account number;
(B) The date of death of the
borrower;
(C) The date proof of
death was received by the licensee; and
(D) The disposition of the insurance proceeds
with substantiating documents.
(c) Any litigation initiated by the licensee
showing for each proceeding:
(A) The
borrower's name and account number;
(B) The court where the proceeding is
filed;
(C) The date of filing;
and
(D) When applicable, the date,
and terms of any disposition of the matter.
(d) Information on files sent to a collection
agency showing, for each file:
(A) The
borrower's name, the account number;
(B) The original date of the loan, the due
date of the loan, or last renewal or extension;
(C) The date the loan was sent to the
collection agency;
(D) The name of
the collection agency; and
(E) The
date and amount of monies received from the collection agency.
(F) A separate log of files sent to a
collection agency need not be maintained provided the information is available
in existing records at the time of examination.
(5) Any public or private sale of repossessed
property by a licensee must be made in good faith and in a commercially
reasonable manner. If there is no recognized market for the property, such as a
motor vehicle auction house or similar sales process that is commonly used to
sell property of the kind repossessed by the licensee, prior to a private sale
of repossessed property, the licensee must obtain, from persons who are not
directly or indirectly related to the licensee, sufficient written bids to
establish market value. The written bid must contain sufficient information to
identify the property being bid on.
(6) When a judgment is entered in a court
proceeding initiated by a licensee on a loan, the licensee forthwith must place
in the related loan file either:
(a) A copy
of the judgment entered in the proceeding; or
(b) A statement verified by a representative
of the licensee, detailing the essential provisions of the judgment.
Notes
Stat. Auth.: ORS 725.320 & 725.505
Stats. Implemented: ORS 725.330
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