Or. Admin. Code § 575-070-0090 - Default
(1) A loan shall be
judged to be in default when an installment is due and not paid within 120
days.
(2) The holder of a note may
exercise the right of offset against any maker or co-maker of defaulted loans
under the conditions set forth by the laws of the State of Oregon. The maker or
co-maker shall pay any charges for assistance in exercising the right of offset
incurred by the holder of the note.
(3) The maker or co-maker shall pay all
charges incurred should the note(s) be referred to an outside collection
agency.
(4) The application of
offsets to a defaulted loan shall not be credited to future payments nor be a
substitute for regular monthly installments.
(5) The prepayment of a portion of a
defaulted loan shall not be credited to future payments nor be a substitute for
regular monthly installments.
Notes
Stat. Auth.: ORS 348
Stats. Implemented: ORS 329.757 - 329.780
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.